Kioxia loses two-thirds of its value as China closes in

Japan's Kioxia has lost about two-thirds of its peak market value. The chipmaker is now under pressure from fast-growing Chinese rivals. Kioxia, a major maker of memory chips, was once seen as a strong competitor in the global chip market. But its value has fallen sharply since its peak. China's chip industry is growing quickly. Chinese companies are making more advanced memory chips and selling them at lower prices. This is hurting Kioxia's business. Memory chips, also called NAND flash, store data in phones, computers, and data centers. The market for these chips is highly competitive. Analysts say Kioxia faces a hard road ahead. It must cut costs and improve its technology to keep up with Chinese competitors. The company has not yet commented on the market value drop.