AI Storage Leader Loses Over $6 Billion in Market Cap in One Day

Seagate Technology Holdings PLC (NASDAQ: STX) closed at $355.78 on the Nasdaq on the 30th, down 6.56%, with trading volume of approximately 2.8 million shares. Its market capitalization fell to about $77.6 billion (roughly KRW 105 trillion). In a single day, the company lost around $4.7 billion in market value, equivalent to more than KRW 6 trillion.

Recently, STX shares have experienced heightened volatility—including an over-8% one-day drop and a gap down—following the announcement of an AI model that could significantly reduce Google’s memory usage. Adding to the pressure on supply, several executives, including the CEO, have sold tens of millions of dollars’ worth of shares.

Despite this, Seagate’s stock has more than tripled over the past year, supported by recovering demand for high-capacity storage in AI data centers and improved margins. In its Q2 fiscal 2026 results announced in January, the company reported net income of approximately $593 million and issued strong guidance, leading major brokerages to maintain buy ratings and raise their price targets.

Headquartered in the U.S., Seagate specializes in hard disk drives and data storage. With its high-capacity data-center HDDs and HAMR-based Mozaic product line, it has been regarded as a prime beneficiary of expanded investment in AI and cloud infrastructure.