Can Seagate Maintain its Record Margins as HAMR Adoption Accelerates?

Key Takeaways STX posted 40.1% non-GAAP gross margin on rising adoption of high-capacity nearline products.Data-center revenue drove 80% of sales as cloud demand and higher-capacity HAMR shipments continued to climb.STX ramped Mozaic HAMR drives, shipped 1M units, and advanced qualifications toward 36TB and 44TB products.Seagate Technology Holdings plc (STX) opened fiscal 2026 with exceptional momentum, raising the question of whether the company can sustain its newly achieved record margins as its Heat-Ass ...