Do we like Seagate?
Makes hard disk drives and data storage; Irish-incorporated, operationally based in Fremont, California.
Our score: 4 out of 10. Useful, essential kit, but a record export-control penalty and a shareholder settlement over hidden Huawei sales make us cautious about backing them.
Seagate makes hard disk drives, the spinning storage that sits behind a huge amount of cloud data. Dave Mosley is Chair and CEO. It's a long-standing name in the business and still a big one.
The big drama is Huawei. Reports say the US Commerce Department fined Seagate $300 million in 2023 after it shipped 7.4 million hard drives to Huawei without an export licence. Seagate admitted the allegations and agreed to an audit requirement.
It's not over. In 2026, Seagate reached a preliminary $175 million settlement with investors who accused it of hiding the Huawei sales. Seagate denied wrongdoing, and the judge still has to approve it.
In 2022 it announced about 3,000 job cuts, roughly 8% of staff, blaming weaker storage demand. Our score is a cautious 4: the product matters, but the compliance failure was serious.