In short: Named on Evercore's top six tech-hardware stocks to own for the second half (Apple, Amphenol, Arista, Cisco, Seagate, Western Digital). Brown says he has written up "pretty much all of these names" over the past year off his best-stocks screen, and notes they trade as a basket — "you'll see them all green someday, you'll see them all red." No individual view on Seagate this episode.
In short: The storage leg of the memory rotation — a genuinely new cluster this quarter. "STX appeared for Lone Pine, Sands, and Tiger" among their top-five buys, three funds converging on mass storage rather than compute. Sits directly beside MU in App Economy's "memory and storage moved into focus" theme: the components that "feed and store all that data" as AI infrastructure scales.
Seagate makes hard drives — the high-capacity mass storage where data centres keep the enormous volumes of data that AI systems are trained on and that their outputs generate. Unglamorous, cyclical, and until recently not thought of as an AI stock at all.
It appeared as a top-five buy for Lone Pine, Sands and Tiger — three funds independently reaching the same conclusion in the same quarter.
Taken with Micron's three buyers, six of the twenty funds bought into memory or storage in Q2. That kind of clustering across separate managers is a stronger piece of evidence than any single fund's top pick, because it is much harder to explain as one manager's idiosyncratic view.
In short: One of the few dividend payers inside the AI/data-center trade that some dividend ETFs "were able to get their hands on… for a little bit." Context only.
21:45So they missed out on some of that. Some of the dividend ETFs were able to get their hands on Seagate or Qualcomm for a little bit. We own Broadcom, which we've owned for years, but it — when we bought that in 2019, it was a 4% yielding tech stock, and the words AI never came out of their mouth just yet.
In short: Named with Nvidia and Western Digital as the suppliers whose one-time gains he stripped from the S&P — earnings inflated by the buildout, exposed when it slows.
Seagate, like Western Digital, is a storage maker riding the data-center order wave. He names it as one of the supplier gains that flatter S&P earnings today and would reverse when the buildout slows — earnings that look real now but are borrowed from a spending binge.
8:36And the S&P 500 earnings growth rate was single-digit growth. So when we talk about an earnings bubble, we have these massive earnings showing, I think it was 28% in Q1, but you strip out the 40% from the one-time markup gains and it's 16%. And then if you strip out the gains from all these companies, which is just the hyperscaler spending, then you're down to single digits.
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