The world’s hottest (AI) stock this year wasn’t Nvidia, Microsoft, or any Silicon Valley giant. It was Kioxia Holdings, a Tokyo-listed maker of memory chips that rode artificial intelligence’s (AI) exploding demand for data storage to extraordinary market gains. Kioxia’s shares surged about 540% in 2025, outperforming every company in the MSCI World Index, including Alphabet, Google’s parent. The company, which only went public in December, now carries a market value of roughly ¥5.7 trillion, or $36 billi ...