Kioxia Shares Awash in Buy Orders After AI-Driven Profit Surge

Kioxia Holdings Corp.’s shares were untraded in a glut of buy orders Monday morning after the supplier of storage for AI data centers reported soaring profit and gave an outlook that trounced expectations.

The Tokyo-based company said it expects to earn an operating profit of ¥1.3 trillion ($8.2 billion) during the June quarter, above the record profit it earned for the full year ended March. Its quarterly profit also surged past expectations, surpassing that of Toyota Motor Corp.’s, making Kioxia one of Japan’s most profitable businesses.