Seagate Technology and Western Digital shares fell on Tuesday as investors assessed Toshiba’s potential expansion in the hard-disk drive market and a reported bidding contest for TDK’s magnetic-heads business.

Bloomberg reported that Seagate and Toshiba are competing to acquire the hard-drive magnetic-heads unit of TDK, the only independent manufacturer of magnetic-recording heads.

The deal could be worth several billion dollars, according to people familiar with the matter cited by Bloomberg.

The report follows a Nikkei report that Toshiba plans to double production capacity for data-centre hard drives during its fiscal 2027.

Seagate and Western Digital shares fell 10% on Friday following that report before recovering some of those losses on Monday.

Seagate, Western Digital shares decline

Seagate shares were down 8.9% at $808.08 on Tuesday, leaving the stock roughly 14% lower since Thursday’s close. Western Digital shares fell more than 6.4% to $413.16.

Both companies are major players in the global hard-disk drive market, while Toshiba remains a distant third.

Seagate and Western Digital have benefited from growing demand for storage linked to the expansion of artificial intelligence data centres.

Hard-disk drives remain a primary storage option for cloud providers in hyperscale data centres, as AI applications generate increasing volumes of data that need to be stored over longer periods.

Wedbush analyst Matt Bryson said in an Investor’s Business Daily report that Seagate would never receive antitrust approval to acquire TDK’s magnetic-head business because such a deal could leave the third-largest HDD vendor dependent on Seagate.

TDK shares rose as much as 7.3% in Tokyo on Tuesday, while Seagate and Western Digital declined more than 1% in premarket trading.

TDK deal could reshape HDD supply chain

TDK’s magnetic-head business is strategically important because the company supplies the component to Seagate, Western Digital and Toshiba.

Seagate and Western Digital both manufacture magnetic heads internally but also rely on TDK to manage increases in demand.

Toshiba, meanwhile, depends entirely on TDK for the component.

Toshiba also needs access to TDK’s technology as it works to mass-produce high-capacity heat-assisted magnetic recording hard drives.

The technology is considered important to the company’s efforts to narrow the gap with its larger competitors.

The winning bidder could gain greater control over an important part of the HDD supply chain, potentially increasing pricing power and affecting competitors’ ability to expand production.

A Toshiba spokesperson said the Bloomberg report was inconsistent with the company’s understanding and that of its principal backer, Japan Industrial Partners, without elaborating.

AI storage demand drives competition

The potential transaction comes as demand for hard drives rises alongside AI data-centre investment.

The companies are competing for a larger share of a market where storage capacity has become increasingly important as AI workloads generate large volumes of data.

According to TrendForce, Seagate and Western Digital each account for around 45% of the HDD market based on bits supplied, while Toshiba has about 10%.

The reported bidding process could also face antitrust scrutiny because of the concentration in the HDD market and the growing importance of data-centre storage capacity.

Representatives of the three companies also discussed ways to maintain access to magnetic heads, including a possible joint venture, according to people familiar with the matter cited by Bloomberg.

The talks remain preliminary and could fall apart.

TDK is also considering selling the HDD head business as it shifts resources towards batteries, passive components and sensors.

A sale could provide additional funds for investment in areas where the company expects stronger AI-related demand, including wearable devices such as smart glasses.

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Nebius Group shares jumped about 8% to around $253.25 on Tuesday, reversing the previous session’s 4.22% decline and breaking above the $250 resistance zone.

The move followed a period of consolidation during which the stock repeatedly faced selling pressure around the $250 level.

Trading volume also pointed to strong participation, with about 16.52 million shares changing hands compared with an average trading volume of 19.99 million according to Yahoo Finance data.

Technical indicators also turned more supportive.

The moving average convergence divergence (MACD) moved above its signal line on the one-month chart, while the histogram turned positive, pointing to stronger bullish momentum.

The relative strength index (RSI) climbed to about 67.83, indicating strong buying pressure but also placing the stock close to overbought territory.

