STX

AI Research

Mozaic 4+ HAMR Platform Qualified at Two Hyperscalers → Stock +345% Past Year on AI Storage Demand

Seagate Technology announced its Mozaic 4+ HAMR-based platform, now qualified and in production with two hyperscale cloud providers, supporting capacities up to 44TB and addressing surging AI data center storage demand. The company reported fiscal Q2 2026 revenue of $2.83 billion with non-GAAP diluted EPS of $3.11, guiding Q3 2026 revenue to $2.90 billion and EPS of $3.40, with a quarterly dividend of $0.74 per share. STX has surged 345% over the past year to $409.46, with 18 analysts rating it Buy and a $475.35 average price target, though the exceptional run-up raises valuation sustainability concerns.