Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Millions of HAMR drives shipped. Mosaic 3 is qualified at all planned CSPs. Mosaic 4 (4 TB/platter) is qualified at two large CSPs. High confidence to reach 5 TB/platter.</li>
<li>Painful multi-year initial Mosaic 3 qualification was one-time learning-curve event. Mosaic 4 ran through two large CSPs at traditional qualification timelines. Expectation set: Mosaic 5 and 6 should look similar</li>
<li>Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding new factories. We all know that that means, right?</li>
</ul>


Millions of HAMR drives shipped. Mosaic 3 is qualified at all planned CSPs. Mosaic 4 (4 TB/platter) is qualified at two large CSPs. High confidence to reach 5 TB/platter.
Painful multi-year initial Mosaic 3 qualification was one-time learning-curve event. Mosaic 4 ran through two large CSPs at traditional qualification timelines. Expectation set: Mosaic 5 and 6 should look similar
Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding new factories. We all know that that means, right?


Intel @JPM 54th Annual TMT. Full Transcript Attached.

<ul>
<li>Millions of HAMR drives shipped. Mosaic 3 is qualified at all planned CSPs. Mosaic 4 (4 TB/platter) is qualified at two large CSPs. High confidence to reach 5 TB/platter.</li>
<li>Painful multi-year initial Mosaic 3 qualification was one-time learning-curve event. Mosaic 4 ran through two large CSPs at traditional qualification timelines. Expectation set: Mosaic 5 and 6 should look similar.</li>
<li>Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding new factories. We all know that that means, right?</li>
</ul>


Millions of HAMR drives shipped. Mosaic 3 is qualified at all planned CSPs. Mosaic 4 (4 TB/platter) is qualified at two large CSPs. High confidence to reach 5 TB/platter.
Painful multi-year initial Mosaic 3 qualification was one-time learning-curve event. Mosaic 4 ran through two large CSPs at traditional qualification timelines. Expectation set: Mosaic 5 and 6 should look similar.
Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding new factories. We all know that that means, right?


Seagate @JPM 54th Annual TMT: Key Takeaways & Full Transcript

<ul>
<li>Seagate reported fiscal Q3 2026 revenue of $3.11 billion, above the high end of its own guidance range of $2.9B-$3.1B, and well ahead of Street consensus near $3.0 billion.</li>
<li>For Q4 FY2026, management guided revenue of $3.45 billion ±$100M (+41% YoY at midpoint), non-GAAP operating margin in the lower 40% range for the first time in company history,</li>
<li>Seagate surged &gt;17% in after hours trading. The stock has now appreciated over 600% over the course of the past year. The humble HDD is back...</li>
</ul>


Seagate reported fiscal Q3 2026 revenue of $3.11 billion, above the high end of its own guidance range of $2.9B-$3.1B, and well ahead of Street consensus near $3.0 billion.
For Q4 FY2026, management guided revenue of $3.45 billion ±$100M (+41% YoY at midpoint), non-GAAP operating margin in the lower 40% range for the first time in company history,
Seagate surged &gt;17% in after hours trading. The stock has now appreciated over 600% over the course of the past year. The humble HDD is back...


Seagate Q326. Soaring On Beat & Raise While HAMR Marches On

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Seagate Technology reported strong financial results for its fiscal second quarter of 2026, exceeding expectations for revenue and profitability.</li><li>The company achieved record exabyte shipments and improved its gross and operating margins significantly, with a notable increase in non-GAAP earnings per share.</li><li>This performance was supported by strong demand from data center customers, particularly for high-capacity nearline drives, and the successful ramping of its HAMR (Heat-Assisted Magnetic Recording) technology.</li></ul>

Seagate Technology reported strong financial results for its fiscal second quarter of 2026, exceeding expectations for revenue and profitability.The company achieved record exabyte shipments and improved its gross and operating margins significantly, with a notable increase in non-GAAP earnings per share.This performance was supported by strong demand from data center customers, particularly for high-capacity nearline drives, and the successful ramping of its HAMR (Heat-Assisted Magnetic Recording) technology.

Seagate Technology: What’s Driving the Push Toward 40TB Drives—and Why It Matters Now!

<ul><li>Seagate Technology continues to defy bearish expectations with a relentless stock rally in early 2026, bolstered by a confluence of positive drivers.</li><li>Most recently, investment firm Susquehanna upgraded the stock from Negative to Neutral, raising its price target from $150 to $280, effectively conceding that its previous bearish thesis on the hard disk drive (HDD) sector had been incorrect.</li><li>This shift reflects mounting confidence in Seagate’s execution, demand strength from hyperscale cloud providers, and its leadership in next-generation magnetic recording technology.</li></ul>

Seagate Technology continues to defy bearish expectations with a relentless stock rally in early 2026, bolstered by a confluence of positive drivers.Most recently, investment firm Susquehanna upgraded the stock from Negative to Neutral, raising its price target from $150 to $280, effectively conceding that its previous bearish thesis on the hard disk drive (HDD) sector had been incorrect.This shift reflects mounting confidence in Seagate’s execution, demand strength from hyperscale cloud providers, and its leadership in next-generation magnetic recording technology.

Seagate Stock Skyrockets After Susquehanna Throws In the Towel!

United States

Seagate Technology Holdings Public Limited Company offers computer hardware products. The Company designs, manufactures, and markets hard disk drives for enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems.

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Seagate (STX US)

Intel @JPM 54th Annual TMT. Full Transcript Attached.

Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding...

William Keating

Seagate @JPM 54th Annual TMT: Key Takeaways & Full Transcript

Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding...

William Keating

Seagate Q326. Soaring On Beat & Raise While HAMR Marches On

Seagate surged >17% in after hours trading. The stock has now appreciated over 600% over the course of the past year. The humble HDD is back...

William Keating

Seagate Technology: What’s Driving the Push Toward 40TB Drives—and Why It Matters Now!

Seagate Technology reported strong financial results for its fiscal second quarter of 2026, exceeding expectations for revenue and...

Baptista Research

Seagate Stock Skyrockets After Susquehanna Throws In the Towel!

Seagate Technology continues to defy bearish expectations with a relentless stock rally in early 2026, bolstered by a confluence of positive...

Baptista Research

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