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<p>AI-driven nearline hard drive demand remains strong, Seagate Tech has fully allocated its capacity for 2026 and has begun discussions with customers regarding order arrangements for 2027. The CEO stated that the current focus of customers has shifted from price to whether they can obtain stable supply. The company also emphasized that HAMR hard drives are already operating in the production environments of cloud customers, and product upgrades along with supply discipline are expected to continue improving the profit structure</p>

- Seagate Technology's Q2 2026 earnings report showed revenue, gross margins, and EPS significantly exceeding market expectations, leading to a 9% after-hours stock price increase.  
- CEO Dave Mosley confirmed that nearline capacities are fully booked until the end of 2026, citing AI-driven data demand as a structural change rather than a temporary trend, emphasizing video content growth and the emerging role of Agentic AI.  
- The company indicates that profits are improving more from structural enhancements rather than just price increases, with a focus on capacity density improvements, allowing for stable pricing in a tight supply-demand environment.

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Seagate Tech conference call: "Everything is sold out!" CEO states that customers are more concerned about supply than price, and orders have been discussed until 2027