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Company Research8 Apr 2024
Companies That Had Their IPO in 1995: The Internet Hype Ramps Up
An overview of the general market sentiment and IPO landscape during 1995 as internet and tech companies were gaining traction.
Western Digital (WDC) investor relations material
Western Digital 53rd Annual Nasdaq Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.53rd Annual Nasdaq Investor Conference summary9 Dec, 2025
Market demand and growth drivers
Strong HDD demand driven by ongoing cloud migration and AI, with exabyte growth rates trending in the mid-20% range and last quarter reaching 30%.
AI increases the value and volume of stored data, especially video, with industrial applications like autonomous vehicles generating and storing vast amounts of video for model training.
Most incremental demand comes from established hyperscalers, while newer AI-centric players leverage existing hyperscale storage infrastructure.
Firm purchase orders from top five hyperscalers extend through 2026, with one through 2027, providing strong forward visibility.
Data center business now represents 90% of operations, up from 50% five years ago, reflecting a strategic shift.
Supply, capacity, and technology innovation
No plans to add unit capacity; focus is on increasing areal density to deliver higher exabytes per drive, improving TCO for customers.
Tight supply-demand environment expected to persist into 2026, with investments in head and media facilities to support next-gen technology.
Average shipped drive capacity rose to 22 TB, up 21% year-over-year, aligning with demand growth.
Technology roadmap includes qualifying a 36 TB Ultra SMR drive in early 2026 and launching HAMR in volume in 2027, with both PMR and HAMR to coexist before full transition.
Customers prioritize exabyte delivery and reliability over specific technologies, with contracts being technology-agnostic.
Pricing, customer relationships, and competitive landscape
Pricing per exabyte has been stable to slightly up, a shift from historical 7% annual price deflation, with stability expected for the next few years.
Customers value high volume, scalability, and reliability over price, with higher capacity drives improving their TCO despite modest price increases.
HDDs maintain a significant TCO and acquisition cost advantage over enterprise SSDs, with 6x device cost and 3.6x TCO advantage, and this gap is widening.
Risk of eSSD substitution is low in the near term due to entrenched data center architectures and volatile SSD pricing.
Customer relationships have become more direct and strategic, with greater visibility into future use cases and storage needs.
HDD price per exabyte: forecast vs. reality
Why isn't being first to HAMR a disadvantage?
How does WD protect against double-ordering?
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Next Western Digital earnings date
Q2 202628 Jan, 2026
Next Western Digital earnings date
Q2 202628 Jan, 2026
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Frequently asked questions
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. The company's product portfolio includes hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; and flash-based memory wafers. It also offers datacenter devices comprising HDDs designed for enterprise performance; enterprise solid state drives (eSSDs) that are used in server and datacenter environments; enterprise-class HDDs and SSDs; system solutions for shared storage environments in the cloud; capacity HDDs for use in data centers to store bulk unstructured data primarily used by cloud service providers under original equipment manufacturer agreements; dual-port multi-protocol NVMe PCIe SSDs that are used in various internet applications; data center software solution that enables customers to efficiently manage their storage infrastructures; and data center systems.
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