Shares of Seagate Technology (STX +19.14%) popped on Wednesday after the hard disk drive maker's fast-growing profits highlighted the shocking demand for its data storage products. The data storage industry is boomingSeagate's revenue jumped 22% year over year to $2.83 billion in its fiscal 2026 second quarter, which ended on Jan. 2. The mass-capacity data storage leader's profits are surging in turn. Seagate's adjusted gross margin improved by 6.7 percentage points to 42.2%, while its operating margin increased by 8.8 percentage points to 31.9%. All told, Seagate's adjusted earnings per share leaped 53% to $3.11.