Watch Out SKHY, MU, SNDK: Japan’s Kioxia Reportedly Eyes $10B US Listing To Ride AI Memory Boom

• Kioxia Holdings could seek at least $10 billion through an ADR offering as soon as next year, Bloomberg reported.
• SK Hynix’s U.S. debut delivered strong gains despite the recent AI-linked selloff.
• Micron and SanDisk have traded in a narrow range for two months as investors reassess AI spending.

Japan’s Kioxia Holdings Corp. is weighing a U.S. listing that could raise at least $10 billion, following South Korea’s SK Hynix in tapping American investors as demand for AI-linked memory stocks remains strong.

Kioxia is considering selling American depositary receipts (ADRs) as early as next year, Bloomberg reported on Tuesday, citing people familiar with the matter.

The Tokyo-based memory maker is discussing the potential offering with Bank of America, Goldman Sachs and JPMorgan, according to the report. Kioxia confirmed that it is preparing to list its ADRs on a U.S. exchange but said the timing and structure have yet to be decided.

SK Hynix raised $26.5 billion in its Nasdaq listing in July, the biggest U.S. share sale by a foreign company. 

Its ADRs were priced at $149 and opened at $170. The stock climbed over 30% as of Sept. 10 before paring amid a broader selloff in AI-linked stocks.  

Kioxia Eyes Deeper US Liquidity

Kioxia’s potential offering would give the company greater liquidity and access to a wider U.S. investor base after it repurchased billions of dollars worth of shares in Japan, according to Bloomberg. 

The company’s Tokyo-listed shares have surged almost 400% this year, giving it a market value of about $183 billion. Kioxia is a leading Japanese maker of NAND flash memory and SSDs, ranking among the world’s top memory-chip suppliers alongside Samsung, SK Hynix and Micron.

Memory Stocks Hit An AI Pause

Kioxia’s move comes as investors have become more cautious on the AI infrastructure trade. 

U.S. memory leaders Micron Technology and SanDisk have struggled to regain momentum after a powerful first-half rally, with both stocks trading around May levels for much of the past two months.  

The hesitation reflects concerns that AI companies could slow spending on data-center infrastructure as questions grow over AI valuations, returns and the pace of model development. 

Those worries intensified this week after AI leaders called for a more cautious development pace, sending Micron and SanDisk sharply lower on Monday.  

Still, memory fundamentals remain strong, with tight supply and continued AI-driven demand supporting the case for Kioxia’s U.S. push. On Stocktwits, the retail sentiment was ‘bearish’ for MU, SNDK and the Roundhill Memory ETF (DRAM), and ‘neutral’ for SKHY.

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