Japanese firms post AI-driven rosy profits, but Iran woes remain

ANA President and CEO Koji Shibata speaks during a news conference in Tokyo on April 30. Many major Japanese companies, namely electronics makers, enjoyed rosy earnings in the year ended in March thanks to significant artificial intelligence-linked investment worldwide, but they are looking ahead with caution amid high costs for fuel and materials spurred by the war in Iran. Chipmaker Kioxia saw its group net profit double from the previous year to an all-time high of ¥554.4 billion ($3.48 billion). President and CEO Hiroo Ota described the financial performance as a "historic feat." Kioxia benefited from rising demand for memory chips amid a rush to build more data centers due to the growing use of AI.