Sandisk (NASDAQ:SNDK) led gains in memory and storage stocks on Thursday after it was reported that Samsung (OTCPK:SSNLF) and SK hynix(OTCPK:HXSCF) are likely to boost prices on memory.
The South Korean technology companies have raised their prices on dynamic random access memory and NAND flash by up to 30% for the fourth-quarter, Korean Economic Daily reported. The steep price hike is due to the surging demand for all things related to artificial intelligence, which has caused a supply shortage in both memory and storage.
Seagate shares rose more than 3% on Thursday, as did competitor Western Digital (NASDAQ:WDC). SanDisk (NASDAQ:SNDK), which was spun off from Western Digital to focus on its flash memory business, rose more than 8.5%, while Micron Technology (NASDAQ:MU) tacked on nearly 1.5%.
Seagate, Micron, Sandisk and Western Digital did not immediately respond to a request for comment from Seeking Alpha.
