The AI sector suffered a sell-off, and the market value of Japanese chip manufacturer Kioxia halved from its high point
Affected by the market's growing concerns about the excessive growth of the memory chip sector driven by artificial intelligence, the total market value of Japanese memory chip company Kioxia Holdings was cut in half just one month after becoming Japan's most valuable company. In early trading in the Tokyo stock market on Friday, Kioxia's share price fell as much as 14%, a cumulative drop of 51% from the peak last month, and the market value evaporated by at least 29.5 trillion yen (equivalent to US$181.7 billion). In mid-June, driven by the market's optimism about memory and data storage demand amid the artificial intelligence boom, Kioxia's stock price rose by more than 600% during the year, and its market value surpassed that of the automotive giant. , reaching the top of the list of Japanese companies in terms of market value. Now its market value ranking has slipped to the fourth among Japanese listed companies.