US Stock Market Move | Stock prices of storage plate are trending higher in pre-market trading. Seagate Technology Holdings PLC (STX.US) is up more than 8%.

On Wednesday, the storage sector rose in pre-market trading, with Seagate Technology Holdings PLC (STX.US) up more than 8%, Western Digital Corporation (WDC.US) up over 6%, SanDisk (SNDK.US) up nearly 5%, and Micron Technology, Inc. (MU.US) up over 3%. On the news front, Seagate management expects third quarter revenue to be $2.9 billion, with a fluctuation of $100 million up or down. According to data compiled by LSEG, Wall Street analysts on average estimate around $2.77 billion in revenue, significantly higher than analysts' consensus expectations. The company expects adjusted earnings per share (EPS) for the third quarter to be around $3.40, with a fluctuation of 20 cents, also significantly exceeding analysts' expectations. Analysts believe that the rapid progress of AI data center construction not only drives a surge in HBM storage demand, leading to the overall migration of storage chip capacity from consumer electronics to the more complex manufacturing and packaging processes of the HBM end, but also the three-tier storage stack in AI data centers (hot layer NVMe SSD, warm layer/near-line HDD, cold layer object and backup) are also expanding exponentially in sync. The HDD industry's oligopoly long-term supply restraint, along with the NAND cycle recovery and cloud providers locking in orders for multiple years, is leading to a significant increase in visibility of orders for storage product giants.