Key insights
- Memory and data storage stocks, including Western Digital and Seagate, are experiencing a significant pullback, down nearly 7% and over 7% respectively. This decline coincides with a broader tech stock slump and precedes Western Digital's upcoming quarterly earnings report. Concerns about the sustainability of AI financing are contributing to the sell-off in these previously strong performers.
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Memory-stock investors may want to forget today.
Shares of big memory and data storage companies, many of which have been among the stock market’s biggest winners in recent months, were falling Thursday morning amid a broad pullback in tech stocks. The moves come ahead of the latest quarterly results from hard-drive maker Western Digital (WDC), which is slated to publish its fiscal first-quarter results after the closing bell.
Western Digital shares were recently down nearly 7%, while Seagate’s (STX) were off more than 7%. The Roundhill DRAM ETF (DRAM) was nearly 5% lower in recent action.
Western Digital shares have more than doubled in value since the year began, making the stock one of the best performers in the S&P 500 for 2026. It has pulled back from its highs lately amid concerns around the sustainability of AI financing.
Western Digital is expected to report adjusted earnings per share of $4.11 on $4.16 billion in revenue, per Visible Alpha.