Impacted by market apprehensions regarding the overheated gains in the memory chip sector, fueled by the artificial intelligence (AI) surge, Kioxia Holdings, a prominent Japanese memory chip manufacturer, witnessed its total market capitalization nosedive by half, just a mere month after ascending to the summit as Japan's most valuable company. During Friday morning's trading session on the Tokyo Stock Exchange, Kioxia's share price plummeted by as much as 14%, marking a cumulative decline of 51% from its peak of the previous month. This downturn resulted in the evaporation of at least JPY 29.5 trillion (equivalent to approximately USD 181.7 billion) in market value. In mid-June, amidst the AI frenzy, the market harbored an optimistic outlook on memory and data storage demand, propelling Kioxia's stock price to soar by over 600% year-to-date. This surge catapulted Kioxia past automotive behemoth Toyota Motor in terms of market capitalization, crowning it as Japan's most valuable enterprise. However, its current market capitalization ranking has now tumbled to the fourth position among Japanese listed companies.