Sands Capital's Technology Innovators Fund highlighted Seagate Technology as a notable performance contributor in its second-quarter 2026 investor letter. The fund noted that improving supply-demand conditions continue to support stronger pricing expectations for hard disk drives, with Seagate reporting first-quarter revenue up 44 percent year over year and non-GAAP gross margin reaching a record 47 percent. Management now expects pricing to grow at a multiyear mid-teens rate, following 12 percent year-over-year pricing growth in the quarter. The fund believes the combination of rising demand, limited supply response, and improving pricing discipline will support durable earnings growth.
Seagate Technology PLCRising HDD prices and record gross margins drive earnings growth.
