Fitch Ratings upgraded Kioxia Holdings Corporation to an investment-grade 'BBB-' from 'BB+'. The agency issued a stable outlook, citing the company's improved operating performance and cash generation. Fitch highlighted Kioxia's enhanced ability to navigate NAND memory cycle volatility.
Kioxia shares rose as much as 5.94% in Tokyo trading. The rally coincided with a broader advance across the semiconductor sector.
Top NAND flash suppliers saw revenue rise dramatically in the first quarter of 2026. Soaring demand for enterprise SSDs in AI infrastructure fueled the industry-wide growth.