Kioxia opens sharply lower, down over 16%, as third-quarter business outlook falls short of expectations
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Kioxia, Japan's leading memory chip maker, opened sharply lower on November 2, falling 16.74% to 11,215 yen per share as of publication, with a market capitalization of 21.52 trillion yen, down 64% from its peak of 60 trillion yen in late June. Kioxia's fiscal 2026 second-quarter financial report released on October 30 showed quarterly revenue of about 2.48 trillion yen, up 453.2% year on year, but its third-quarter operating profit outlook of 2 trillion yen was below analysts' expectation of 2.35 trillion yen. Sigmaintell data shows that NAND price increases slowed in October and structural mismatches emerged: 512G SSD prices rose 12% month on month, while 256GB UFS rose only 5.2%, and the market is shifting from broad-based price increases to structural increases driven by computing power.
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From Kioxia's financial report and the divergence in NAND prices, see how AI computing demand is pushing memory price increases into a structural market.
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日本存储芯片龙头铠侠控股（Kioxia Holdings，简称铠侠）11月2日开盘大跌，截至记者发稿下跌16.74%至11215日元/股，市值为21.52万亿日元。
相比其今年6月下旬60万亿日元的市值峰值，铠侠目前的市值已减少了64%。这背后是其2026财年第三季度（10-12月）的业绩展望低于预期、存储价格增速放缓，以及外界对AI高额投资是否可以持续的担忧。
铠侠10月30日发布2026财年第二季度（7-9月）财报显示，其当季营收约2.48万亿日元、同比增长453.2%，调整后营业利润约1.99万亿日元、同比增长2181%；但其财年第三季度（10-12月）营业利润2万亿日元的业绩展望，低于分析师2.35万亿日元的预期，业绩增速将从陡峭上行变为基本持平。
铠侠的主要产品是NAND（闪存）。群智咨询（Sigmaintell）的数据显示，今年10月份存储涨价幅度放缓，NAND的价格出现结构性错配，AI算力需求大增令512G的SSD（固态硬盘）价格环比9月上涨12%，而主要用于消费电子产品的256GB UFS（通用闪存存储）的价格环比9月仅上涨5.2%。
群智咨询指出，NAND内部出现“企业级量价齐升、消费级量价承压”的分化。手机品牌在高成本下主动压缩备货、降低采购，移动端NAND涨价动能被明显抑制。2026年第四季度，存储市场从“全面涨价”向“算力驱动的结构性涨价”转变。
一位存储行业的资深观察人士10月30日向第一财经记者表示，谷歌最新财报显示其自由现金流由正转负，业界担心谷歌等云服务厂商未来能否持续进行高额的AI投资。