BOSTON, May 19 (Reuters) - Fallout from record oil prices is likely to put pressure on discretionary spending, the chief executive officer of SanDisk Corp SNDK.O, the world’s top maker of data-storage memory chips, said on Monday.
Eli Harari told Reuters on the sidelines of the JPMorgan technology conference in Boston: “With the oil prices hitting $127 a barrel, discretionary spending is going to be affected.”
He told the conference that although there has been stabilization of pricing, the market still has access supply of chips to work through.
SanDisk shares slid more than 7 percent to $29.98 on the Nasdaq, where its decline contributed to a reversal late in the day, with the semiconductor sector giving up earlier gains. (Reporting by Anupreeta Das in Boston; Additional reporting by Ellis Mnyandu in New York; Editing by Dan Grebler)