Seagate ($STX) says the data storage crunch is getting worse as cloud demand accelerates. CEO Dave Mosley says “absolutely everything” the company can produce beyond plan is already spoken for, with billions of AI agents expected to drive the next wave of storage demand.

Seagate $STX fell 6.3% after hours on its results, less than the 8.3% move options had priced in. Adjusted EPS: $7.68 reported vs. $7.43 expected. Revenue was $4.23 billion, up 61% from $2.63 billion a year ago. Seagate guided fiscal second-quarter revenue to $4.8 billion, plus or minus $100 million. Its gross margin was 57.8%, up from 40.1% a year ago. EQT $EQT fell 0.1% against a 4.4% implied move. Adjusted EPS: $0.42 reported vs. $0.35 expected. Expand Energy $EXE was up 0.3% against a 4.2% implied move. It bought back $305 million of stock in the quarter, bringing this year's total to about $900 million, or 4% of its shares. Caesars $CZR fell 0.2% against a 2.4% implied move. Caesars Digital, its online unit, posted $44 million of adjusted EBITDA, up from $28 million a year ago. The company's net loss was $123 million, compared with $55 million a year ago. Baker Hughes $BKR reported after 5 p.m. Adjusted EPS: $0.70 reported vs. $0.61 expected. Revenue was $8.03 billion, up 14% from $7.01 billion a year ago, in its first quarter including Chart Industries. Orders were $10.8 billion, and its Industrial & Energy Technology backlog reached a record $39.4 billion. ONEOK $OKE raised its 2026 adjusted EBITDA guidance midpoint to $8.55 billion, from $8.35 billion in August. Its $2.13 of EPS includes a one-time, non-cash tax benefit of $0.53 a share.

SEAGATE TECHNOLOGY $STX Q1’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $4.2B (Est. $4.14B) 🟢 🔹 Adj. EPS: $7.68 (Est. $7.42) 🟢 🔹 Gross Margin: 57.8% 🔹 Free Cash Flow: $1.5B Q2 Guide: 🔹 Revenue: $4.8B +/- $100M (Est. $4.53B) 🟢 🔹 Adj. EPS: $9.20 +/- $0.20 (Est. $8.58) 🟢 Other Q1 Metrics: 🔹 Cash Flow From Operations: $1.7B 🔹 GAAP EPS: $7.59 Capital Return: 🔹 Returned to Shareholders: $568M 🔹 Quarterly Dividend: $0.76/share Comments: 🔸 “Seagate delivered another quarter of record profitability and our highest ever free cash flow in the September quarter, demonstrating the earnings power of our business amid a strengthening demand environment.” 🔸 “Data creation, retention and reuse continue to compound storage demand with long term customer demand visibility reinforcing our view of a multi-year growth phase.”

Seagate and Toshiba are locked in a contest for TDK’s magnetic-heads business for hard-disk drives in a deal that could be worth several billion dollars — the latest attempt by AI-related hardware makers to keep pace with demand

Seagate's CEO Dave Mosley says the neoclouds he once wrote off as pure GPU shops are now buying hard drives too, because as they mature they want their data sitting next to their compute instead of renting it back from a hyperscaler. "Two years ago, I would have said neocloud is probably largely compute-based, but we're starting to see that even some of the largest neoclouds, they need a lot of data coming at them." "And where did they get that data in the past? They might have got that from traditional hyperscalers, but there are some places where neoclouds are saying, I need instances close to me." "By the way, I do not think that's necessarily competitive with the hyperscalers."