Analysis: What Seagate's blowout quarter signals about the next two years of AI infrastructure demand

<p class="P1" data-sourcepos="5:1-5:382;139-520">Seagate's fiscal fourth quarter was by almost every measure its strongest in over a decade &mdash; US$3.6 billion in revenue, US$1.1 billion in free cash flow, and gross margins pushing toward 53%. But for supply chain watchers, the more important story is what the results reveal about where demand is heading, who is driving it, and how the hardware ecosystem needs to prepare.