A 541% gain for Japanese chipmaker Kioxia makes it the “world’s best performing stock” this year.
That’s according to Bloomberg, which said Kioxia is the top performer in the MSCI World Index, a widely used benchmark for large and midcap stocks in developed markets.
Like domestic highfliers Micron and Sandisk, Kioxia specializes in making NAND flash memory chips, which are crucial to long-term permanent storage of digital data.
Massive amounts of storage are needed for the repositories of images, videos, and text files, to name a few formats, which AI uses to generate responses for users. As a result, the AI investment boom has sent prices for NAND flash up sharply, along with the stock prices of companies that make it.