Kioxia Expects AI Demand to Drive NAND Supercycle Through 2028

Kioxia is a major global supplier of NAND flash memory, which is widely used in data centers, smartphones and storage devices. As agentic AI increases demand for data access and storage, constrained industry supply is tightening the market. This is expected to support prices and the share of higher-margin products, fueling expectations of a new supercycle.

Kioxia now expects tight NAND supply to persist through at least 2028 and is accelerating its shift toward AI data centers, using multiyear contracts to lock in demand and higher margins. The company also plans to issue American depositary receipts in the United States and adopt a progressive dividend policy. It has not disclosed the offering size, issuance date or dividend level.