Latest / Chip Stock Investor Podcast
Seagate EPS Up 115% and a Record Decade in Free Cash Flow — But Is the "Structural Shift" Actually Real?
Seagate just reported its best free cash flow in a decade. EPS is up 115% year over year. Revenue grew 44%. Management is calling it a structural shift — the idea that nearline hard disk drives have permanently broken out of their long secular decline thanks to AI data center demand.
The numbers are real. The demand from hyperscalers is real. The Mozaic 4 platform shipping at 40-plus terabytes per device is real, and the Mozaic 5 roadmap targeting over 50 terabytes in late 2027 is genuinely impressive. When AI inference needs to recall vast quantities of stored data almost instantaneously…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.