In the long arc of technological transformation, capital tends to flow toward whatever promises to reshape the world next — and today, that promise belongs to artificial intelligence. Kioxia, one of Japan's most storied memory chipmakers, is preparing to plant its flag in American financial markets with a listing that could raise at least $10 billion, following the trail blazed by South Korean rival SK Hynix just months before. The move reflects both the extraordinary investor appetite for AI-adjacent semiconductors and the quiet anxiety beneath it — a sector racing to capture value even as se