Kioxia: The most frequently asked question from investors recently is the stock's weak performance, with various interpretations circulating in the market.

English summary

The most mentioned factor is the slowdown in NAND flash price increases. According to the Kioxia estimation model built by Mio/Jay, NAND flash prices are expected to rise only 8% QoQ from December 2026 quarter to March 2027 quarter, with prices trending flat afterward. Weak consumer electronics end-demand is another bearish logic in the market, which also applies to DRAM chips, but the market's core focus remains on hyper-scale cloud service providers' capex plans. As demand for KV cache data offloading continues to rise, overall NAND flash demand will rise in tandem. YMTC may be a more substantial supply-side variable. The company has 3D NAND stacking capability, holds industry-leading process technology, has even licensed V10 generation memory technology to Samsung Electronics, and plans significant expansion, with its capacity expansion pace constrained only by HBM memory delivery commitments. ...