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Seagate Technology (STX) shares returned 232.5% in the twelve months ending October 2, 2026, outpacing the S&P 500’s 16.4% gain.
Management had signaled the underlying driver, increased cloud storage demand, nearly a year before that surge began.
On October 22, 2024, executives stated that product approval at their lead cloud customer was progressing well.
They also noted sustained supply discipline, addressing both customer demand and internal capacity on the fiscal Q1 2025 earnings call. Financial results aligned with those remarks.
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