Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec. (Source: Bloomberg)

Seagate Technology Holdings shares fell 6.9% Monday in its worst one-day drop in nearly two months after management comments at a JPMorgan conference sparked investor fears that the company won’t be able to keep up with soaring demand for memory chips.

S&P 500 Index futures are little changed as of 7:45 a.m. in New York ahead of a blockbuster slate of corporate earnings. Alphabet, Microsoft, Amazon and Meta Platforms are set to report after the close.

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Isabelle Lee, Carol Massar and Tim Stenovec. (Source: Bloomberg)

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Bailey Lipschultz, Katie Greifeld, Carol Massar and Tim Stenovec. (Source: Bloomberg)

In the stock market’s volatile and uncertain start to the year, one trade has held strong: go long memory and storage.

The Middle East conflict won’t significantly hamper the technology supply chain in the short run, according to a senior Seagate Technology Holdings executive addressing concerns that the war could begin to choke off the supply of vital materials such as helium.

Ban Seng Teh, EVP and Chief Commercial Officer at Seagate Technology says that the Middle East conflict won’t significantly hamper chipmaking in the short run, and he sees resiliency in their supply chain that could buffer the data storage company from any short term impact. He speaks exclusively with Avril Hong and Haidi Stroud-Watts on 'Bloomberg: The Asia Trade". (Source: Bloomberg)

Memory and storage stocks are the market’s hottest trade, but investors aren’t sweating the companies’ suddenly elevated valuations as the buildout of artificial intelligence transforms their cyclical nature.

Six firms are set to join the Nasdaq 100 Index as part of its annual reconstitution, the benchmark’s overseer said Friday.