Nebius stock breaks above key resistance

The latest rally came a day after several insider-sale filings dated October 5. Nebius Chief Technology Officer Danila Shtan reported selling 14,550 shares at $234.16 on October 1.

The reported sale was linked to automatic withholding for restricted stock unit taxes. Ophir Nave’s proposed sale of 500,000 shares was made under a Rule 10b5-1 trading plan.

No new fundamental catalyst was cited for Tuesday’s move, making the technical breakout the clearest explanation for the gain.

The key level for investors now is whether Nebius can remain above $250 and establish the former resistance level as new support.

AI infrastructure expansion supports growth outlook

Nebius has continued expanding its AI infrastructure footprint as demand for cloud computing and inference capacity grows.

The company recently acquired Inferize to strengthen its Token Factory inference platform.

Inferize develops technology designed to reduce model launch times, lower idle GPU capacity, and reduce inference costs.

The Inferize team joined Nebius Token Factory to help integrate the technology into its production inference stack.

The acquisition follows Nebius’ earlier additions of Eigen AI and technology from Clarifai.

Nebius has also signed a binding agreement with AIB Data Centers for 50 megawatts of critical IT capacity at a southeastern US facility.

AIB plans to deliver the capacity across two data halls under an initial 12-year term.

The additional capacity is intended to support AI workloads as demand for computing infrastructure increases.

Higher GPU prices add to revenue opportunity

Nebius has reportedly raised GPU cloud prices by about 20% across several Nvidia models, including the H100, H200, B200 and B300 chips.

The price increases point to continued demand for high-end AI computing capacity and the company’s ability to charge more amid constrained GPU supply.

Nebius has also benefited from capacity expansion and its relationship with Nvidia, which previously invested $2 billion in the company to support its hyperscale AI cloud buildout.

BNP Paribas recently upgraded Nebius to Outperform from Neutral and raised its price forecast to $399 from $260.

The bank said its outlook for the company had meaningfully improved since initiating coverage in June.

BNP Paribas estimates Nebius could approach $22 billion in annual recurring revenue by the end of 2027 and said the company’s 2027 guidance could lead to a material reset in current estimates.

Nebius shares have gained almost 200% in 2026, compared with nearly 30% for CoreWeave and 9% for IREN.

AI cloud demand, higher GPU pricing, infrastructure expansion, and inference services remain key drivers of the company’s growth outlook.

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Anthropic is expanding access to its most advanced AI models to selected organisations for high-risk cybersecurity testing in collaboration with the US government.

Oil prices were little changed as rising Middle Eastern exports and planned emergency stockpile releases eased supply concerns.

Gold prices rose as Treasury yields and the US dollar moved lower ahead of the Federal Reserve’s September meeting minutes.

US Treasury yields also declined after reaching multi-decade highs in the previous session.

Anthropic expands AI model access to cyber firms

Anthropic said Tuesday that verified organisations will be able to access its most capable AI models, including Claude Opus 5.5, Claude Sonnet 5.5 and Claude Mythos 5.1, as well as new models released in the future.

The selected organisations will be able to conduct high-risk offensive testing of safety systems protecting critical infrastructure, including power grids, banks and flight operating systems.

The latest programme expands Project Glasswing, under which Anthropic previously gave limited access to its Mythos model to US government agencies, financial institutions and major software providers.

Anthropic said every member of Project Glasswing would receive access under the latest programme, while new organisations will require review in partnership with the US government.

Different cybersecurity teams will receive different levels of access.

Red teams conducting authorised hacking tests will receive broader permissions, including for offensive testing, although Anthropic said it would continue blocking behaviour that could cause physical harm or mass disruption.

Verified defence cybersecurity teams will receive a lower level of access but will be able to perform tasks such as malware reverse engineering and incident response.

The expansion comes after concerns about the cybersecurity risks posed by increasingly capable AI models.

