🇯🇵 A memory chip company just surpassed Toyota as one of Japan's most profitable businesses

Kioxia's quarterly operating profit: $3.8B. Expected net income in 2027: ~$15B. A year ago the entire company was worth ~$10B.

Kioxia makes NAND, the storage that goes into every phone, laptop, and data center. AI infrastructure is eating through it. Every GPU cluster needs fast, high-capacity storage to feed and save the data it processes.

Samsung and SK Hynix shifted resources to HBM for AI processors. Kioxia stayed focused on NAND, took market share, and now has 20-30% lower production costs than competitors.

Up 2,000% in a year. 8.9x forward P/E. Preparing to list in the US.