Western Digital and Seagate have outperformed Nvidia and Micron since ChatGPT launched in November 2022, as the market shifts focus to storage, memory, and other infrastructure components.

Western Digital and Seagate Technologies have outperformed Nvidia and Micron since ChatGPT launched in November 2022. The storage rally took off in April 2025, around the same time Micron and the memory trade emerged as a central AI theme.

The market is moving beyond initial GPU-focused AI winners toward companies addressing physical infrastructure bottlenecks: memory, storage, networking, foundry capacity, optical gear, and legacy chips. Intel is up roughly 200% since the March 30 low, Micron is up roughly 130% since the March 30 low and has added roughly $470 billion in market value over that stretch, AMD and SanDisk have posted triple-digit rallies, and Lumentum is riding a 13-month win streak.

Nvidia still dominates by size, having added more than $1 trillion in market value since the March 30 low alone, but performance leadership has shifted to companies that can relieve bottlenecks created by the AI infrastructure build-out.