JPMorgan Chase CEO Jamie Dimon said Tuesday that Anthropic’s Mythos model had increased global cybersecurity risks tenfold.

Oil prices remain near $100 as supply concerns ease

Oil prices were little changed as markets weighed increased Middle Eastern crude exports and the planned release of emergency diesel and crude stockpiles by the Group of Seven.

Brent crude gained 0.66%, at $100.98 a barrel, while US West Texas Intermediate futures rose 16 cents, or 0.36%, to $89.75.

The higher flow of crude from the Middle East has eased some concerns about supply shortages.

Vitol’s CEO said around 12 million barrels per day of crude and 2 million barrels per day of refined products had left the region on tankers over the previous seven to 10 days.

Saudi Arabia’s East-West Pipeline had also transported 5.8 million barrels to the kingdom’s Red Sea export hub of Yanbu as of Tuesday morning, according to Saudi Energy Minister Prince Abdulaziz bin Salman.

However, concerns about further disruptions remained after attacks on two Saudi airports and continued fighting involving Yemen’s Iran-backed Houthis.

The G7 has agreed to release 100 million barrels of diesel and crude oil from emergency reserves, although details on the breakdown and participating countries have not yet been provided.

Gold rises as Treasury yields and dollar ease

Gold prices advanced as the rally in Treasury yields paused and the US dollar weakened.

Spot gold rose 0.66% to $4,166.65 an ounce, while US gold futures for December delivery settled 0.97% higher at $4,197.30.

The decline in 10-year Treasury yields and the weaker dollar provided support for the precious metal.

Gold can face pressure from higher interest rates because investors may favour yield-bearing assets.

Markets have reduced expectations for an October Federal Reserve rate increase following weaker-than-expected September job growth.

Traders now see a 22% chance of a rate hike this month and an 84% probability of an increase in December, according to CME’s FedWatch Tool.

Treasury yields retreat from multi-year highs

US Treasury yields declined on Tuesday after reaching their highest levels in more than two decades during the previous session.

The 10-year Treasury yield fell more than four basis points to 5.281%, while the 30-year yield declined about three basis points to 5.651%. The two-year yield fell three basis points to 4.802%.

The 10-year and 30-year yields had reached 24-year highs on Monday after data showed slower services growth, although the services PMI remained in expansion territory.

Investors are now focused on Wednesday’s release of the Federal Open Market Committee minutes from its September meeting for clues about future monetary policy.

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FuelCell Energy (FCEL) stock gained on Tuesday due to renewed enthusiasm surrounding the firm’s strategic partnership with Fit Energy.

In a press release this morning, Fit Energy said it plans on powering a new data center development in Pennsylvania, using FCEL’s natural gas fuel cells.

The announcement arrives at a time when FuelCell shares are already regaining momentum – now up more than 40% versus their recent low.

Here’s why FuelCell stock rallied today

The primary driver behind today’s price action is the market’s growing realization that electrical grid capacity bottlenecks are forcing tech giants right into the arms of distributed fuel cell makers.

With the rapid expansion of hyperscale cloud computing and artificial intelligence (AI) workloads requiring continuous baseline electricity, data center operators face multi-year queues for standard utility grid connections.

FCEL’s agreement with Fit Energy, which targets up to 380 MW of behind-the-meter generation, offers on-site, low-carbon power that bypasses grid interconnections.

This provides data center firms with a crucial “time-to-power” advantage.

Note that the sharp rally in FuelCell stock on October 6^th drove it decisively above its 50-day and 100-day moving averages (MAs), indicating bullish momentum could sustain in the near term.

Should you invest in FCEL shares at current price?

While today’s surge in FCEL stock highlights strong bullish sentiment, prospective investors must carefully assess the risk-reward profile before jumping in.

On one hand, FuelCell boasts a “growing backlog” of multi-megawatt projects and clean power purchase agreements that position it directly at the intersection of AI energy demand and grid decarbonization.

