Kioxia market value down about two-thirds from June peak as AI storage rally cools
Kioxia's market capitalization has fallen from roughly 60 trillion yen in June to about 21 trillion yen in mid-October, a drop of around two-thirds. On Oct. 15 the stock fell as much as about 14% intraday and closed down roughly 12.3%, then ended the next session at 13,375 yen — about 64% below the June 22 high of around 37,565 yen on a split-adjusted basis after the company's 3-for-1 split on Oct. 1. The company reported fiscal 2026 first-quarter revenue of 1.767 trillion yen, operating profit of 1.27 trillion yen and net profit of about 842.2 billion yen for the period through June, and guided to 2.39 trillion yen in revenue and about 1.89 trillion yen in operating profit for the July–September quarter, with results due Oct. 30. The report attributes the pullback to higher interest rates prompting scrutiny of AI data-center financing and returns, plus competitive pressure from China's YMTC, which Counterpoint Research estimates rose to third place in NAND bit shipments in Q2 2026 with about 16.5% share.
Memory demand and valuations are a barometer for AI data-center capex, so Kioxia's slide suggests investors are starting to question the financing costs and returns behind AI infrastructure spending.