Catch up on AI in one minute, every morning.

Kioxia's value halves in a month as AI chip rally falters

What happened: Japanese memory chipmaker Kioxia's market capitalization fell 52% from last month's peak, losing at least ¥30 trillion ($185 billion（約30兆円）) in value. Shares tumbled as much as 16% in Tokyo trading on Friday. In mid-June, Kioxia had overtaken Toyota to become Japan's most valuable company after surging more than 600% since the start of the year, but its ranking has since dropped to fourth-largest.