Seagate shares were hammered during the regular session following reports that rival Toshiba plans to invest $400 million to double its hard disk drive production capacity by fiscal 2027. Investors reacted to concerns that this expansion could disrupt the current duopoly held by Seagate and Western Digital, potentially triggering price competition and margin compression in the AI data-center storage market. While the broader Nasdaq hit a record high earlier in the day, the storage sector faced significant selling pressure as the market weighed the threat of increased supply against the strong pricing power Seagate has enjoyed this year.