Toshiba plans to increase hard drive production capacity; Seagate and Western Digital shares plunge

According to a report by Nikkei, Japanese company Toshiba plans to double its hard disk drive (HDD) production capacity in the fiscal year 2027. Western Digital and Seagate Technology shares opened with a significant drop. At the time of writing, Seagate Technology is down 12.4%, and Western Digital is down 11%, although both have recorded increases of 200% and 140% respectively so far this year. Japanese media reports that Toshiba plans to invest about 60 billion yen ($380 million) to expand HDD production in the Philippines. This expansion marks Toshiba's first major investment in the HDD sector in several years. In terms of storage capacity, Toshiba currently holds a market share slightly above 10%, but its mid-term target is to reach 30%.