On July 21, Western Digital rose 8.77% in regular trading, trading at $528.34/share, with turnover of $4.97 billion, leading the storage sector higher.

On the news front, the rally was primarily driven by surging AI infrastructure demand for storage products. SK Hynix Chairman stated that AI semiconductor demand is expected to grow 60% to 100% year-over-year next year, while major manufacturers have virtually no substantial capacity expansion plans, suggesting the supply-demand gap will widen further. Morgan Stanley noted that Q3 data center memory prices rose at least 25% quarter-over-quarter, identifying memory as an increasingly critical bottleneck in AI infrastructure buildout — a structural constraint expected to persist for years.

Simultaneously, multiple top-tier institutions raised their target prices on Western Digital: Citi lifted its target to $800, BNP Paribas to $660, and UBS to $560, significantly boosting market confidence and driving visible capital inflows. The broader storage sector rallied in tandem, with SanDisk up 9.49% and Seagate up 7.5%.

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