Seagate Slips as CEO Says New Factories ‘Take Too Long’

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.

Chief Executive Officer Dave Mosley said building new factories would “take too long” and potentially set up the company with more capacity than it needs when asked during a Monday presentation whether Seagate plans to expand manufacturing capacity.