Nvidia and Micron have long been at the forefront of discussions surrounding the rapid growth of artificial intelligence. However, recent trends indicate that older technology stocks, particularly Western Digital and Seagate Technology, are now making waves in the market, outpacing both Nvidia and Micron since the launch of ChatGPT in November 2022.
Data from Yahoo Finance reveals that the rally in storage stocks, particularly Western Digital and Seagate, gained significant momentum starting in April 2025. At this point, Micron and the broader semiconductor memory sector began to emerge as crucial components of the AI narrative, particularly after their low points following what’s referred to as “Liberation Day.”
Interestingly, this surge is not because storage solutions have suddenly become more exciting than graphics processing units (GPUs). Instead, AI advancements have shifted market focus toward the less glamorous segments of technology, highlighting the scarcity in areas like memory, storage, networking, and other essential infrastructure components necessary for AI growth.
A heat map illustrating stock performance since the launch of ChatGPT underscores this shift. Stocks that were not initially identified as leaders in the AI sector are now experiencing some of the most substantial gains. For instance, Intel’s stock has surged nearly 200% since late March, hitting record highs following news of a preliminary chipmaking agreement with Apple. Meanwhile, Micron has seen its stock increase by approximately 130% over the same timeframe, adding around $470 billion in market value.
Other companies such as AMD and SanDisk have also reported impressive triple-digit growth, while Lumentum boasts a 13-month win streak. This catch-up trend is visible throughout the semiconductor industry, reflecting a broader market shift toward companies positioned to alleviate the shortages exacerbated by the AI boom.
Despite Nvidia’s leading position in market capitalization—having gained over $1 trillion since late March—the overall focus has now shifted. Investors are increasingly interested in firms that can support the physical demands posed by AI development, marking a significant evolution in the investment landscape. This change highlights the growing recognition of the interconnected nature of various tech sectors and the essential role of those once considered secondary players.
