Shares of Japanese chipmaker Kioxia slid 12% on Friday after a report that OpenAI was considering delaying its initial public offering sparked a selloff in AI-related shares. Kioxia, a major producer of memory chips previously called Toshiba Memory, has seen its shares surge as AI investment boosted the chip industry, making it the most valuable company on the Nikkei 225 index. The selloff followed a New York Times report that OpenAI is considering holding off on its IPO until next year as CEO Sam Altman seeks a $1 trillion valuation. Kioxia said on Thursday it is considering a stock split and aims to list American depositary shares on a U.S. exchange at the beginning of the next financial year, which runs until March 2028. Chief Financial Officer Yoshihiko Kawamura said at the annual general meeting that the company hopes to list around April, May, or June of that period.
Kioxia Holdings CorporationOpenAI considering delaying IPO triggered selloff in AI-related stocks, reducing demand outlook for Kioxia's memory chips.
OpenAI is considering delaying its IPO as CEO seeks $1 trillion valuation; no definitive impact on the private company's valuation.