15 AI News Investors Should Not Miss

6. Western Digital Corporation (NASDAQ:WDC)

Number of Hedge Fund Holders: 80

Western Digital Corporation (NASDAQ:WDC) is a leading innovator in the data storage industry. The company offers data storage solutions, including systems, HDD, Flash SSD, memory, and personal data solutions. Storage demand has been recovering over the years in order to support increased data processing. This makes Western Digital well-positioned to benefit from rising enterprise demand for data storage, driven by the growing need to capture and manage AI-related data.

On October 25, Evercore ISI analyst Amit Daryanani maintained an “Outperform” rating on Western Digital Corporation (NASDAQ:WDC), with a price target of $85.00. The data storage solutions company released strong fiscal-quarter earnings, with a cloud revenue of $2.2 billion for the quarter. This represents a 153% increase from the same period last year. The rapid adoption of artificial intelligence has increased demand for data storage products, driving a surge in the company’s cloud business sales. Chief Executive David Goeckeler believes that the company’s flash and HDD products product portfolios are well-positioned to capitalize on the opportunities created by the AI data cycle. Reaffirming their Outperform rating, Daryanani states that in-line revenue guidance for the December quarter should ease concerns regarding a potential downturn in the market.