🟢 STX is trading 4% up today, hitting an all-time high, as the company completes a $185.9M debt-for-equity swap

STX is trading 4% up today at $845.36, reaching a new all-time high of $843.28 during the session.

• The rally comes as Seagate announced the consummation of previously disclosed exchange agreements for $185.9 million of its 3.50% Exchangeable Senior Notes due 2028 for a combination of cash and shares.
• This move to retire a portion of its debt is occurring amidst strong investor sentiment driven by the AI-related demand for data storage, which has contributed to the stock's significant year-to-date gains.