Kioxia's stock price surged as much as 14%, hitting an intraday high. Morgan Stanley MUFG raised its target price for the Japanese semiconductor company from 2,900 yen to 3,900 yen due to improving NAND market conditions and reiterated its overweight rating, citing "improving conditions" due to AI investments and hard drive shortages. The firm raised its forecast for the company's fiscal year ending March 2027, "reflecting expanding eSSD demand and improved overall market supply and demand."