Yahoo Finance
Seagate gained 6.3% and Western Digital rose 5.9% on September 4 even as the S&P 500 fell 0.4%.
The pairing was consistent with investors rotating toward profitable storage infrastructure rather than making a random defensive trade.
Generative AI creates enormous data sets, checkpoints, logs, and retrieval stores, so the storage layer can benefit even when investors are less willing to pay for distant software profits.
Seagate Technology Holdings plc (NASDAQ:STX) and Western Digital Corporation (NASDAQ:WDC) represent different ways to express that demand.
Seagate is the mass-capacity hard-drive specialist.
In its latest fiscal-year release, management attributed performance to robust cloud data-center demand and argued that AI-driven data creation should support durable demand for high-capacity storage.
The bull case is economic density: hyperscalers still need low-cost capacity behind expensive compute.
The bear case is concentration and cyclicality.
A few cloud buyers can change purchasing schedules quickly, and areal-density transitions can disrupt yields or costs.
Insider Monkey's filings database counted 131 hedge funds holding Seagate Technology Holdings plc (NASDAQ:STX) at June 30, up from 93 at March 31.
Palestra Capital Management, managed by Andrew Immerman and Jeremy Schiffman, reported 386,123 shares, about 31% more than the 294,000 shares disclosed in Q1.
That growing cohort indicates wider professional participation, not a guarantee that managers still held the shares when they rallied.
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