STX hits record 47% gross margin on $3.1B Q3 revenue as HAMR Mozaic drives, tight supply and FY27 pricing deals lift cash flow.

SINGAPORE--(BUSINESS WIRE)--Seagate Technology Holdings plc (NASDAQ: STX) (“Seagate” or “us”) and Seagate HDD Cayman, a subsidiary of Seagate (“Seagate HDD”) today announced that on May 20, 2026, they entered into separate, privately negotiated exchange agreements with a limited number of holders of Seagate HDD's 3.50% Exchangeable Senior Notes due 2028 (the “notes”) to exchange (collectively, the “exchanges”) $185.908 million principal amount of notes for consideration consisting of an aggrega.

Seagate (STX) could produce exceptional returns because of its solid growth attributes.

Stanley Druckenmiller's Duquesne Family Office exited its entire Alphabet position in the first quarter of 2026 and rotated the capital into three AI hardware “picks-and-shovels” names: SanDisk, Micron Technology, and Seagate Technology, according to recently reported 13F filings.

The AI memory-chip trade may be entering its next speculative phase. After leveraged ETF filings were tied to the booming Micron Technology Inc (NASDAQ:MU)-led memory rally, ETF issuers are now moving into structured-product territory.

Seagate Technology Holdings PLC (NASDAQ:STX) shares are trading lower Tuesday after the company's CEO recently raised concerns about the company's capacity to meet rising demand for memory chips due to AI expansion. This has also caused peers within the sector to pull back.

Seagate Technology Holdings plc remains a Strong Buy, with the recent price drop seen as a compelling buying opportunity amid market overreaction. STX's strategy prioritizes technological innovation—HAMR Mozaic density gains—over capital-intensive factory expansion, driving unprecedented margin expansion and revenue visibility through FY27. Long-term contracts have effectively sold out nearline capacity through 2027, with Q3 FY26 results showing 44% YoY revenue growth and record $953M free cash flow.

Duquesne's billionaire boss jettisoned the hottest member of the "Magnificent Seven" in favor of an unstoppable trio profiting from the insatiable demand for AI hardware.

Shares of Seagate Technology (STX) fell sharply on Monday after comments from CEO Dave Mosley raised investor concerns that the company may struggle to keep pace with surging artificial-intelligence-related demand for data storage solutions. Seagate shares dropped roughly 7% during trading after Mosley discussed the company's manufacturing strategy at the JPMorgan Global Technology, Media and Communications Conference.

Seagate Technology Holdings plc (STX) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript