Seagate Stock Up 10% on Micron’s 346% Revenue Surge, Gains 8% Post-Qualcomm AI Forecast
STX•Seagate shares jumped 10% overnight after Micron reported fiscal Q3 revenue of $41.46 billion—a 346% year-over-year increase—and forecast memory shortages extending beyond 2027. The stock gained over 8% in the same session as Qualcomm projected $15 billion in AI data-center sales by 2029, fueling a $400 billion chip-sector rally.
1. Peer Rally After Micron’s Earnings
Seagate shares jumped 10% in overnight trading after Micron reported fiscal Q3 revenue of $41.46 billion, a 346% year-over-year increase, and announced sustained memory demand beyond 2027, boosting investor confidence in the entire memory segment.
2. Impact of Qualcomm’s AI Data-Center Forecast
In extended trading, Seagate climbed an additional 8% as Qualcomm projected $15 billion in AI data-center sales by 2029, contributing to a $400 billion surge in chip-sector market value and underscoring strong demand for storage solutions.
3. Extended Memory Shortage Supports Demand
Micron’s management stated that memory supply shortages will persist past 2027, implying limited industry capacity and favorable pricing for Seagate’s storage products amid robust AI and data-center spending.
4. Seagate’s Growth Outlook
These sector dynamics position Seagate to benefit from elevated memory pricing and sustained AI data-center investments, potentially driving revenue growth and margin expansion in upcoming quarters.
