New York, February 10, 2026, 14:17 ET — Regular session.
Shares of Seagate Technology Holdings (STX) dropped over 6% on Tuesday, extending losses for AI-focused storage hardware, while the wider market stayed relatively flat. As of 2:17 p.m. ET, Seagate was off 6.1% at $399.15.
The decline stings, given Seagate’s role as a high-beta stand-in for AI data-center growth. Investors have been uneasy about whether Big Tech will keep up its spending pace. Sentiment took a turn after Amazon slid over 12% last week, triggered by its forecast for about a 50% jump in capital expenditures for 2026—a move that fueled a broader tech selloff across global markets. 1
Tuesday’s session had to contend with a backlog of postponed U.S. data, the kind that tends to rattle rate bets and, with them, the pricing on growth names. December’s retail sales number landed flat—no move, defying forecasts. “Indicating that maybe the economy wasn’t as strong as people expected,” said Charlie Ripley, vice president of portfolio management at Allianz Investment Management. 2
Western Digital sold off, down 7.2%. Intel slid 5.6%. That left storage and chip stocks on the back foot inside the AI trade. NetApp managed a roughly 2% gain; Pure Storage barely budged. As for QQQ and SPY, both edged down just a touch.
Seagate shares lost ground without any standout news from the company, though the stock has been volatile as traders reassess which “AI infrastructure” names they want to own. Nasdaq.com noted that AI-infrastructure stocks were feeling the heat on Tuesday, with Seagate and Western Digital singled out as key laggards. 3
Seagate’s story hasn’t shifted since late last month. That’s when the company pointed to robust enterprise and cloud demand, fueled by customers ramping up storage for AI. “Modern data centers increasingly need storage solutions that combine performance and cost-efficiency at exabyte-scale,” CEO Dave Mosley said at the time. 4
Here’s the sticking point for holders: the broader AI storage narrative remains, but trading’s gotten jumpy. A whiff of anxiety over rates or capex, and these shares can swing hard—sometimes diverging pretty sharply.
If investors start to see the AI buildout as overpriced, too narrow, or jammed with the same bets, this selloff could accelerate. Any hot inflation number—or signals that budgets are tightening—might send yields up and hit the choppier hardware stocks hardest.
This week’s focus shifts to the macro side. The Labor Department’s pushed-back January jobs data lands Wednesday, Feb. 11, at 8:30 a.m. ET. Just two days later, traders will get the January CPI numbers on Friday, Feb. 13, same time. 5
Those releases look set to dictate Seagate’s mood into week’s end. Traders may stick with the rate-cut optimism, or just as easily retreat again from AI hardware names, a group now so sensitive that any fresh data can spark a move.
