Seagate Exceeds Profit Expectations Amid AI-Driven Demand for Data Storage
Seagate Technology reported higher-than-expected revenue and profit for the fourth quarter, driven by increased demand for data-storage hardware due to AI adoption. The company's shares rose 17% in premarket trading, with rival storage and memory chip companies also seeing gains. The AI boom and rising memory chip prices have fueled investor enthusiasm in the storage market.
Topics: AI adoption data storage earnings forecast revenue growth stock price movement