After a 65% slide from its June peak erased about $245 billion in value, attention is shifting to whether Kioxia accelerates dividends or authorizes share buybacks ahead of earnings.
Kioxia Holdings has extended its sharp reversal from the June 22 peak of ¥112,700, with the shares now down about 65% and the selloff erasing roughly $245 billion in market value after the company briefly overtook Toyota Motor as Japan's most valuable listed company. The decline follows a broader unwind in AI-linked chip trades, as investors reassessed crowded positioning and the durability of memory pricing power while Chinese NAND manufacturers expanded capacity. The memory maker had surged after its December 2024 Tokyo listing, rising more than 500% in 2025 as data centers rushed to secure NAND flash memory for the AI buildout, and gains continued into 2026 as tight supply lifted profits. But the downturn has spread alongside weakness in peers including SK Hynix and Samsung, reinforcing concerns that the memory cycle may be turning. The lower share price is now fueling speculation that Kioxia could step up shareholder returns. Management said in May that dividends remain its priority, while leaving room for a flexible response that could include buybacks depending on circumstances. A company spokesperson said buybacks are still under consideration but no concrete decision has been made. Investors are now looking to Friday's fiscal first-quarter results for clarity on the dividend timeline and whether repurchases move closer to formal policy.