WDC · Western Digital CorporationWestern Digital Corporation

Start of a new hardware hoarding cycle for SSDs and HDDs, benefiting Western Digital, Seagate, and SanDisk.

Memory demand is structural with inference bottleneck in storage, not GPUs; Chinese supply glut dead; memory foundries demand 3-year prepayments.

存储大厂通过长期协议锁定产能、收入和风险，弱化周期性，导致估值重估。