Chip Stocks Rally on July 7, WDC Up Over 7% Ahead of Samsung Earnings

According to MarketWatch, chip stocks rallied on Monday, July 7, with storage makers Western Digital (WDC-US) gaining over 7% and Seagate Technology (STX-US) rising 5%. Memory chipmaker Micron Technology (MU-US) advanced 1% intraday, touching a 4% gain during the session.

The rebound comes as investors anticipate earnings announcements and product developments from major memory manufacturers this week. Samsung Electronics is set to release second-quarter preliminary results on Tuesday, with reports suggesting the company plans to raise DRAM average selling prices by 20% amid AI-driven demand exceeding supply. Additionally, SK Hynix is preparing to list on Nasdaq via American depositary receipts on Friday, with expected fundraising of up to $29 billion.