Seagate (STX) Surpasses Palantir (PLTR) as Top S&P 500 Performer Amid AI Storage Demand
Seagate Technology Holdings has dethroned Palantir Technologies as the S&P 500's best-performing stock this year, with shares soaring 212% year-to-date. The data storage specialist closed at $265.62 after a 19% single-day surge fueled by robust earnings and growing demand for high-capacity drives in AI infrastructure.
First-quarter revenue jumped 21% to $2.63 billion, with both GAAP and non-GAAP earnings exceeding guidance. The company generated $532 million in operating cash flow, returning $182 million to shareholders through dividends and buybacks.
Seagate's rally reflects intensifying demand for storage solutions as cloud providers and AI developers scramble to secure capacity. The outperformance highlights how infrastructure plays are capitalizing on the AI boom alongside software firms like Palantir.
