On June 12, 2026, Kioxia Holdings’ total market capitalization reached 44 trillion yen, surpassing Toyota’s approximately 43 trillion yen to claim the top spot among Japanese listed companies for the first time. The rally was driven by expanding sales of NAND flash memory, fueled by massive AI data center investments from U.S. technology giants. SoftBank Group had briefly overtaken Toyota on June 1, lifted by valuation gains from its stake in OpenAI and its Arm Holdings unit. Kioxia’s ascent highlights the growing economic weight of memory semiconductors in the AI infrastructure boom.
Alphabet (Google) plans to raise $80 billion via stock sales, Meta announced a $30 billion bond offering, and Amazon is arranging $31.5 billion through a Canadian bond issue ($14 billion) and bank loans ($17.5 billion) with major banks. The funds are aimed at building AI infrastructure such as chips and data centers. Major tech firms are posting record capital expenditures for AI, raising questions about the return on these massive investments.
Visa is integrating ChatGPT into its payment network, allowing AI agents to shop and complete purchases on behalf of users at any Visa-accepting merchant. OpenAI provides the technology for AI agents to interact, make decisions, and initiate purchases via ChatGPT. Security measures include spending limits, required approval steps, and restrictions to authorized merchants. The financial terms of the partnership between Visa and OpenAI were not disclosed.
Global semiconductor sales reached $110.48 billion in April, exceeding $110 billion for the first time, with a 93.9% year-over-year increase and 30 consecutive months of growth. Month-over-month growth was 11%. Prices also rose sharply, as 8GB DDR4 memory prices increased about ninefold in a year. Major memory makers Samsung, SK Hynix, and Micron are prioritizing AI memory production, tightening supply of general-purpose memory. Growth was driven by the United States and Asia.
OpenAI has confidentially submitted an S-1 registration to go public, allowing preparations without public financial disclosure. The company has not determined the listing date or share count, stating it will choose the optimal timing. In its most recent funding round in March 2026, OpenAI reportedly raised $122 billion at an $852 billion valuation, though its valuation now trails Anthropic. Together with SpaceX and Anthropic, OpenAI is one of the most anticipated IPOs, with potential combined market caps of $4 trillion.
OpenAI CEO Sam Altman is in ongoing discussions with the White House about the US government potentially taking a stake in the company. Talks have lasted more than a year, and Altman met with lawmakers and officials in Washington this week. As part of a potential deal, OpenAI might donate equity to establish a public wealth fund, allowing citizens to share in AI gains. The Trump administration has previously taken stakes in companies like Intel, IBM, and quantum or critical minerals firms.