US Stock Market Move | Storage concept stocks collectively rose, with Western Digital Corporation (WDC.US) rising over 6%.

On Friday, storage concept stocks collectively rose, with Western Digital Corporation (WDC.US) rising over 6%, Seagate Technology Holdings PLC (STX.US) and Micron Technology, Inc. (MU.US) rising over 5%, and SanDisk (SNDK.US) rising over 4%. On the news front, the hot trend of artificial intelligence (AI) spending is driving the storage chip industry into a new rhythm. Industry executives stated that AI has fundamentally disrupted the old cycle and there is no sign of prices decreasing. Antonio Neri, CEO of Hewlett Packard Enterprise Co. (HPE.US), said, "We will continue to raise prices because the entire industry will continue to raise prices. Currently, demand exceeds supply." A Seagate executive said on Tuesday that the rising prices of storage chips will likely become a "new normal" in the coming years.