Bain Capital exits Kioxia after chip deal yields big returns

Since their listing in 2024, Kioxia's shares have surged on runaway demand for AI memory chips. Bain Capital has sold its entire stake in flash memory chipmaker Kioxia Holdings, closing a chapter on a deal that's transformed the Japanese tech and investment landscape. "We don't have a stake any more in Kioxia," Bain Managing Partner David Gross said in an interview. The U.S. private equity firm has logged record-setting returns after a global spending spree on AI catapulted Kioxia's shares more than 4,800% from their debut, transforming the chipmaker into one of Japan's most valuable companies. "It's worked spectacularly for all the stakeholders involved," Gross said.