Western Digital Stock News

The Blue Wave is throwing some cold water on the AI trade.

Wall Street is digesting the prospect of a slower AI buildout in the wake of the midterm election results.

Now that investors have been able to dive further into Anthropic's IPO filing, they're seeing the same sorts of trends that helped buoy AI stocks for much of this year.

Memory and data storage stocks are shaking off some of their blues.

Western Digital WDC reported strong fiscal first-quarter results and issued an upbeat outlook as demand for hard disk drives (HDDs) continued to benefit from artificial intelligence infrastructure spending. However, concerns about rising capital expenditure, potential increases in industry supply, and the sustainability of demand prompted mixed reactions from Wall Street analysts.

Western Digital Corp (NASDAQ:WDC) expects revenue to rise 66% to 72% year on year in its fiscal second quarter after first-quarter sales climbed 55% to $4.38 billion. The company forecast second-quarter revenue of $5.1 billion, plus or minus $100 million, as demand for data storage continued to strengthen.

Stock futures are pointing lower after yesterday's tech sell-off; cell tower stocks are surging after a report that SpaceX aims to secure thousands of cell sites; American Express raised its profit forecast; Western Digital's earnings are failing to lift the stock; and Deckers Outdoor shares are falling after an earnings miss. Here's what you need to know today.