Seagate Technology Holdings plc (NASDAQ:STX) is a hardware technology company specializing in mass data storage solutions. They are ranked 4th on the list of the 10 best hardware stocks to buy now. The computer hardware industry is expected to grow significantly in the coming years, driven by trends such as edge and quantum computing, AI, and data centers. The global PC market saw a 1.8% growth in Q4 of 2024, but increased threat of tariffs had brands pulling in shipments in December to avoid potential impact. A more recent report in April revealed a 4.9% growth in PC shipments for the first quarter of 2025. Seagate’s revenue grew by 50% in the fiscal second quarter of 2025, driven by demand for Hard Disk Drives in hyperscale data centers and public clouds. Citi analyst Asiya Merchant has a bullish stance on the stock, with a price target of $115, citing growing demand and lack of inventory among cloud customers. While Seagate has potential for growth, investing in AI stocks may offer higher returns within a shorter timeframe. Insider Monkey recommends exploring the cheapest AI stock options for promising investments. The computer hardware industry is expected to reach $972 billion by 2029, making it a lucrative area for investors to explore.
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