Shares of memory and storage chipmakers surged sharply on Wednesday after Seagate Technology Inc. (NASDAQ:STX) delivered a major earnings beat, extending an already explosive rally fueled by a global storage supply crunch as AI-driven demand continues to crowd out available capacity.
Seagate jumped more than 15% after reporting blockbuster quarterly results that topped Wall Street expectations across the board.
The rally quickly spilled over to peers.
Sandisk Corp. (NASDAQ:SDNK) and Western Digital Corp. (NASDAQ:WDC) each climbed more than 6%. Year to date, Sandisk is up 84% and Western Digital has gained 40%.
Since its February 2025 initial public offering, Sandisk has surged more than 1,330%, matching the returns Nvidia Corp. (NASDAQ:NVDA) delivered since November 2022, when ChatGPT launched.