They are both in the same business, making high-capacity hard disk drives (HDDs) and storage drives for AI computing and data centers. And they are both in the enviable position of being in the middle of a supercycle, where demand for their products is outpacing supply, giving them massive pricing power. They are also the two leaders in this booming space, dominating the market as a virtual duopoly. It really doesn't get much better than that, which is why they have both seen ridiculous gains. Seagate stock is up 235% year to date and 292% over the past 12 months.
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