Seagate Technology Holdings Plc (STX) and Advanced Micro Devices (AMD) are positioned to capitalize on the booming global AI infrastructure market, projected to grow from $75.4 billion in 2026 to $497.98 billion by 2034, with a CAGR of 26.6%. While AMD focuses on AI computing acceleration through advanced processors, Seagate targets the crucial data storage segment, particularly from cloud and AI applications.
In fiscal 2026, Seagate reported a 34% revenue growth, with cloud data centers contributing approximately 90% of its exabyte shipments. The company is transitioning to Heat-Assisted Magnetic Recording (HAMR) technology, which accounted for 40% of nearline exabytes sold by June 2023, and aims for 70% by June 2027. Meanwhile, AMD’s data-center sales have more than doubled, supported by strong demand for its EPYC CPUs and AI infrastructure, with an expected revenue growth of over 40% CAGR through 2030.
As of now, STX shares have surged 434% over the past year, while AMD’s shares rose 179.8%. Notably, AMD has a forward P/E ratio of 42.96, significantly higher than Seagate’s 22.54, suggesting STX may offer a more attractive valuation.
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