Seagate Technology Sees $15 Billion Market Cap Increase Due to Strong Q3 Results and AI Demand
Seagate Technology (STX) saw its stock rise 11% and its market cap increase by $15 billion following strong third-quarter results. The company reported revenue of $3.1 billion and non-GAAP EPS of $4.10, exceeding expectations, driven by increased demand for high-capacity storage in AI infrastructure. Seagate also raised its medium-term revenue growth target to a minimum of 20% annually.
Tickers: $STX
Topics: AI infrastructure Earnings Report Market Cap Increase Seagate Technology Storage Demand