{"slug":"seagate","name":"Seagate","name_en":"Seagate Technology","ticker":"STX","updated_at":"2026-07-12T04:16:26.355926+00:00","canonical":"https://valuechain.wiki/seagate","same_as":["https://finance.yahoo.com/quote/STX","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1137789"],"citable":"밸류체인 그래프 기준 Seagate의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 2)이고, 사슬을 2차까지 넓히면 26곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Seagate Technology is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 26 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"니어라인 HDD(AI 대용량 스토리지)","kicker_en":"Nearline HDD (AI mass storage)","lead":"대용량 니어라인 HDD 양강 기업. AI 데이터 폭증으로 4분기 매출 $24.4억(+30%), 니어라인이 대용량 출하의 91%(137EB, +52%). HAMR 40TB·44TB 로드맵으로 8대 하이퍼스케일러 중 3곳에 인증됐고, 2026년 생산은 이미 완판이다. AI 학습·추론 데이터를 저장하는 곡괭이 층으로, NAND와 다른 대용량 저장 축.","lead_en":"A mass-capacity nearline-HDD duopolist. AI-data explosion drove Q4 revenue $2.44B (+30%), with nearline 91% of mass-capacity exabytes (137EB, +52%). With a HAMR 40TB/44TB roadmap, it is qualified at 3 of 8 global hyperscalers and its 2026 production is already sold out. A picks-and-shovels layer storing AI training and inference data, a mass-storage axis distinct from NAND.","segments":{"fy":2025,"parts":[{"desc":"하이퍼스케일러용 대용량 니어라인 드라이브 — 대용량 출하의 91%(137EB)를 차지하는 AI 저장 성장 본체(HAMR 로드맵).","name":"니어라인 HDD(클라우드)"},{"desc":"PC·소비자·미션크리티컬 등 전통 드라이브 — 성장은 니어라인으로 무게중심이 이동한 잔여 축.","name":"레거시·기타"}],"total":"4Q25 매출 $2.44B (+30%)","concentration":"니어라인 91%, 하이퍼스케일러. 2026 완판."},"segments_en":{"fy":2025,"parts":[{"desc":"High-capacity nearline drives for hyperscalers — 91% of mass-capacity exabytes (137EB), the AI-storage growth core (HAMR roadmap).","name":"Nearline HDD (cloud)"},{"desc":"Traditional PC, consumer and mission-critical drives — the residual axis as growth shifts to nearline.","name":"Legacy/other"}],"total":"Q4 2025 revenue $2.44B (+30%)","concentration":"91% nearline; hyperscalers; 2026 sold 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AI가 만들어내는 방대한 데이터가 대용량 저장으로 쏠리면서 니어라인이 대용량 출하의 91%(137EB, +52%)를 차지하고, 4분기 매출 +30%·2026년 생산 완판으로 공급자 우위가 뚜렷하다 — NAND와 다른, 저비용 대용량 저장 축이다. 그래프상 하류로 MS·아마존 등 하이퍼스케일러가 HAMR 대용량 드라이브를 의존하고(8곳 중 3곳 인증), 상류로 호야(Mozaic HAMR 유리기판, 지배적 공급사)·파이슨(SSD 컨트롤러)에 걸린다. 관건은 HAMR 40/44TB 램프와 하이퍼스케일러 인증 확대이며, 본주가 사슬을 크게 앞서 달린(2년 연속 세 자릿수) 만큼 수요 물량이 따라오지 못하면 되돌림 위험이 크다.","analysis_en":"Seagate's thesis is 'the picks-and-shovels of an AI-data-storing nearline-HDD duopoly.' As the vast data AI generates flows into mass storage, nearline is 91% of mass-capacity exabytes (137EB, +52%), and Q4 revenue +30% with 2026 production sold out shows a clear supplier advantage — a low-cost mass-storage axis distinct from NAND. In the graph, hyperscalers like Microsoft and Amazon depend on its HAMR high-capacity drives (qualified at 3 of 8) downstream, while upstream it hinges on Hoya (Mozaic HAMR glass substrate, the dominant supplier) and Phison (SSD controllers). The keys are the HAMR 40/44TB ramp and broader hyperscaler qualification; with the stock far ahead of its chain (triple-digit gains two years running), give-back risk is high if demand volume fails to follow.