WDC, STX plunge on Toshiba expansion; Tech rallies on AI enthusiasm

WDC  Western Digital

Western Digital (WDC) plunged 10.22% pre-market after Nikkei reported Toshiba plans to double its HDD production capacity by fiscal 2027, raising concerns about supply-demand balance and pricing leverage.

STX  Seagate Technology

Seagate Technology (STX) fell 10.21% pre-market following reports that Toshiba's plan to double HDD production capacity could pressure HDD pricing, according to Benzinga.

The broader market is experiencing a tech-led rally fueled by renewed AI enthusiasm, falling Treasury yields, and cheaper crude oil prices, as reported by Benzinga and StocksToTrade.

FPS  Forgent Power Solutions

Forgent Power Solutions (FPS) rallied 8.09% pre-market after Bernstein SocGen Group initiated coverage with an Outperform rating and a $48 price target, citing upcoming positive earnings revisions as a catalyst (per analyst Chad Dillard).

ARM  Arm Holdings

Arm Holdings (ARM) jumped 5.18% as semiconductor and AI stocks gained, with reports indicating Arm's CPU architecture could benefit from expanding AI workloads and Nvidia's AI safety platform (per Benzinga, MarketBeat).

CBRS  Cerebras Systems

Cerebras Systems (CBRS) dipped 1.82% pre-market.

INTC  Intel

Intel (INTC) traded up 0.56% after strong AI chip demand boosted investor optimism, with Meta's Muse AI agent success seen as confirmation of increased CPU-intensive workloads (per StocksToTrade, Timothy Sykes).

PLTR  Palantir Technologies

Palantir Technologies (PLTR) fell 0.68% pre-market, entering a period that combines historically strong October seasonality with accelerating revenue growth and an upcoming earnings report (per TrendSpider via Finbold).

MRVL  Marvell Technology

Marvell Technology (MRVL) gained 1.57% pre-market, backed by strong Q1 earnings and praise from Nvidia CEO Jensen Huang, with its new Teralynx T100 AI switch seen as a major catalyst (per Craig-Hallum analyst Christian Schwab).

OpenAI is rumored to be unveiling an 'o' assistant, a cloud-based AI agent capable of executing long-horizon tasks, posing a direct competitive threat to Meta's Muse AI agent (per BleepingComputer via Investing.com).

MRVL  Marvell Technology's AI switch

Craig-Hallum analyst Christian Schwab highlights Marvell Technology's (MRVL) new Teralynx T100, a 102.4 Tbps AI switch, as a significant catalyst that could accelerate the data center's shift from copper to optical.

INTC  Intel benefits from Meta AI

Intel (INTC) stock rose after news of Meta's Muse AI agent performing well, with traders interpreting this as confirmation that agentic AI will drive CPU-intensive workloads in data centers, benefiting Intel's server CPU franchise (per StocksToTrade, Timothy Sykes).

ARM  Arm Holdings gains on AI demand

Arm Holdings (ARM) shares climbed as its CPU architecture is expected to benefit from expanding AI workloads and next-generation computing systems, partly due to Nvidia's AI safety platform (per MarketBeat, Munro Partners).

META  Meta Platforms

Meta Platforms (META) shares fell as OpenAI's anticipated reveal of a competing always-on AI assistant adds a fresh layer of competitive pressure to Meta's Muse AI agent (per BleepingComputer via Investing.com).

ACN  Accenture earnings

Pre-bell, $3.18 EPS est.