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Western Digital (WDC) stock has skyrocketed nearly 280% this year and is the top performer in the S&P 500 Index ($SPX). The driving force behind this stellar rally is the strong artificial intelligence (AI)-driven demand for its storage solutions.
While much of the attention has gone to the companies developing AI models and software, the foundation of this technological revolution depends on hardware, particularly data storage. That’s where Western Digital shines. The company designs and manufactures storage devices based on hard disk drive (HDD) technology, which help in storing vast amounts of data generated and processed by AI systems.