Seagate’s fiscal first-quarter exabyte shipments, due for disclosure around late October earnings, reflect sustained AI-fueled data-center demand that drove sequential and year-over-year growth through fiscal 2026. Nearline volumes reached 195 EB in the June quarter, up 43% YoY, with data centers accounting for nearly 90% of shipments and average drive capacities rising 26% annually as hyperscalers adopt higher-density HAMR platforms. Long-term supply agreements have largely allocated nearline capacity through calendar 2028, supporting pricing power and revenue guidance of roughly $4.1 billion for the September quarter. Recent Toshiba capacity-expansion news introduced short-term supply concerns, yet analyst estimates point to ongoing shortages exceeding 300 EB industry-wide. Key swing factors include HAMR mix acceleration toward 50% of exabytes by year-end and any revisions to cloud capital spending.