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Citic Securities research report pointed out that since 2023, AI-driven global data center storage demand has significantly increased. HDD has obvious advantages over SSD in terms of capacity and cost, becoming the preferred choice for near-line storage for European and American cloud vendors. Currently, Seagate Technology and Western Digital contribute 80% of global capacity, and after experiencing a downturn cycle in 2021, these companies have insufficient short-term expansion intentions and motivation, and expansion cycles generally require about 12-18 months. This round of data center HDD upturn cycle started in 2024, with major enterprise product delivery times and order visibility extending to at least one year or more. The industry's tight supply and demand situation is expected to continue at least until around the second half of 2026.