Kioxia shares slump 12% as AI-related stocks fall
The Kioxia logo, on display at HPE Discover Las Vegas 2026, in Las Vegas, Nevada, U.S., June 16, 2026. REUTERS/Caroline Brehman
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TOKYO, June 26 : Shares of Japanese chipmaker Kioxia slid 12 per cent on Friday after a report that ChatGPT maker OpenAI was considering delaying its initial public offering sparked a selloff in AI-related shares.
Kioxia, previously called Toshiba Memory and carved out of Toshiba in 2018, is a major producer of memory chips. Its shares have surged as AI investment has boosted the chip industry, making it the most valuable company on the Nikkei 225 index.
But on Friday it was hit by a broader selloff after the New York Times reported that OpenAI is considering holding off on its IPO until next year as CEO Sam Altman seeks a $1 trillion valuation.
Kioxia said on Thursday it is considering a stock split and aims to list American depositary shares on a U.S. exchange at the beginning of the next financial year, which runs until March 2028.
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“Whether it’s April, May, or June is not yet clear, but we’re hoping to list… around that time,” Chief Financial Officer Yoshihiko Kawamura said at Kioxia’s annual general meeting.
Asian tech firms are looking to expand their investor base in the U.S., with chipmaker SK Hynix saying this week it plans to raise up to $29.4 billion through a U.S. listing.
“The timeframe to complete this offering suggests that (Kioxia) is highly confident of its ability to continue to produce outstanding results in the next 9-12 months,” analyst Douglas Kim wrote on the Smartkarma platform.
Source: Reuters
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