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

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

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…