Kioxia Prepares US Shares After Riding AI Boom to Big Profit

Kioxia Holdings Corp., the world’s best-performing major stock this year, said it would list its shares in the US as it reaps the benefits of a global memory chip shortage that’s ratcheted up prices of the vital component.

The company said it was preparing to list American depositary shares and forecast operating profit of ¥1.3 trillion ($8.2 billion) for the quarter ending in June, far higher than the average analyst estimate. It also posted record earnings of ¥596.8 billion for the quarter ending in March, surpassing even Toyota Motor Corp., to become one of Japan’s most profitable businesses.