Japanese chipmaker Kioxia, partner Sandisk to spend 5 tril. yen to boost output

TOKYO - The top executive at Japanese chipmaker Kioxia Holdings Corp. said Thursday that the company and its partner Sandisk Corp. plan to spend 5 trillion yen ($31 billion) over the next six years to boost memory chip production, as demand linked to the artificial intelligence boom remains strong.

Kioxia President Hiroo Ota said his company's joint venture with the U.S. memory chipmaker will build a new plant at a cost of 1.8 trillion yen at its Kitakami site in Iwate Prefecture and will begin operating the new plant in fiscal 2029.