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The NAND Cycle — Storage for the AI Data Explosion · The Memory Wall — HBM, DRAM, NAND & the AI Memory Cartel

285A.T

Kioxia Holdings
Foreign listing — not directly tradable in a US brokerage. Editorial detail only.

Japanese NAND maker. IPO'd Dec 2024 at ¥1,440; hit ¥66,090 ATH in May 2026 — roughly 43x in 17 months.

What they do

The Japanese NAND maker spun out of Toshiba . Jointly operates Yokkaichi and Kitakami fabs with Sandisk. IPO'd December 18, 2024 at ¥1,440 → hit ¥66,090 ATH on May 14, 2026 — roughly 43x. NAND prices surged 246% from Q1 2025 through December 2025. Supply sold out through 2026. AI inference QLC demand exploding. FY2026 revenue ¥2.34T (+37% YoY); US ADR listing planned.