Seagate Shares Rise After Nvidia’s 1.5% Gain on Meta AI Chip Deal
Seagate Technology shares climbed on Wednesday alongside other hardware stocks after Nvidia’s 1.5% gain on a multi-year AI chip supply deal with Meta Platforms. The tech hardware sector recovered most of its 3% year-to-date decline as increased capex expectations fueled demand for storage and hardware components.
1. Hardware Sector Rally
Wall Street’s major indexes ended higher with the Dow up about 0.25%, S&P 500 up over 0.5% and Nasdaq up more than 0.75%. Nvidia led the advance with a 1.5% gain after finalizing a multi-year agreement to supply AI chips to Meta, prompting broad gains in tech hardware names.
2. Seagate Stock Performance
Seagate Technology shares rose in line with peers SanDisk and Western Digital, helping the hardware ETF claw back most of its 3% year-to-date decline. Analysts cite rising industry capex and strong AI-driven storage demand as key drivers supporting Seagate’s stock rebound.