Tokyo-based memory chip manufacturer Kioxia Holdings outperformed all major global tech companies in 2025, including Nvidia, Google, and Microsoft. Its shares surged 540%, topping the MSCI World Index after the company’s IPO in December 2024, which raised its market value to around 5.7 trillion yen ($36 billion).

AI-Driven Demand Fuels Kioxia’s Growth

The company’s rapid rise was driven by soaring demand for NAND flash memory to store massive datasets for artificial intelligence. Tech giants initially focused on GPUs for AI compute, but large-scale AI models created an urgent need for more memory storage, benefiting companies like Kioxia.

Global Memory Shortage Pushes Prices Up

Market trackers reported that global memory demand exceeds supply by roughly 10%, fueling price increases. The shortage affected not only data centers but also the prices of smartphones, personal computers, and gaming consoles, creating further opportunities for memory producers.

Volatility Marks Kioxia’s Stock Journey

Kioxia’s stock performance was not entirely smooth. In November 2025, the company’s shares fell more than 20% in a single session after quarterly results failed to meet high expectations. Despite this, Kioxia maintained its lead as the best-performing stock of the year.

PHOTO: KIOXIA

This article was created with AI assistance.