On October 6, Seagate Technology PLC declined 3.44% in regular trading, with the stock trading at $854.26. The move was driven by reports that Seagate and Toshiba are competing to acquire TDK's hard-disk drive magnetic-head business, a deal potentially valued at several billion dollars.

TDK is the sole independent supplier of HDD magnetic recording heads, serving Seagate, Toshiba, and Western Digital. The winning bidder would gain control of a critical link in the HDD supply chain. Against a backdrop of Seagate's capital-return discipline and recent executive stock sales, expectations of a large acquisition expenditure are weighing on the stock's near-term valuation. The news follows earlier market jitters after Toshiba disclosed plans to double its AI-datacenter HDD capacity.

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