Kioxia, Japan's leading NAND flash manufacturer, is undergoing a dramatic valuation restructuring. The company's market capitalization has evaporated by nearly 40 trillion yen ($253 billion) from its historical high of 60 trillion yen ($380 billion), shrinking to about one-third of its peak. Kioxia's stock price plunged as much as 16% intraday last Friday, accumulating a decline of over 52% from its high last month, and its market cap ranking has slipped from first to fourth in Japan. Yugo Tsuboi, chief strategist at Daiwa Securities, stated that the market is repricing the AI storage premium and is concerned that the rise of Chinese NAND manufacturers could stabilize global storage prices.