But on the other hand, the company faces ongoing financial and execution scrutiny.

Recent class-action shareholder litigation detailed a $17.0 million charge in Q3 related to Phase 0 contractual pricing and an annualized production rate that dropped to approximately 37.1 MW.

Plus, net losses stood at $45.3 million on $33.0 million in revenue for the quarter ending July 2026, suggesting that buying at current levels requires a high tolerance for operational friction.

What would determine FuelCell’s trajectory?

Looking ahead, FuelCell Energy’s multi-year trajectory hinges on execution discipline rather than speculative demand.

Investors evaluating the clean energy stock today must look beyond headline momentum and focus on how efficiently the management team scales production capacity to meet its megawatt delivery commitments.

The critical metric to track over the coming quarters is not merely “non-binding project pipelines” or preliminary announcements – but the concrete conversion rate of those agreements into firm, high-margin commercial revenue.

For long-term investors seeking high-upside exposure to the global data center power crisis, FCEL shares present a compelling play, but short-term traders should prepare for sharp volatility as the market balances data center enthusiasm against near-term profitability targets.

Note that Wall Street currently rates FuelCell Energy at Moderate Buy.

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US stocks ended higher on Tuesday, with the S&P 500 and Nasdaq Composite reaching record closing highs as technology stocks gained and Treasury yields eased from multi-year peaks.

The S&P 500 rose 0.60% to 7,820.47, while the Nasdaq Composite gained 0.46% to 27,604.74.

The Dow Jones Industrial Average advanced 0.49% to 51,531.57.

Falling Treasury yields and steadier oil prices helped ease some concerns that have weighed on markets in recent weeks.

AI stocks lead Wall Street higher

Chipmakers led gains as investors remained focused on the outlook for artificial intelligence and related infrastructure spending.

Marvell Technology climbed after the chip designer raised its 2028 revenue forecast, citing strong demand for data centre chips. AMD also advanced after CEO Lisa Su said the company plans to substantially increase chip supply in 2027 to meet growing AI demand.

Broadcom gained as the semiconductor sector continued to support the broader market. The Philadelphia Semiconductor Index also moved higher.

Other stocks advanced on company-specific developments.

Constellation Energy jumped after Alphabet entered into a 3,590-megawatt power deal with the company.

Option Care Health surged after McKesson and private equity firm Clayton Dubilier & Rice agreed to acquire the infusion therapy provider in a deal valued at about $5.8 billion, including debt.

Treasury yields ease as oil prices stabilize

The decline in Treasury yields provided additional support for equities. The 10-year Treasury yield fell more than four basis points to 5.262%, while the 30-year yield declined more than three basis points to 5.631%.

Both yields had reached levels not seen since 2002 on Monday.

Oil prices were little changed on Tuesday, helping reduce some concerns about energy-driven inflation. Brent crude settled 0.26% higher at $100.58 a barrel, while West Texas Intermediate futures rose 0.01% to $89.44.

Supply concerns have eased after the Group of Seven agreed to release emergency diesel and crude stockpiles.

Markets have also been monitoring oil prices because higher energy costs could contribute to broader inflation pressures.

Financial markets are now pricing in a lower probability of another Federal Reserve rate hike at the central bank’s next meeting.

Earnings season moves into focus

Investors are also turning their attention to the third-quarter earnings season, which begins next week. Several major financial companies are scheduled to report results next Tuesday.

Analysts expect aggregate S&P 500 earnings to rise 30.6% year over year in the July-to-September period, according to LSEG.

Energy earnings are expected to increase 114.7%, while technology earnings are forecast to rise 66.5%.

Markets are also awaiting the Federal Reserve’s September meeting minutes, due Wednesday.

The release could provide further insight into policymakers’ decision to raise interest rates and their outlook for future monetary policy.

The combination of strong AI-related investment, easing Treasury yields, and more stable oil prices has allowed investors to focus increasingly on corporate earnings and growth prospects.

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