Western Digital has delivered a share price gain of about 9x over the past 3 years, and recent earnings highlighted strong demand from cloud and AI related storage customers along with an increase in the regular cash dividend. The stock trades at about 12.8x earnings, below the broader tech sector average of roughly 17.7x and below peers around 21.6x. Because recent Q1 2027 results showed strong profitability and guidance, the Fair Ratio model points to a higher P/E than where the shares currently change hands, suggesting the earnings story is not fully reflected in the current tag. The article notes the question of whether Western Digital at US$338.59 already reflects its AI and cloud storage earnings story, and that investors are largely split between those who see more upside left in the story and those who think otherwise.