Japanese memory chip manufacturer Kioxia reported on Friday that its operating profit for the previous fiscal year ending in March surged by 92.7% to 870.4 billion yen, exceeding expectations.

The company stated that due to increased demand driven by the artificial intelligence boom, operating profit for the April to June quarter is projected to reach 1.3 trillion yen (approximately 82 billion US dollars).

Kioxia mentioned that it is preparing to list American Depositary Receipts (ADS) on a US exchange to expand its investor base.

The company's stock price has more than tripled so far this year, boosting its market value above that of Sony and Fast Retailing, the parent company of Uniqlo.