Seagate Technology Holdings plc (NASDAQ:STX) Q2 2024 Earnings Call Transcript

Dave Mosley: Yes, Mark, me, I’m pretty cynical sometimes on these things and I’m looking for POs that actually say AI on them. And they are starting to happen but it’s still fairly small. And again, I’ll go back to my previous comments, these are really applications that have been developing on a lot of fronts over many years anyway. So say, for example, image recognition, whether it’s at the edge or in the cloud, that application space has been developing over time quite a bit. When we get into specific things like large language models where people talk about, I think the data infrastructure impact piece is still secondary to the compute piece even at this point. So at some point, there will be compute enabling all these really cool applications and efficiencies that people and businesses like ours were taking advantage of and then the data will continue to grow on the back side of that but we’re still early innings on that.

Mark Miller: So that’s more 2025, you think?

Dave Mosley: For large language models. I’d say maybe. I don’t know exactly.

Operator: And ladies and gentlemen, this concludes our question-and-answer session. I’d like to turn the conference back over to management for any closing remarks.

Dave Mosley: Thanks, Marco. Seagate is focused on executing our product road map, leveraging the advanced technologies in our Mozaic platform which we believe positions us well to enhance profitability over the near term and capture long-term opportunities for mass capacity storage. I’d like to close by once again thanking all of our stakeholders for their ongoing support of Seagate. Thanks for joining us today and we look forward to speaking with you during the quarter.

Operator: Thank you. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines and have a wonderful day.