Seagate Technology (STX) shares fell approximately 7% during Monday’s trading session. CEO Dave Mosley issued the update at the JPMorgan Global Technology, Media, and Communications Conference. Mosley reported that wafer production lead times now exceed nine months. The company faces significant constraints in scaling production to meet surging AI-driven storage demand. Mosley stated that building new factories would take too long and risks creating future excess capacity. Investors sold off shares over concerns that Seagate cannot fully capitalize on the current high-demand cycle.