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One capacity expansion announcement from Toshiba (TSHTY) is shaking up the storage trade, putting hard disk drive (HDD) makers under pressure while the broader memory group barely moves. Seagate Technology (STX) is taking the biggest hit, with shares tumbling nearly 10.2% Friday, the sharpest decline among storage stocks. After artificial intelligence (AI) data center demand turned Seagate into one of the year’s standout technology performers, Toshiba is now looking to grab a bigger piece of the same booming market.
According to reports, Toshiba plans to double its HDD supply by investing roughly $380 million in the Philippines to expand production and support a more stable supply of components needed for AI infrastructure. The expansion would mark the Japanese company’s first major HDD investment in about five years, while the company is also developing products aimed at increasing memory capacity per unit.
