Seagate Technology (STX) saw an 11% surge in its stock following its third-quarter results, adding about $15 billion in market value. The company's shares have now been priced in a significant shift where Seagate plays a direct role in AI infrastructure buildouts. Investors are starting to price in this shift as hyperscalers are buying massive amounts of high-capacity storage for data-heavy workloads. Seagate’s Q3 revenue was $3.1 billion and non-GAAP EPS at $4.10, a significant beat for both company and guidance for fiscal Q4. The firm also raised its medium-term revenue growth target to a minimum of 20% over the next few years, up from its previous guidance of low to mid-teens annual revenue growth. The data center market accounted for 88% of exabyte shipments and 80% of revenue, indicating that Seagate's business now leans heavily towards its highest-value end market. The key focus now is whether data center demand continues to support pricing and margin strength, supporting a higher and more durable earnings base.