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Shares of Western Digital Corp. and Seagate Technology PLC bounced back in premarket trading Tuesday, after analysts downplayed the threat from Toshiba Corp.’s memory-chip business.

Western Digital rose 4.7% and Seagate gained 3.5% in premarket trading. The iShares Semiconductor ETF (SOXX) was up 1.8%.

“While Toshiba’s memory business is a formidable competitor, we believe Western Digital and Seagate are well-positioned to maintain their leadership in the hard-drive and flash-memory markets,” said Wedbush Securities analyst Matt Bryson in a note to clients.

Bryson noted that even if Toshiba were to double its capacity, it would still have a ways to go to catch up with Western Digital and Seagate.

“We continue to believe that the competitive landscape in the storage market is likely to remain favorable for the leading players,” Bryson wrote.

The memory-chip market has been volatile in recent months, with prices falling amid concerns about oversupply. However, analysts believe that demand for storage is likely to remain strong in the long term, driven by the growth of cloud computing, artificial intelligence, and other data-intensive applications.

See more: Western Digital and Seagate shares fall as Toshiba restarts memory-chip production

Western Digital is scheduled to report its fiscal fourth-quarter earnings on Wednesday, while Seagate is scheduled to report its fiscal second-quarter earnings on Friday.