In a letter to TOTO, UK-based activist investor Palliser Capital called the Japanese toilet maker the "most undervalued and overlooked AI memory beneficiary". It highlighted the company's advanced ceramics segment, which makes electrostatic chucks. It also claimed the firm trades at a discount of ¥554 billion (₹32,522 crore). TOTO's chuck technology is relevant to cryogenic etching, FT reported.