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"하이퍼스케일러 (니어라인 클라우드)","counterparty_slug":null,"confidence":"high","metric":null,"note":"하이퍼스케일러에 니어라인 HDD(대용량 91%, 137EB).","note_en":"Nearline HDDs to hyperscalers (91% of mass capacity, 137EB).","sources":[{"stance":"confirms","publisher":"AlphaStreet","publisher_en":"AlphaStreet","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://news.alphastreet.com/seagate-stx-has-an-ai-storage-capacity-story-bigger-than-the-old-pc-drive-label/","title":"Seagate AI 스토리지 용량 스토리(HAMR)","title_en":"Seagate AI-storage capacity story (HAMR)","excerpt":"하이퍼스케일러에 니어라인 HDD(대용량 91%, 137EB).","excerpt_en":"Nearline HDDs to hyperscalers (91% of mass capacity, 137EB)."},{"stance":"confirms","publisher":"Blocks and Files","publisher_en":"Blocks and Files","kind":"news","lang":"en","published_at":"2025-07-30","url":"https://blocksandfiles.com/2025/07/30/seagate-q4-2025/","title":"Seagate 4Q25 매출 +30%·니어라인 88%","title_en":"Seagate Q4 2025 revenue +30%, nearline 88%","excerpt":"하이퍼스케일러에 니어라인 HDD(대용량 91%, 137EB).","excerpt_en":"Nearline HDDs to hyperscalers (91% of mass capacity, 137EB)."},{"stance":"confirms","publisher":"Seagate","publisher_en":"Seagate","kind":"filing","lang":"en","published_at":"2025-07-29","url":"https://investors.seagate.com/","title":"Seagate 회사·IR(NASDAQ STX)","title_en":"Seagate company/IR (NASDAQ STX)","excerpt":"시게이트 IR: 니어라인 4Q25 매출 +30%, 2026 완판.","excerpt_en":"Seagate IR: nearline Q4 2025 +30%, 2026 sold out."}]},{"direction":"cost","counterparty":"파이슨","counterparty_slug":"phison","confidence":"high","metric":{"as_of":"2022-08","qualifier":"confirmed_no_disclosed_value"},"note":"SSD 컨트롤러 조달처. 2017년부터 주류 SATA SSD에 파이슨 컨트롤러 채택, 2022년 X1 엔터프라이즈 컨트롤러 공동 설계.","note_en":"SSD controller procurement: Phison controllers in mainstream SATA SSDs since 2017; co-designed X1 enterprise controller in 2022.","sources":[{"stance":"confirms","publisher":"StorageNewsletter","publisher_en":"StorageNewsletter","kind":"news","lang":"en","published_at":"2022-08-12","url":"https://www.storagenewsletter.com/2022/08/12/phison-x1-controller-customizable-ssd-platform-designed-in-partnership-with-seagate/","title":"Phison X1 Controller Platform Designed in Partnership With Seagate","title_en":"Phison X1 Controller Platform Designed in Partnership With Seagate","excerpt":"Phison X1 controller: customizable SSD platform designed in partnership with Seagate.","excerpt_en":"Phison X1 controller: customizable SSD platform designed in partnership with Seagate."},{"stance":"confirms","publisher":"Seagate","publisher_en":"Seagate","kind":"ir","lang":"en","published_at":"2022-04-06","url":"https://www.seagate.com/news/news-archive/seagate-and-phison-broaden-partnership-to-bolster-portfolio-of-high-performance,-high-density-enterprise-class-solid-state-drives-optimized-to-lower-data-center-tco-pr-master/","title":"Seagate and Phison Broaden Partnership","title_en":"Seagate and Phison Broaden Partnership","excerpt":"Seagate and Phison have collaborated on Seagate's mainstream SATA SSD products since 2017.","excerpt_en":"Seagate and Phison have collaborated on Seagate's mainstream SATA SSD products since 2017."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"AWS 등 클라우드에 대용량 니어라인 HDD 공급 — 니어라인이 대용량 출하의 91%를 차지하는 만큼, 아마존급 하이퍼스케일러 수요가 시게이트 매출의 중심축이다.","note_en":"Supplies mass-capacity nearline HDDs to cloud like AWS — with nearline at 91% of mass-capacity exabytes, Amazon-scale hyperscaler demand is the center of Seagate's revenue.","sources":[{"stance":"confirms","publisher":"VDURA","publisher_en":"VDURA","kind":"research","lang":"en","published_at":"2026-05-04","url":"https://www.vdura.com/2026/05/04/hyperscaler-hdd-demand/","title":"하이퍼스케일러 HDD 수요(WDC·Seagate)","title_en":"Hyperscaler HDD demand (WDC, Seagate)","excerpt":"AWS 등 클라우드에 대용량 니어라인 HDD 공급.","excerpt_en":"Mass-capacity nearline HDDs to cloud like AWS."