Stock Track | Western Digital Plummets 5.14% Intraday on AI Compute Concerns and Profit-Taking

Stock Track07-02 22:44

Western Digital's stock plummeted 5.14% during intraday trading on Thursday, reflecting a sharp decline in the storage chip sector.

The sell-off is attributed to a combination of profit-taking after a significant sector rally and renewed concerns about AI computing capacity. Reports that Meta Platforms plans to sell or lease surplus AI computing resources triggered a market reassessment of potential oversupply and downstream demand for storage components, weighing heavily on related stocks.

Furthermore, the storage chip sector, which saw an extraordinary rally in the second quarter, is experiencing a broad pullback as investors rotate capital and engage in quarter-end portfolio rebalancing. This has led to intensified selling pressure across memory and storage companies.

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