Seagate designs and manufactures hard disk drives (HDDs) for mass data storage. Seagate's core product is its nearline HDD — high-capacity drives sold to cloud service providers and hyperscale data centers to store bulk data from cloud computing, video streaming, AI workloads, and other data-intensive applications. Nearline HDDs offer roughly 6x lower cost per terabyte than SSDs, making them the dominant medium for bulk storage. Seagate sells primarily to OEMs and large cloud customers through direct relationships, and has shifted to a build-to-order model where customers commit to multi-quarter forecasts, giving Seagate production visibility and pricing leverage. Seagate is vertically integrated, manufacturing its own read/write heads and recording media. Revenue is driven by exabytes shipped and revenue per exabyte — Seagate grows exabyte output by transitioning to higher-capacity drives rather than adding factory capacity, which keeps capex modest at 4%-6% of revenue. The key technology initiative is HAMR (Heat-Assisted Magnetic Recording), branded as the Mozaic platform, which enables higher data density than conventional drives. The current Mozaic 3+ platform offers up to 35TB per drive, with a next-generation 44TB platform expected to ramp in early 2026. HAMR drives are margin-accretive as higher capacity commands better pricing at lower cost per terabyte. Mass capacity storage is roughly 82% of revenue, with legacy consumer and enterprise products making up most of the remainder.