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The AI trade has been battered. A single storage maker's quarterly result will not change that.
What Seagate's June-quarter earnings do, coming in ahead of Wall Street's expectations with the stock rallying after hours, is hand the bulls something they have been short of: a concrete data point from the physical layer of AI infrastructure.
The read-through for storage demand Storage is not an abstraction.
Before a model trains or data gets queried, it has to live somewhere, and that somewhere is a device that a company like Seagate manufactures, ships, and bills for.
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