Data storage stocks surged as the Iran ceasefire is expected to release the helium market.

The stock prices of data storage companies rose after the US and Iran agreed to a ceasefire, which is expected to release helium gas supplies used for chip production. Micron Technology jumped 9.3% in pre-market trading on Wednesday. SanDisk rose 8.8%. Seagate Technology rose 7.6%. Western Digital rose 6.8%. The conflict in the Middle East has resulted in Qatar, which accounts for about one third of global helium supply, halting natural gas exports. This situation has forced helium users to scramble for scarce short-term spot market goods, leading to prices more than doubling.