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  "documentTitle": "Elliott Management Western Digital Letter May 2022",
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  "notes": "The slide critiques Western Digital's strategic narrative using market share data and historical business outcomes.",
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      "text": "Enterprise SSD Revenue Market Share, %",
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      "text": "Capacity Optimized HDD Revenue Market Share, %",
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      "text": "strategy. The first is the concept of “customer intimacy,” which suggests that Western Digital can foster deeper customer relationships if its product portfolio is larger and it can sell both HDDs and Flash SSDs to the same customer.",
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      "text": "The second area of strategic benefit that Western Digital has frequently highlighted has been its ability to “move up the stack” and offer customers integrated solutions rather than underlying storage components.",
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      "text": "Over the course of our diligence—and based on our customer interviews and review of the actual results—we have concluded that the customer-intimacy argument is dramatically overstated.",
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      "text": "In 2020, CEO David Goeckeler announced that Western Digital would form separate business units for HDD and Flash. This was the right decision and underscored the challenge of managing this diverse portfolio of assets.",
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      "text": "Source: IDC Worldwide 4Q21 HDD Shipment Results and Four-Quarter Forecast Update... IDC Worldwide Solid State Drive Market Shares, 2021...",
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