Artisan Focus Fund on Seagate Technology Holdings plc
Thesis
Seagate is part of Artisan's Compute Infrastructure theme and contributed meaningfully during the quarter. Artisan views the AI infrastructure cycle as a broad physical-computing buildout rather than a narrow chip trade, with data-center capacity and AI workloads expanding rapidly. Storage infrastructure is therefore positioned as part of the larger capital cycle needed to support growing compute demand.
“Token demand now exceeds 100 trillion per quarter and data center capacity has expanded more than 150% in a year.”
Key risks
- Large capital formation cycles can include periods of excessive or uneconomic investment
- Rapid technological change can alter competitive positions