On September 21, Seagate Technology PLC rose 3.04% in pre-market trading, trading at approximately $884.99 per share, with turnover of $11.78 million.

The rally was driven by continued tightness in the mechanical hard disk drive (HDD) market. Seagate disclosed during its fiscal Q4 earnings call that nearline HDD capacity has been fully booked through year-end, with select hyperscale customers locking in supply commitments as far out as 2029. Retail HDD prices have reached all-time highs. The supply-demand imbalance is rooted in explosive AI data center storage needs, with Seagate, Western Digital, and Toshiba collectively controlling approximately 80% of global HDD production capacity and prioritizing data center orders over retail channels.

Seagate reported fiscal Q4 revenue of $3.63 billion, up 48.5% year-over-year, while gross margins expanded sharply from 37% to 52%. The company's HAMR (Heat-Assisted Magnetic Recording) technology further reinforces its competitive moat, with its CFO noting that 80–90% of data center storage shipments will be HAMR-based. Citi projects global memory capital expenditure to surge 46.5% year-over-year to $80.4 billion in 2027, though capacity buildout timelines suggest the supply gap will persist. Within the sector, Western Digital rose 3.04% and Dell Technologies gained 2.71%.

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