On September 16, Western Digital fell 3.04% in regular trading, trading at $412.76/share, with turnover of approximately $1.09 billion, as the storage sector continued its recent weakness.

The decline was driven by dual headwinds. Kioxia CEO Hiroo Ohta previously stated that prices have risen enough and instructed his business team not to aggressively raise quotes for data center customers, warning that unchecked price increases could ultimately dampen AI investment appetite and undermine the long-term growth of the memory market. He emphasized that even hyperscale data center operators face budget constraints. Separately, Western Digital announced it will fully redeem approximately $109.5 million of its 3.00% convertible senior notes due 2028, with the redemption scheduled for November 16 at 100% of principal plus accrued unpaid interest. The company expects substantially all holders to convert before the redemption date, at a conversion rate of 26.5231 shares per $1,000 principal amount.

Within the Technology Hardware, Storage & Peripherals sector, peers traded broadly lower. SanDisk fell 1.62%, Seagate Technology dropped 4.84%, while Dell Technologies rose 2.42% and Hewlett Packard Enterprise gained 1.28%.

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