From Overtaking Toyota to $250B: How Kioxia's 332-Layer NAND Sparked an 18.8% Rally
Published on 07/04/2026 at 18:13 | Redaktion boerse-global.de
Kioxia briefly eclipsed Toyota in market capitalisation on Friday, a landmark moment for the Japanese chipmaker that underscored the market's appetite for AI-infrastructure plays. The catalyst was a technological leap: first samples of a new 3D NAND generation built with 332 layers, aimed squarely at power-hungry data centres. Shares shot up 18.77% to €465, extending a rally that has pushed the company's valuation beyond $250bn.
The new flash modules store one terabit of data per chip and pack 59% more density than the previous generation. Data-transfer speeds have been slashed by a third, while read-write efficiency and overall power consumption are markedly improved. Kioxia is manufacturing the chips at the Fab2 facility in Kitakami, Iwate prefecture, alongside partner SanDisk, with which it has a development and production agreement stretching through to the end of 2034.
Demand is already outpacing supply. The entire output of Kioxia's existing capacity for the financial year 2026 is sold out, forcing management to actively assess a third fabrication hall on the Kitakami site. The current expansion there doubles capacity, and the timing looks fortuitous: UBS analysts expect a 30% price increase for memory chips in the third quarter, driven by hyperscalers racing to integrate the modules into their next-generation hardware designs. Mass production of the 332-layer chips remains on track for 2027.
Should investors sell immediately? Or is it worth buying Kioxia?
CEO Hiroo Ota's strategy is to pivot the business almost entirely toward artificial intelligence. By fiscal 2028, data-centre revenues are targeted to account for more than 60% of the top line, a shift that will be funded by annual capital expenditure of $2.9bn starting in 2026. The company is also weighing a stock split and has confirmed plans for a US listing in April 2027, moves designed to broaden its investor base and reduce the share price friction that has kept some funds on the sidelines.
Technologically, Kioxia is seen holding a two- to four-year lead in power efficiency over rivals such as Samsung and SK Hynix, which dominated the memory market last year. But the gap is not unassailable, and the speed of the ramp-up in Kitakami will be closely watched. For now, the order books offer little reason for hesitation.
The stock's technical picture is equally striking. Friday's close at €465 placed it 91% above its 50-day moving average, an extreme reading that flags how aggressively momentum has swung in the chipmaker's favour. The only barrier left is the all-time high of roughly €520 set in June, a level that sits about 11% above current prices. If that resistance gives way, there is little chart-based overhead to slow the advance.
The brief overtaking of Toyota served as a powerful symbol of how Japan's industrial landscape is being reshaped by the AI boom. For Kioxia, the challenge now is to convert its technological edge and fully booked factories into a permanent seat among the global semiconductor elite.
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Kioxia Stock: New Analysis - 4 July
Fresh Kioxia information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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