Why Seagate Technologies Rallied Double Digits This Week
Shares of hard disk drive manufacturer Seagate Technology (NASDAQ: STX) rallied this week, up 11.8% this week through 1:54 p.m. ET Friday, according to data from S&P Global Market Intelligence.
Seagate had a relatively quiet week in terms of company-specific news; however, positive data around demand for storage at the edge due to a spike in artificial intelligence (AI) inferencing has led to several analyst upgrades this week.
Artificial intelligence and semiconductor-related stocks were already on the rise this week, following the last week's blockbuster AI guidance from , along with the Federal Reserve's interest rate cut this week -- the Fed's first cut since last year.
Source Fool.com
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