Western Digital Corp is a key player in data storage industry with growth potential
From Yahoo Finance: 2025-04-02 17:44:00
The global data storage market was valued at $218.33 billion in 2024 and is projected to reach $774.00 billion by 2032, with a 17.2% CAGR, driven by the rise of big data and the increasing need for storage solutions, according to Fortune Business Insights.
The data storage industry is adapting to the growth of AI workloads, with the global data volume projected to reach 181 zettabytes by 2025. AI’s demand for storage capacity and performance is driving advancements in SSD technology, making them ideal for AI applications, as reported by Avnet Integrated Solutions.
Western Digital Corporation (NASDAQ:WDC) is a key player in the data storage industry, providing HDDs and SSDs for various markets. The company’s recent revenue growth in FQ2 2025 was driven by high-capacity enterprise drives utilizing UltraSMR technology and cloud demand, representing 55% of total revenue.
Parnassus Mid Cap Fund stated in its Q2 2024 investor letter that Western Digital Corp. (NASDAQ:WDC) stands to benefit from the rapid growth of memory-hungry AI applications. The company’s low valuation relative to its peers presents an opportunity to participate in AI at a reasonable valuation, showcasing growth potential.
Western Digital Corp. (NASDAQ:WDC) ranks 5th on the list of best data storage stocks to invest in according to analysts. While the company shows growth potential, there is a belief that AI stocks offer promising returns in a shorter timeframe. For investors seeking AI stocks with high potential and low valuation, exploring other options may be beneficial.
Read more at Yahoo Finance: One of the Best Data Storage Stocks to Invest in According to Analysts