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Japanese toilet maker Toto's shares rose 11%, the highest increase in five years, driven by expectations of growth in its chipmaking materials operations amid booming memory demand. Goldman Sachs analysts upgraded Toto's rating to buy from neutral, highlighting potential profit growth from its electrostatic chucks used in NAND chipmaking, which are expected to benefit from an AI infrastructure buildout.

The analysts noted that the tight supply-demand balance in the memory industry will support this growth. Toto anticipates continued demand for its products due to ongoing AI data center construction.