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"MS 등 하이퍼스케일러에 HAMR 인증 니어라인 HDD 공급 — AI 데이터 축적이 곧 대용량 드라이브 수요로 번지는 구조라, 하이퍼스케일러 인증(8곳 중 3곳)이 물량 가시성의 관문이다.","note_en":"Supplies HAMR-qualified nearline HDDs to hyperscalers like Microsoft — AI-data accumulation flows into high-capacity drive demand, so hyperscaler qualification (3 of 8) is the gateway to volume visibility.","sources":[{"stance":"confirms","publisher":"AlphaStreet","publisher_en":"AlphaStreet","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://news.alphastreet.com/seagate-stx-has-an-ai-storage-capacity-story-bigger-than-the-old-pc-drive-label/","title":"Seagate AI 스토리지 용량 스토리(HAMR)","title_en":"Seagate AI-storage capacity story (HAMR)","excerpt":"MS 등 하이퍼스케일러에 니어라인 HDD 공급(HAMR 인증).","excerpt_en":"Nearline HDDs to hyperscalers like Microsoft (HAMR qualified)."},{"stance":"confirms","publisher":"Blocks and Files","publisher_en":"Blocks and Files","kind":"news","lang":"en","published_at":"2025-07-30","url":"https://blocksandfiles.com/2025/07/30/seagate-q4-2025/","title":"Seagate 4Q25 매출 +30%·니어라인 88%","title_en":"Seagate Q4 2025 revenue +30%, nearline 88%","excerpt":"MS 등 하이퍼스케일러에 니어라인 HDD 공급(HAMR 인증).","excerpt_en":"Nearline HDDs to hyperscalers like Microsoft (HAMR qualified)."}]},{"direction":"cost","counterparty":"HDD 유리기판 (호야)","counterparty_slug":"hoya","confidence":"mid","metric":{"product":"hdd_glass_substrate"},"note":"Mozaic(HAMR) 미디어용 유리기판을 호야(유리기판 지배적 공급사)에서 조달.","note_en":"Sources glass substrates for Mozaic (HAMR) media from Hoya, the dominant glass-substrate supplier.","sources":[{"stance":"mentions","publisher":"Tom's Hardware","publisher_en":"Tom's Hardware","kind":"news","lang":"en","published_at":"2025-05-15","url":"https://www.tomshardware.com/news/hoya-hdd-22tb-24tb","title":"HDD 부품사 호야, 22TB·24TB 유리기판 설명","title_en":"HDD components maker Hoya describes 22TB & 24TB hard drives","excerpt":"씨게이트 Mozaic HAMR가 유리기판 채용; 호야가 최대 공급사.","excerpt_en":"Seagate's Mozaic HAMR uses glass substrates; Hoya is the largest supplier."}]},{"direction":"cost","counterparty":"HAMR 증설·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"HAMR 40/44TB 증설·R&D.","note_en":"HAMR 40/44TB capacity and R&D.","sources":[{"stance":"confirms","publisher":"AlphaStreet","publisher_en":"AlphaStreet","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://news.alphastreet.com/seagate-stx-has-an-ai-storage-capacity-story-bigger-than-the-old-pc-drive-label/","title":"Seagate AI 스토리지 용량 스토리(HAMR)","title_en":"Seagate AI-storage capacity story (HAMR)","excerpt":"HAMR 40/44TB 증설·R&D.","excerpt_en":"HAMR 40/44TB capacity and R&D."}]},{"direction":"cost","counterparty":"헤드·미디어·부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"자기 헤드·미디어·기구 부품.","note_en":"Heads, media and mechanical parts.","sources":[{"stance":"confirms","publisher":"Blocks and Files","publisher_en":"Blocks and Files","kind":"news","lang":"en","published_at":"2025-07-30","url":"https://blocksandfiles.com/2025/07/30/seagate-q4-2025/","title":"Seagate 4Q25 매출 +30%·니어라인 88%","title_en":"Seagate Q4 2025 revenue +30%, nearline 88%","excerpt":"자기 헤드·미디어·기구 부품.","excerpt_en":"Heads, media and mechanical parts."}]}]}