Japanese memory chipmaker Kioxia Holdings became Japan’s most valuable listed company on June 12, after its shares rose 7.6%, lifting its market value above 44 trillion yen, or about US$274 billion.

The company overtook Toyota Motor, valued at 43.8 trillion yen (US$273 billion), as investors continued buying AI-related chip stocks.

Kioxia has risen more than 670% this year, just 18 months after its market debut, as demand for NAND flash memory used in AI data centers increased.

The company said on June 5 it plans to double production capacity by fiscal 2029 at its Yokkaichi and Kitakami plants to support AI data-center demand.

Sentiment in the memory market has also improved, as analysts expect firmer NAND pricing amid tight supply.

Toyota shares are down about 17% this year. SoftBank Group briefly took the top spot earlier in June before slipping to fourth place.

Japan’s top 20 stocks now include other AI-linked companies such as Murata Manufacturing and chip tester Advantest.

🔗 Source: Bloomberg

Recent Kioxia developments