11 Best Computer Hardware Stocks to Invest in Right Now

5. Seagate Technology Holdings plc (NASDAQ:STX)

Number of Hedge Fund Holders: 46

Seagate Technology Holdings plc (NASDAQ:STX) is a computer hardware company specializing in data storage solutions. It plays a critical role in powering the AI revolution by helping cloud computing companies through its innovative storage systems.

The company manufactures all kinds of storage drives including Hard Drives, Solid State Drives (SSDs), and Hybrid Drives. It is known for its Heat Assisted Magnetic Recording (HAMR) drive, which is a key breakthrough in its nearline storage drives that act as an intermediary between online and offline storage. Moreover, its HDDs are also in high demand for cloud storage environments as HDDs typically account for nearly 90% of bytes stored in public cloud environments.

As per a report by Goldman Sachs, cloud computing sales are expected to go up to $2 trillion by the end of 2030. This indicates an impressive opportunity for Seagate Technology Holdings plc (NASDAQ:STX) as its nearline storage drives are already in high demand. During the fiscal first quarter of 2025, management noted that the revenue was driven by robust demand in its nearline cloud segment. Revenue for the quarter came in at $2.17 billion after growing 49% year-over-year. Moreover, its non-GAAP gross margins were at a decade-high of 33.3%. Considering that the management remains confident to continue delivering revenue growth in the future and demand for its products is expected to improve, it is one of the best hardware stocks to invest in right now.