Kioxia shares slump 12% as AI-related stocks fall

TOKYO, June 26 (Reuters) - Shares ‌of Japanese ​chipmaker ​Kioxia slid 12% on Friday after a report that ChatGPT maker OpenAI was considering delaying its ‌initial public offering sparked a selloff in AI-related ⁠shares.

Kioxia, previously called Toshiba Memory and carved out of Toshiba in ‌2018, is a major producer ‌of memory chips. Its shares have surged as AI investment has boosted the chip industry, making it the most ​valuable company on the Nikkei 225 index.

But on Friday it was hit by a broader selloff after the ⁠New York Times reported 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.

"Whether it's April, May, or June is not yet clear, but we're hoping to list... ⁠around that time," Chief Financial Officer Yoshihiko Kawamura said at Kioxia's ​annual general meeting.

Asian tech firms are looking to expand their investor base in the U.S., with chipmaker SK Hynix saying this week ‌it plans to raise up to $29.4 billion through a U.S. listing.

"The timeframe to complete this ‌offering suggests that (Kioxia) is highly confident of its ability to ⁠continue to produce outstanding ‌results in the next ​9-12 months," analyst Douglas Kim wrote on the Smartkarma platform.

(Reporting by Sam Nussey; Editing by David ‌Dolan)

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