Seagate Technology Soars Over 8% as Chip Sector Gains $400B Value
STX•Seagate Technology shares climbed over 8% after Micron forecasted better-than-expected quarterly earnings and Qualcomm projected $15B in 2029 AI data center sales, fueling a $400B surge in chip sector market value. The rally lifted the PHLX chip index, now up 90% year to date.
1. Sector-Wide Rally
Chipmakers collectively gained over $400 billion in market cap after Micron forecasted earnings above estimates and Qualcomm projected $15 billion in AI data center sales by 2029.
2. Seagate Technology Shares Jump
Seagate Technology led memory-focused stocks with an 8%-plus increase in extended trading, reflecting renewed investor confidence in AI-driven data storage demand.
3. AI Chip Demand Outlook
The rally propelled the PHLX chip index to a 90% gain year to date, underscoring strong momentum in AI infrastructure investments and future memory chip orders.
