Western Digital Corporation saw its shares contribute positively to performance after delivering strong fiscal third-quarter results that beat analyst expectations, according to the Alger Capital Appreciation Fund's second-quarter 2026 investor letter. Revenue and earnings exceeded forecasts, driven by robust storage demand across cloud and enterprise markets and an improved pricing environment that lifted margins above prior guidance. The fund highlighted Western Digital's leading position in the highly consolidated hard disk drive industry, where only two scaled manufacturers remain, and noted a structural shift toward cloud customers that now represent the majority of revenue. Industry capital discipline, focused on higher areal density rather than adding unit capacity, is supporting a healthier supply-demand balance and improved profitability. As of July 15, 2026, Western Digital shares closed at $513.84, with a one-month return of negative 31.14% and a 52-week gain of 666.70%, giving the company a market capitalization of $177.11 billion.
Western Digital CorporationStrong fiscal Q3 earnings beat analyst expectations, with revenue and earnings exceeding forecasts.