$Seagate Technology PLC(STX)$ AI storage supercycle, and the earnings numbers back it up.
STX, SNDK, and SK Hynix are all showing explosive earnings growth. The fundamentals tell the story.
Seagate reported Q1 FY2027 revenue of $4.23B, up 61% YoY. Net income came in at $1.76B, up 221% YoY. Adjusted EPS was $7.68, up 194% YoY. Non-GAAP gross margin hit 57.8%, with record free cash flow of $1.5B. Q2 revenue guidance is $4.8B at the midpoint, about 5.5% above consensus.
SK Hynix posted Q3 2026 revenue of 104.6 trillion won, up 328% YoY. Operating profit was 83.3 trillion won, up 632% YoY, and net income reached 39.8 trillion won, up 216% YoY. Operating margin came in at 80%. Long-term customer agreements now cover more than 50% of 2027-2028 production capacity.
SanDisk reported Q4 FY2026 revenue of $8.97B, up 372% YoY, with quarterly revenue growth of 51% QoQ. Non-GAAP operating income was $7.10B, up 68% QoQ, and non-GAAP EPS came in at $39.25, also up 68% QoQ. FY2026 revenue totaled $20.25B, up 175% YoY, with datacenter revenue up 437% YoY for the fiscal year.
Three major storage and memory companies are reporting extraordinary revenue growth, expanding profitability, and accelerating AI infrastructure demand.
These aren't projections or hype. These are reported earnings.
Wall Street can focus on short-term volatility. Bulls are watching the AI infrastructure buildout translate into massive revenue and profits.
The AI storage supercycle is showing up in the numbers.
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