Kioxia's Profit Outlook Disappoints, Shares Fall on AI Growth Concerns
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Insights by Echo AI
Kioxia Holdings, a Japanese memory chip manufacturer, delivered a profit outlook that missed estimates, sparking concerns that the explosive growth driven by artificial intelligence may be leveling off. The company's shares fell after the cautious outlook, with the stock price dropping by as much as 15% before narrowing to close at 11,960 yen, still down over 11%. Kioxia attributed the slowdown in profit growth to adjustments in shipment timing rather than a weakening in demand, expecting to resume rapid growth by the end of March 2024.
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