Kioxia Shares Hit New High After AI Fuels Huge Profit Increase

Kioxia Holdings Corp.’s shares rose 16% to a new high on Monday, as buy orders flooded in after the memory supplier reported soaring profit and gave an outlook that trounced estimates.

The Tokyo-based chipmaker said it expects to earn an operating profit of ¥1.3 trillion ($8.2 billion) in the three months to June, more than the record profit it earned for the full year ended March. Analysts from Nomura to JPMorgan raised their Kioxia price targets significantly following its earnings report and comments from executives on Friday that said supply will remain tight throughout 2027.