Toto Repositions Ceramics For AI Memory Demand

Activist investor Palliser Capital told Toto's board in a Financial Times-reported letter that the company's advanced ceramics unit is undervalued and could benefit from rising AI memory demand. Palliser urged clearer disclosure and strategic use of ~¥76 billion ($496 million) net cash toward ceramics expansion; Toto shares have risen nearly 40% year-to-date, though the thesis is activist-driven and hinges on uncertain memory-capex cycles.