WDC ▼ -11.3% - Western Digital Corporation $WDC Western Digital Earnings Call Summary: Hyperscaler Demand Visibility Extends to 2031 as Supply Tightness Supports Further Pricing Upside ? • Demand: Top-7 customer visibility now extends into 2030/31, with demand forecasts continuing to increase each quarter. • Supply & Pricing: Management expects supply constraints to persist. ASP per TB already rose 28% YoY, with further price increases possible over the next 3–4 quarters. • HAMR: Two hyperscalers expected to complete qualification in Q1 2027, with volume shipments starting in H1 2027. No pricing discounts planned versus ePMR. • Next-Gen HAMR: Qualification targeted for H2 2027, enabling a roadmap from 32 TB to 44 TB and 55 TB+ drives. • Exabyte Growth: Management maintains a long-term growth outlook above 25%, signaling potential acceleration toward the mid-30% range without formally guiding to it. • AI Storage: Inference, agentic AI and physical AI are driving additional demand for logs, checkpoints and generated data. • High-Bandwidth HDD: Already sampling with customers, targeting AI inference KV-cache and video workloads. • Capacity Discipline: No additional unit production capacity planned. Investment focuses on higher storage density and automation. 22-OCT-2026 07:02 PM ET