Irrational Exuberance in the Storage Media Industry

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Less than two weeks ago, we published an article discussing the challenges for VAST Data as constraints on the supply of storage media impact the market.  We looked briefly at the HDD industry and the incredible growth in the price of Seagate Technology Holdings (STX) and Western Digital Corporation (WDC) stock, both of which have increased fivefold since April 2025.

Is this segment of the market getting overstimulated, and does it reflect on the wider bubble being generated by AI?  We dig into the technology in a little more detail.