Flash storage producer Kioxia’s profits more than quadrupled on “intensifying” interest from the generative AI industry, highlighting the huge windfall from the memory supply crunch.
The Japanese group, formerly part of Toshiba, said on Friday that net profit in the fourth quarter surged fourfold to ¥409bn ($2.6bn) in the three months to March compared with the previous quarter. The result was a 30-fold increase from the ¥13bn in the first three months of last year.
The rush for memory devices to power AI models has sent Kioxia’s shares up 20-fold, making it worth ¥24.3tn and the best-performing stock on the MSCI World index last year.
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