Memory maker Kioxia sees $8.2 billion Q1 profit on AI boom

TOKYO, May 15 (Reuters) - ‌Japanese ​memory ​chipmaker Kioxia said on Friday it expected operating profit for the ‌April-June quarter to reach 1.3 trillion ⁠yen ($8.20 billion) as the artificial intelligence boom ‌boosts chip demand.

• The ‌maker of NAND flash memory chips reported operating profit rose 92.7% to 870.4 ​billion yen in the year ended March, beating estimates.

• Kioxia said it ⁠is preparing to list American depositary shares on a ​U.S. exchange to grow its investor base.

• Its share price has ​more than quadrupled year-to-date, ‌giving the chipmaker a larger market capitalisation than Sony and ⁠Uniqlo parent Fast Retailing.

• The valuation of South Korean chipmaker Samsung Electronics has topped $1 ⁠trillion, with SK Hynix also closing in on ​the milestone.

• Kioxia has seen years of upheaval including a carve-out from scandal-hit Toshiba by a ‌Bain Capital-led consortium and a listing in Tokyo in late ‌2024.

• Memory makers have large capital ⁠needs and have ‌been exposed to ​volatile price cycles.

($1 = 158.4600 yen)

(Reporting by Sam Nussey; Editing by Muralikumar ‌Anantharaman)

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