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  "documentTitle": "Elliott Management Western Digital Letter May 2022",
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  "notes": "Includes market share data for HDD and NAND, and narrative on Western Digital's unique dual-market positioning.",
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      "text": "Source: IDC Worldwide Hard Disk Drive Forecast Update, 2021-2025... Omdia NAND Market Tracker.",
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      "text": "In the Flash industry, demand for SSDs has been robust... industry has grown by more than 2x, from $32 billion in 2015 to more than $68 billion in 2021.",
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      "text": "When Western Digital acquired SanDisk, the articulated rationale was the synergy benefit... Micron and SK Hynix, both active acquirers, have declined to enter the HDD business.",
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