🔴 Western Digital is trading 13.4% down today on fears of China's CXMT IPO supply surge

Western Digital is trading 13.4% down today at $434.00 as memory chip stocks face a sector-wide selloff triggered by supply concerns.

• Investors are dumping DRAM and NAND stocks on fears that China’s CXMT IPO will boost future supply and pressure global pricing.
• The sharp decline impacts major memory players despite a recent wave of bullish analyst price target revisions for the sector.