Kioxia Holdings Corporation

When Toshiba spun off its memory business in 2018, the result was Kioxia, which took its current name a year later. The Tokyo company is one of the world's major makers of NAND flash memory, the storage that fills smartphones, laptops, and data-center drives, and it descends directly from the lab that invented NAND in the 1980s. Kioxia both designs the chips and manufactures them, largely through a long-running joint venture with Western Digital, which ties the two firms' output closely together. Its fortunes rise and fall with the brutal memory cycle: when supply outruns demand, prices collapse and so do margins, and when data-center and AI buildouts soak up capacity, the business swings sharply back to profit. That cyclicality, plus the enormous capital cost of each new fabrication plant, defines both the opportunity and the risk in owning it.

On MyRWA, KIOXIA trades tokenized across 10 on-chain venues - see the listings below.