Seagate Technology Holdings (NASDAQ:STX) stock is surging on Thursday during a broad AI-driven technology and semiconductor rally.
The upward movement follows blowout fiscal third-quarter earnings results from Micron Technology Inc. and trader reaction to a sector-wide structural memory supply shortage.
Memory peers SanDisk Corp. and Western Digital Corp. are also trading higher.
Micron reported adjusted earnings of $25.11 per share on revenue of $41.46 billion, beating the analyst consensus estimate of $20.78.
The company also issued stronger-than-expected fourth-quarter guidance.
