Kioxia's quarterly results and guidance missed expectations, signaling the
AI-driven surge in NAND prices may be slowing. The company forecast H1 operating
profit of ¥3.16 trillion (~$19.7bn), implying current-quarter profit will be
below a ¥1.89 trillion projection; June-quarter operating profit was ¥1.27
trillion, short of analysts' estimates. Kioxia announced a 3-for-1 stock split
and a buyback program up to ¥800 billion to broaden its shareholder base and
reduce volatility. It plans to raise capacity slightly above industry growth to
avoid oversupply but warned that if Samsung and SK Hynix reallocate capex from
DRAM to NAND, Kioxia could face market-share erosion.
