Here are 1-3 brief analogies for Western Digital (WDC):

• Like Seagate, but for both traditional hard drives AND flash memory (through brands like SanDisk).
• The Intel for data storage.

• Hard Disk Drives (HDDs): Traditional magnetic data storage devices primarily used in PCs, servers, and data centers for high-capacity, cost-effective storage.
• Solid State Drives (SSDs): High-performance storage devices using flash memory, widely adopted in client computing, enterprise systems, and data centers for faster access times and durability.
• Flash Products (e.g., Memory Cards, USB Drives): A range of portable and embedded flash-based storage solutions including SD cards, microSD cards, USB flash drives, and embedded memory for mobile and consumer electronics.

Western Digital (symbol: WDC) primarily sells its data storage products to other companies (B2B), rather than directly to individuals. The significant majority of its revenue comes from its business-to-business sales, supplying components and solutions to large corporate customers. While Western Digital also sells branded products through retail channels (e.g., WD_BLACK, SanDisk), its major customers are businesses that integrate its hard disk drives (HDDs) and solid-state drives (SSDs) into their own products or utilize them for their vast data infrastructure.

Major customer companies and categories include (but are not limited to):

• Hyperscale Cloud Service Providers: These companies operate massive data centers and require vast quantities of storage for their cloud services.
  • Amazon (AMZN) - for its Amazon Web Services (AWS) cloud infrastructure
  • Microsoft (MSFT) - for its Azure cloud infrastructure
  • Alphabet (GOOGL) - for its Google Cloud Platform (GCP)
  • Meta Platforms (META) - for its extensive data center operations supporting Facebook, Instagram, etc.
• Original Equipment Manufacturers (OEMs) of Client Devices and Enterprise Servers: These companies integrate Western Digital's HDDs and SSDs into their computers, laptops, and servers.
  • Dell Technologies (DELL) - a major PC and server OEM
  • HP Inc. (HPQ) - a major PC OEM
  • Hewlett Packard Enterprise (HPE) - a major server and enterprise solutions provider

• TDK Corporation (TYO: 6762)
• Resonac Holdings Corporation (TYO: 4004)

Irving Tan, Chief Executive Officer

Irving Tan was appointed Chief Executive Officer of Western Digital in October 2024 (or February 2025). He is recognized as an exceptional leader with decades of experience in global operations, sales, market transitions, and customer and government dynamics. Prior to his CEO appointment, he served as Executive Vice President for Global Operations at Western Digital, where he was responsible for all global operations functions, including IT, manufacturing operations, procurement, and supply chain. Before joining Western Digital, Mr. Tan held various leadership positions at Cisco, including Chairperson for Asia Pacific, Japan, and China, Executive Vice President and Global Chief of Operations, and Sales Leader of Cisco Asia Pacific and Japan. He holds a bachelor's degree in mechanical engineering and a master's degree in business administration from Singapore's Nanyang Technological University, and an honorary doctoral degree in engineering from Curtin University. He also serves as the Chairman on the board of directors for SATS.

Kris Sennesael, Chief Financial Officer

Kris Sennesael was appointed Chief Financial Officer of Western Digital, effective May 12, 2025. He is responsible for the global finance organization, including financial planning and analysis, accounting, tax, treasury, internal audit, investor relations, and corporate real estate. With over 25 years of experience in finance and general management across the semiconductor and technology industries, Mr. Sennesael most recently served as CFO at Skyworks Solutions, where he contributed to scaling the business through both organic and inorganic growth strategies. Prior to Skyworks Solutions, he held CFO positions at Enphase Energy and Standard Microsystems, and leadership roles at AMI Semiconductor, ON Semiconductor, and Alcatel Microelectronics. Mr. Sennesael has deep experience across the U.S., Europe, and Asia.

Ahmed Shihab, Chief Product Officer

Ahmed Shihab is the Chief Product Officer at Western Digital. In this role, he leads engineering and product strategy, as well as innovation and the development of current and future Western Digital products and solutions. He brings over 30 years of experience across product design and business leadership, with a track record of delivering on customer and business needs by fostering a culture of quality and agile execution.

Scott Davis, Chief Sales and Marketing Officer

Scott Davis serves as the Chief Sales and Marketing Officer at Western Digital.

Vidya Gubbi, Chief of Global Operations

Vidyadhara K. Gubbi has been the Executive Vice President and Chief of Global Operations at Western Digital since February 2025. Previously, he served as the Senior Vice President of the HDD Operating Unit from January 2020 to February 2025. From 2006 to 2019, he held various other roles of increasing responsibility at Western Digital. Before joining Western Digital, Mr. Gubbi was Vice President and Chief Technology Officer, research and development, at Maxtor Corp. from 2005 to 2006, and an Executive Director at Seagate Technology plc from 1997 to 2005.

The emergence and rapid technological advancement of Chinese domestic NAND flash manufacturers, such as Yangtze Memory Technologies Corp (YMTC). YMTC has developed competitive 3D NAND technology (Xtacking architecture) and, despite recent geopolitical restrictions, represents an ongoing threat of increased competition and potential price pressure in the NAND flash market, which directly impacts Western Digital's NAND business through its Kioxia partnership and direct product offerings.

