Seagate’s fiscal Q1 2027 hard-drive exabyte shipments face strong tailwinds from AI-driven hyperscale demand, which drove 218 exabytes in the June-ended quarter, up 34% year-over-year, with data centers comprising nearly 90% of volume. Long-term supply agreements have allocated the vast majority of nearline capacity through calendar 2028, supporting sequential revenue growth to a guided $4.1 billion range and expanded margins. The Mozaic HAMR platform now accounts for roughly 40% of nearline exabytes, with further density gains targeted by year-end. Traders will focus on the late-October earnings release for updated shipment figures and any signs of sustained pricing power amid ongoing supply tightness.