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The AI trade isn’t just chips
Seagate has gone from sleepy storage name to one of the market’s loudest AI winners, with the stock surging more than 700% from its April 2025 lows. The story here is simple: AI models may grab the headlines, but all that training data has to live somewhere, and Seagate’s high-capacity drives are part of that plumbing.
Then the filing hit
A fresh SEC filing dated April 16 showed Sanders Capital, run by billionaire Lewis Sanders, cut its Seagate position from 17.18 million shares at the end of December to 13.04 million shares by March 31. That’s a trim of about 4.15 million shares, or roughly 24% of the stake.
Why investors should care
This doesn’t scream disaster. It does, however, tell you the easy money phase may be fading. After a run this steep, even long-term holders start asking the classic question: do I keep riding the wave, or take some winnings off the table before the surf gets choppy?
Big picture
Seagate’s AI storage thesis is still intact, but the stock is now in that awkward zone where great fundamentals meet gravity. In other words: the story may still be good, but the price has already done a lot of the heavy lifting.