Chipmaker Kioxia expects April-June net profit to rise 47-fold amid AI boom

TOKYO - Japanese chipmaker Kioxia Holdings Corp. said Friday it expects its net profit for the April-June period to increase more than 47-fold from a year earlier to 869 billion yen ($5.7 billion) amid rising demand for semiconductors used for data centers to run booming artificial intelligence.

As a leading producer of NAND flash memory chips, which enable large amounts of data to be stored, the company also reported that its net profit for the year ended March more than doubled from the previous year to 554.49 billion yen, hitting a record high for the second straight year.