AI Stock Surge Triggers Exodus of Smaller Firms from Japan’s Topix Index

At one point in 2026, Kioxia Holdings’ market cap was more than 10 times its value in late 2025. (Photo by Shintaro Ino)

TOKYO — Japan’s broad Topix index is set to see a notable reduction in its constituents, as structural reforms and the ballooning market valuations of AI-linked firms such as memory chip manufacturer Kioxia Holdings push small- and mid-cap stocks out of the benchmark.

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