Seagate Technology is trading 5.2% down at $706.39 as part of a sharp pullback in AI and memory-related chip stocks following a global selloff in memory names and SK Hynix-related concerns.
- The decline adds to recent volatility as investors engage in profit-taking following a significant run-up in the semiconductor sector.
- Market sentiment is being pressured by fears of increased competition and potential oversupply, despite robust long-term demand for AI-driven storage solutions.