Western Digital (WDC) operates within the data storage industry, with its main products encompassing Hard Disk Drives (HDDs), Solid-State Drives (SSDs), and Flash Memory, including NAND and NOR technologies. The addressable markets for these products are substantial and projected to grow significantly in the coming years.

Hard Disk Drives (HDDs)

• The global hard disk drive (HDD) market was valued at approximately USD 61.47 billion in 2024. This market is projected to grow to around USD 92.22 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.2% from 2025 to 2032.
• The United States accounts for approximately 32% of the global HDD market share as of 2024.

Solid-State Drives (SSDs)

• The global solid-state drive (SSD) market was valued at USD 65.08 billion in 2024. It is projected to experience robust growth, reaching an estimated USD 279.97 billion by 2033, with a CAGR of 17.6% during the forecast period of 2025-2033.
• North America held a significant share of the SSD market, representing 38.22% in 2024.

Flash Memory (Overall)

• The global flash memory market size was valued at USD 73.22 billion in 2024 and is expected to reach nearly USD 102.55 billion by 2032, growing at a CAGR of 4.3% from 2025 to 2032.
• The Asia-Pacific region holds a major share of the global flash memory market.

NAND Flash Memory (a segment of Flash Memory)

• The global NAND flash market size was valued at USD 65.1 billion in 2024. It is estimated to grow at a 5.6% CAGR from 2025 to 2034, reaching USD 111.7 billion by 2034.

NOR Flash Memory (a segment of Flash Memory)

• The global NOR Flash market is expected to reach USD 3.05 billion in 2025 and is projected to grow to USD 4.05 billion by 2030, at a CAGR of 5.82%.

Western Digital is also actively involved in providing storage solutions for the broader AI storage market, which is projected to grow from $294 billion in 2025 to $1.77 trillion by 2032 globally.

Western Digital (WDC) is poised for future revenue growth over the next 2-3 years, driven by several key factors stemming from evolving market demands and strategic product development:

1. Surging Demand for High-Capacity HDDs Driven by Cloud and AI Workloads: The exponential growth in data generation, particularly from artificial intelligence (AI) applications and cloud computing, is creating unprecedented demand for high-capacity data storage solutions. Western Digital's nearline Hard Disk Drives (HDDs) are critical for "cool" storage in data centers and for building massive data lakes to fuel AI models. Cloud revenue consistently represents a significant portion of the company's total revenue, underscoring this strong demand.

2. Technological Advancements and Adoption of Next-Generation HDDs: Western Digital is actively innovating and shipping higher-capacity HDDs, including its 26TB CMR and 32TB UltraSMR drives. A significant future driver is the development and ramp-up of Heat-Assisted Magnetic Recording (HAMR) technology, with volume shipments expected by early 2027 following qualifications in late 2026. These advancements are crucial for increasing areal density, maintaining a competitive cost-per-terabyte advantage, and meeting the growing exabyte shipment demands from hyperscale customers.

3. Growth in Enterprise SSDs and Flash Solutions for Data Centers: While the company is separating its Flash business, Western Digital continues to focus on high-growth enterprise Solid State Drives (SSDs) and flash solutions, particularly for data centers and AI applications. This strategic emphasis addresses the increasing need for high-performance storage in these critical market segments and is seen as a key element for diversifying revenue streams.

4. Client and Consumer Device Refresh Cycle Fueled by Generative AI: The long-term impact of generative AI is anticipated to drive a refresh cycle in client and consumer devices. This proliferation of AI-driven content creation is expected to boost storage demand in smartphones, gaming, personal computers, and other consumer electronics, presenting additional revenue opportunities for Western Digital's storage solutions.

Share Repurchases

• Western Digital authorized a new $2.0 billion share repurchase program in May 2025.
• During fiscal fourth quarter 2025, the company repurchased approximately 2.8 million shares for a total of $149 million.
• As of Q1 fiscal year 2026, Western Digital had returned a total of $785 million to shareholders through share repurchases and dividend payments since the launch of its capital return program in fiscal fourth quarter 2025.

Share Issuance

• Western Digital's shares issued amounted to $8.0 million for June 2025.

Outbound Investments

• In May 2025, Western Digital made a strategic investment in Cerabyte, a company developing ceramic-based data storage solutions, to accelerate technology development for permanent accessible long-term data storage.
• Western Digital plans to invest US$1 billion in Japan over the next five years, starting from October 2025, to enhance next-generation HDD technology and production processes.

Capital Expenditures

• Western Digital's capital expenditures from fiscal years ending July 2021 to 2025 averaged $797.6 million, with a median of $821 million.
• Capital expenditures peaked at $1.146 billion in July 2021 and reached a 5-year low of $412 million in June 2025.
• The primary focus of capital expenditures includes disciplined spending and proactive bit allocation to high-value end markets, especially enterprise SSDs and high-capacity HDDs for AI and cloud data centers.