Western Digital is Sold Out of Hard Drives for 2026

Western Digital's entire hard drive manufacturing capacity for calendar year 2026 is now fully spoken for, CEO Irving Tan disclosed during the company's second-quarter earnings call, a stark sign of how aggressively hyperscalers are locking down storage supply to feed their AI infrastructure buildouts. The company has firm purchase orders from its top seven customers and has signed long-term agreements stretching into 2027 and 2028 that cover both exabyte volumes and pricing. Cloud revenue now accounts for 89% of Western Digital's total, according to the company's VP of Investor Relations, while consumer revenue has shrunk to just 5%.

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