Seagate Technology Holdings plc (STX) Wells Fargo 8th Annual TMT Summit Conference (Transcript)

Seagate Technology Holdings plc (NASDAQ:STX) Wells Fargo 8th Annual TMT Summit Conference December 4, 2024 2:00 PM ET

Company Participants

Gianluca Romano – CFO

Conference Call Participants

Aaron Rakers – Wells Fargo

Aaron Rakers

Why don’t we go ahead and get started. We’ll stay on schedule here. So I’m Aaron Rakers with Wells Fargo IT Hardware and Semiconductor analyst and pleased to have with us for a quick discussion Gianluca Romano, Executive Vice President and Chief Financial Officer of Seagate. So first of all, Gianluca, thank you so much for joining us this morning.

Maybe before we go into my list of questions, I want to — yesterday, there was an 8-K announcement out. I would like to — I’ve gotten a handful of questions from some investors. Can you level set us what the message is? I think David had made a comment about some trepidation maybe in terms of dynamics into the next quarter. But just level set us on the key points of that announcement?

Question-and-Answer Session

A – Gianluca Romano

Yes. Thank you, Aaron, for inviting us here. And before we start, I will be making forward-looking statements today, and you can learn more about the risks associated to those statements on our website.

Yes. So yesterday, we issued a 8-K with two news. One is a very good news and refers to our qualification of the HAMR product in the cloud segment. It took a little bit longer than what we wanted, but we now have a very, very strong configuration of the product that can be used in the cloud. And we of course, are going to qualify more and more customers between now and, let’s say, mid of calendar ’25, so in the next couple of quarters and then ramping a good volume of HAMR.