Seagate (STX) Shares Drop Over 8% Amid Factory Capacity Concerns
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowSeagate Technology Holdings PLC (STX) shares fell over 8% on Monday following CEO Dave Mosley's remarks at a JPMorgan conference regarding manufacturing capacity. Mosley indicated that building new factories would take too long, raising concerns about meeting the increasing demand for memory chips driven by artificial intelligence. In addition, shares of industry peers, including Micron Technology (MU) and Western Digital Corp (WDC), also declined, with drops of approximately 5% and 7%, respectively. This drop reflects investor anxiety over the capability of leading memory makers to satisfy mounting demand as production cycles are lengthy.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About Micron Technology Inc. (MU)
Micron Technology is a leading maker of memory chips, spanning DRAM and NAND flash.
The Information Technology sector covers hardware, software and semiconductor companies driving the digital economy.
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