Western Digital is trading at $342.83 (-7.21%) as hotter-than-expected U.S. inflation renewed rate-hike concerns amid a broader chip and technology selloff.
- Investors are also weighing fears of Chinese memory-chip competition and uncertainty about AI spending.
- Peers across the memory and storage sector have also fallen.
- UBS cut its price target to $470 from $525, citing HDD supply and pricing uncertainty ahead of Western Digital’s October 22 earnings release.