东京讯——日本存储芯片制造商铠侠控股（Kioxia Holdings）的市值已缩水至四个月前达到的峰值的三分之一，因为利率上升威胁着数据中心的商业模式，而中国竞争对手正在紧追不舍。
TOKYO -- Japanese memory chip maker Kioxia Holdings' market value has shrunk to one-third of the peak it reached just four months ago, as rising interest rates threaten data centers' business model and Chinese competitors close in.
铠侠的市值已从6月份的约60万亿日元（约合1340亿美元）跌至约21万亿日元，6月份它曾超过丰田汽车，成为日本市值最高的上市公司。这一领先地位并未持久。
Kioxia's market capitalization has fallen to around 21 trillion yen ($134 billion) from roughly 60 trillion yen in June, the month that it overtook Toyota Motor to become Japan's most valuable listed company. That lead did not last.
其在东京上市的股票周四一度下跌14%，是全球半导体股票抛售潮的一部分。
Its Tokyo-listed shares fell as much as 14% on Thursday, part of a global sell-off in semiconductor stocks.
“随着负面因素不断叠加，投资者正在恐慌性抛售以平仓融资头寸，”岩井证券高级分析师斋藤和义（Kazuyoshi Saito）表示。
"As the negative factors add up, investors are panic selling to liquidate their margin positions," said Kazuyoshi Saito, a senior analyst at IwaiCosmo Securities.
日本芯片测试设备制造商安立（Advantest）此前涨幅保持相对较好，周四也一度下跌16%。
Advantest, a Japanese maker of chip-testing devices that had been holding onto gains relatively well, dropped as much as 16% on Thursday.
一个负面因素是围绕美国云服务公司CoreWeave的信贷担忧。自周二左右以来，其债券收益率飙升，因为投资者对科技巨头大规模举债建设数据中心的可持续性日益怀疑。
One negative factor is credit concerns surrounding U.S.-based cloud services company CoreWeave. Yields on its bonds have soared since around Tuesday amid growing investor doubts about the sustainability of Big Tech's massive debt-fueled data center buildup.
另一个逆风是中国竞争对手的崛起。长鑫存储科技（CXMT）表示，今年将推出的新产品将采用突破性技术。该公司正与韩国竞争对手三星电子竞相将新技术推向市场。
Another headwind is the rise of Chinese rivals. ChangXin Memory Technologies (CXMT) has said new products due out this year will feature breakthrough technology The company is racing with South Korean competitor Samsung Electronics to bring new advances to market.
在首尔上市的三星电子和竞争对手存储芯片制造商SK海力士的股票周四也大幅下跌。
Seoul-listed shares in Samsung and rival memory chip maker SK Hynix also fell sharply on Thursday.
CXMT生产DRAM短期内存，因此不是铠侠的直接竞争对手，铠侠生产用于长期存储的NAND闪存。但另一家生产NAND的中国芯片制造商——长江存储科技——已表示准备增加产量。投资者认为，中国竞争的兴起是对现有芯片相关股票的风险。
CXMT makes DRAM short-term memory, so it is not a direct competitor to Kioxia, which produces NAND for long-term storage. But another Chinese chipmaker that does produce NAND -- Yangtze Memory Technologies -- has indicated a readiness to increase output. Investors see as the rise of Chinese competition as a risk to established chip-related stocks.
铠侠计划于10月30日公布其4月至9月的业绩。QUICK共识预测显示，其净利润将达5.54万亿日元，较去年同期增长10倍。
Kioxia plans to release its April-September earnings on Oct. 30. The QUICK Consensus forecast sees its net profit at 5.54 trillion yen -- 10 times the year-earlier level.
然而，该公司股票的市盈率仅为3.7倍，低于东京证券交易所Prime市场整体15.4倍的市盈率。三星和SK海力士的市盈率也分别仅为4.5倍和3.5倍。
Yet the company's shares are trading at only 3.7 times forward earnings, lower than the multiple of 15.4 for Tokyo Stock Exchange's Prime market as a whole. Samsung and SK Hynix also have low multiples of 4.5 and 3.5, respectively.
台积公司在周四公布的7月至9月业绩中实现了季度利润创纪录。但斋藤表示，这些成果“可能来得太少、太晚，无法改善整个芯片行业的情绪”。
Taiwan Semiconductor Manufacturing Co. achieved record quarterly profits in its July-September earnings released Thursday. Still, these results are "probably too little, too late to improve sentiment on the chip sector overall," Saito said.
铠侠正致力于制定一项对内存市场波动不那么敏感的产品策略，其中包括与美国芯片巨头英伟达的合作。
Kioxia is working toward a product strategy less prone to memory market volatility, including a partnership with U.S.-based chip giant Nvidia.