Toshiba Is Doubling Hard Drive Output. Seagate (STX) and Western Digital (WDC) Fell 10% Each

Seagate Technology Holdings plc (NASDAQ:STX) closed at $848.99 on October 2, down 10.21% after Toshiba said it would spend to double its hard drive production capacity. Western Digital Corporation (NASDAQ:WDC) fell by almost exactly as much on the same news. Both had been among the best-performing stocks in the market. That is exactly why one competitor's spending plan mattered so much. READ ALSO: Is Lam Research, KLA, or Applied Materials the Best Chip Equipment Buy? Jim Cramer Weighs InToshiba Is Doubling Hard Drive Output. Seagate (STX) and Western Digital (WDC) Fell 10% Each. A Shortage Lasts Only Until Somebody Builds More: The rally in these two shares was never really about hard drives. It was about scarcity.