Seagate designs and manufactures hard disk drives (HDDs) for mass data storage. The company focuses on high-capacity nearline HDDs, which account for most of Seagate's exabyte shipments. These drives provide the primary storage layer for data centers operated by cloud service providers and large enterprises. Seagate sells these products through a build-to-order model, utilizing long-term agreements to secure volume and pricing commitments from cloud hyperscalers. The business operates through two primary markets: Data Center and Edge IoT. The Data Center segment generates the vast majority of revenue, while Edge IoT serves consumer and industrial applications. Seagate's business model depends on increasing areal density to expand storage capacity without increasing the number of physical drive components. Heat-assisted magnetic recording (HAMR) technology, marketed as the Mozaic platform, enables this strategy. Seagate is vertically integrated in HAMR production, manufacturing its own read/write heads, recording media, and lasers. By transitioning customers to higher-capacity HAMR drives, Seagate reduces the cost per terabyte for customers while improving its own margins. Seagate limits unit production growth to match contracted demand and maintains stable operating expenses to capture higher incremental margins as revenue scales. Management identifies the adoption of artificial intelligence and the creation of large unstructured datasets as the primary drivers of future storage demand.