On September 21, Western Digital rose 3.94% in regular trading, trading at $447.25/share, with turnover of $313 million, as the storage sector extended its multi-session rally.

On the news front, the memory supply-demand gap theme continued to intensify. Delivery lead times for key components used in Korean semiconductor manufacturing equipment have more than doubled, further tightening supply-side bottlenecks. Citi projects global memory capital expenditure to surge 46.5% year-over-year to $80.4 billion in 2027, yet constraints from HBM capacity occupation, slower technology migration, and lengthy construction timelines mean even massive investment is unlikely to close the supply-demand gap. Meanwhile, Bank of America raised its 2027-2028 DRAM average price forecast by 8-12% and NAND by 2-3%, citing persistent supply shortages and aggressive procurement by OEMs and hyperscale customers who have already accepted Q1 price increases. DRAM and NAND contract prices rose 20-30% quarter-over-quarter in Q3. BofA also lifted its 2030 global memory total addressable market estimate from $1.8 trillion to $2 trillion, projecting a 21% CAGR through 2030 and signaling a long-term super cycle.

Within the Technology Hardware, Storage & Peripherals sector, peers also gained, with Seagate Technology up 2.96%, Dell Technologies up 0.93%, and Super Micro Computer up 4.37%.

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