The hard drive maker’s shares have pulled back, and history offers a strong reason to look closer, though today’s valuation adds a twist.

Seagate Technology (STX) is in the middle of what its leadership calls a “period of structural growth,” fueled by the voracious data appetite of AI. On its latest earnings call, the company pointed to record gross margins and a gusher of free cash flow, with management confidently raising its annual revenue growth target to a minimum of 20% for the next few years. Their strategy is clear: meet the soaring demand for storage not by making more drives, but by making drives that hold vastly more data through their Mozaic HAMR technology. Amid this operational strength, however, the stock…