What happened Shares of hard disk drive and NAND flash chip producer Western Digital (NASDAQ: WDC) slid 13.8% this week, eclipsing the decline of the tech market overall. If the Federal Reserve raises interest rates to quell inflation to the extent that the economy enters a recession, the low demand environment could last for a while. Now what Despite the difficult near-term environment, Western Digital shareholders have two things going for it; first, the stock is quite cheap, trading at just 8.7 times earnings.