US Stock Market Move | Toshiba Reportedly Plans to Double HDD Production Capacity; Seagate Technology Holdings PLC (STX.US) Falls Over 15% in Early Trading
On Friday, US storage-related stocks declined, with Seagate Technology (STX.US) falling over 15% in early trading and Western Digital (WDC.US) dropping more than 10%.
On Friday, US storage-related stocks declined, with Seagate Technology Holdings PLC (STX.US) falling over 15% in early trading and Western Digital Corporation (WDC.US) dropping more than 10%. On the news front, according to Japanese media reports, Toshiba plans to invest approximately 60 billion yen to expand its HDD factory in the Philippines, aiming to double its hard drive production capacity for AI data centers by the fiscal year ending 2027. For US HDD giants Seagate and Western Digital Corporation, a major competitor's significant capacity expansion means that although demand for high-capacity HDDs from AI data centers is still showing exponential growth, industry supply will also increase in tandem. The currently tight supply-demand relationship may gradually ease around the end of this year, and the market is therefore concerned that Seagate's future market share and pricing power will come under pressure.
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