Research · Sep 3, 2026
Western Digital FY25 (Jun 27, 2025 FYE) at $9.52B revenue (+51% from $6.32B FY24). Net income $1.86B (vs -$798M FY24, -$1.68B FY23). Diluted EPS $5.12. Pure-play HDD post-SanDisk spinoff (early 2025). Q2 FY26 revenue $3.0B (+25% YoY); Cloud $2.7B (89%, +28%); Client $176M (+26%); Consumer $168M (-3%). Q2 GM 46.1% (+770bp YoY); op margin 33.8%; FCF $653M. HAMR qualification with hyperscalers H1 2026. 32TB UltraSMR ePMR drives 3.5M+ units shipped through Q2 FY26. Q1 FY26: 25% dividend raise + $2B buyback program. Top 7 customers POs through 2026 (5 covering all of 2026, 1 through 2027). 12 analysts: 10 Buy / 2 Hold; consensus $354.09, range $250-$420. Cantor $325→$420 (Street-high); Citi $280→$405 (+$125); Barclays $240→$405 (+$165).
Research · Sep 3, 2026
SanDisk FY25 (Jun 27, 2025 FYE) at $7.36B revenue (+10%). Operating loss $1.38B; net loss $1.64B (cycle trough); Diluted EPS -$11.32. Spun off from Western Digital early 2025. Q1 FY26 revenue $2.31B (+21% QoQ), Q2 FY26 $3.0B (+31% QoQ), Q2 non-GAAP GM 51.1% (vs 29.9% Q1), Q2 EPS $6.20. Data center +64% Q2 QoQ. BiCS8 (218-layer 3D NAND) at 15% of bits Q1, target majority by FY26 end. Kioxia JV extended through 2034. Net cash position achieved Q1 FY26. 12 analysts: 9 Buy / 3 Hold; consensus $891.55, range $690-$1,200. PT rerating Feb-Apr: Citi $490→$980 (+$490), B of A $850→$1,080, Evercore initiated OP at $1,200.
Research · Apr 30, 2026
Seagate's FQ3 2026 earnings beat on revenue and EPS, but the real story is a 1,130 basis point gross margin expansion driven by a structural shift toward higher-capacity nearline drives using HAMR/Mozaic technology. The tape is reading this as cyclical strength; the filing reveals a durable product mix transition that should sustain elevated margins as cloud providers deploy AI infrastructure.
Research · Apr 23, 2026
South Korea's Q1 GDP data, driven by a 12% jump in semiconductor exports, confirms the memory chip upcycle is accelerating two quarters ahead of consensus. This creates a differential trade: memory producers (SSNGY, HXSCL, MU, WDC) benefit from price increases, while consumer electronics assemblers (DELL, HPQ, LNVGY) face unmodeled margin compression. A long memory/short assembler pair targets 7-10% outperformance over six months, falsified if Q2 export growth falls below 8% YoY by July 31.
Research · Apr 10, 2026
DRAM prices surged 90-95% with 2-year backlogs per 247WallSt, spotlighting AI memory crunch winners: Micron leads with HBM dominance, followed by WDC, AMAT. Designers like NVDA/AMD benefit indirectly but face costs.
