Why are Seagate Technology and Western Digital stocks tanking on Friday?

Why are Seagate Technology and Western Digital stocks tanking on Friday?

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Seagate Technology and Western Digital shares fell sharply at market open on Friday after a report that Japan’s Toshiba plans to significantly expand hard disk drive manufacturing, raising concerns that additional supply could weaken pricing power in a market benefiting from the artificial intelligence boom. Seagate shares STX fell about 13%, while Western Digital WDC…

Seagate and Western Digital: AI Storage Demand Is Now Showing Up in Pricing Power

Seagate and Western Digital: AI Storage Demand Is Now Showing Up in Pricing Power

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Introduction Artificial Intelligence (“AI”) and generative AI such as ChatGPT necessitate the need for substantial memory and storage capabilities for the storage of extensive datasets, training intricate models, and handling vast volumes of data processing. Nvidia (NVDA) is the poster child of AI and generative AI through its GPU (graphical processing units) chips. GPUs are…