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  • Reassessing Valuation After ESOP Offering, AI Storage Tailwinds, and Capital Return Moves

    Reassessing Valuation After ESOP Offering, AI Storage Tailwinds, and Capital Return Moves

    Western Digital (WDC) just put a fresh spotlight on its stock by filing a roughly $1.11 billion shelf registration tied to an 8 million share ESOP offering, which blends potential dilution with stronger employee alignment.

    See our latest analysis for Western Digital.

    The ESOP filing lands on top of an already powerful move, with the share price at $168.89 after a 1 year to date share price return of about 173 percent and a 1 year total shareholder return above 215 percent. This suggests momentum is still building as investors reward Western Digital’s AI centric repositioning and capital returns.

    If this kind of AI driven surge has your attention, it could be a good moment to see what else is gaining traction across high growth tech and AI stocks.

    But with shares up more than 170 percent year to date and trading only modestly below Wall Street targets, is Western Digital still undervalued on its AI runway, or are markets already pricing in years of growth ahead?

    With Western Digital closing at $168.89 versus a narrative fair value of $181.43, the prevailing view still leans toward upside driven by AI centric demand.

    The explosive increase in unstructured data generated by AI applications, Agentic AI, and cloud-based services across industries is driving unprecedented storage needs. Western Digital’s deep integration with leading hyperscalers (e.g., all top 5 with firm POs/LTAs covering the next 12 to 18 months) positions the company to benefit from secular demand, directly fueling higher long-term revenue growth.

    Read the complete narrative.

    Curious how steady, not hyperbolic, growth assumptions can still justify a higher valuation multiple than today? The narrative quietly bakes in richer margins, rising earnings power, and a future PE that leans closer to established tech leaders than cyclical hardware names. Want to see the exact earnings and revenue path it is betting on?

    Result: Fair Value of $181.43 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, concentrated reliance on a few hyperscalers, along with the risk that alternative storage technologies outpace HDD advances, could quickly unwind today’s optimistic assumptions.

    Find out about the key risks to this Western Digital narrative.

    Step back from the narrative fair value, and Western Digital looks pricey on a simple earning based snapshot. Its 22.2x earnings multiple sits above peers at 20.7x, yet still below a 33.4x fair ratio. This leaves investors weighing the potential for a rerating to the upside against the risk of sentiment cooling.

    See what the numbers say about this price — find out in our valuation breakdown.

    NasdaqGS:WDC PE Ratio as at Dec 2025

    If this outlook does not fully reflect your view, or you prefer hands on research, you can build a personalized storyline in minutes, Do it your way.

    A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding Western Digital.

    Before you move on, review a curated set of opportunities that may complement your current Western Digital thesis.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include WDC.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Apple’s Johny Srouji could continue the company’s executive exodus, according to report

    Apple’s Johny Srouji could continue the company’s executive exodus, according to report

    Apple’s Johny Srouji may be the latest company executive to seek greener pastures, according to a report from Bloomberg. The report said that Srouji, Apple’s senior vice president of hardware technologies, told Tim Cook that he is “seriously…

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  • Elranatamab Plus Iberdomide Shows Early Efficacy in R/R Multiple Myeloma

    Elranatamab Plus Iberdomide Shows Early Efficacy in R/R Multiple Myeloma

    The combination of elranatamab-bcmm (Elrexfio) and iberdomide (CC-220) demonstrated early efficacy in the form of responses with safety that aligned with known toxicities of the individual agents in patients with relapsed or refractory multiple myeloma, according to data from part 1 of the phase 1b MagnetisMM-30 trial (NCT06215118) presented during the 2025 ASH Annual Meeting.1

    At a median follow-up of 7.8 months (range, 0.7-11.3), the doublet induced an objective response rate (ORR) of 95.5% (95% CI, 77.2%-99.9%) in all evaluable patients (n = 22), which included a complete response (CR) or better rate of 45.5% and a very good partial response (VGPR) or better rate of 77.3%. Moreover, responses occurred early, with a median time to response of 1.4 months (range, 0.5-2.7).

    When broken down by dose level, in those who received elranatamab at 76 mg once weekly plus 1.0 mg of iberdomide (DL1; n = 13), the ORR with the combination was 92.3% (95% CI, 64.0%-99.8%) at a median follow-up of 9.4 months (range, 0.7-11.3); the CR or better rate was 46.2% and the VGPR or better rate was 69.2%. In patients given elranatamab at 76 mg once every 2 weeks plus 1.0 mg of iberdomide (DL-1; n = 9), the ORR achieved with the doublet was 100.0% (95% CI, 66.4%-100.0%) with 44.4% of patients experiencing a CR or better and 88.9% of patients experiencing a VGPR or better. The median follow-up for this group was 5.2 months (range, 4.5-6.4).

    When examining ORR by cytogenetic risk, those with standard risk (n = 11) experienced a confirmed ORR of 100% (95% CI, 71.5%-100.0%) by investigator assessment, which included CR or better and VGPR or better rates of 36.4% and 72.7%, respectively. In those determined to have high cytogenetic risk (n = 9), the ORR with the combination was slightly lower, at 88.9% (95% CI, 51.8%-99.7%); in this group, the CR or better rate was 44.4% and the VGPR or better rate was 77.8%. Two patients were noted to have missing cytogenetic risk data; these patients both experienced a CR with the regimen.

    In evaluable patients (n = 17), 4 dose-limiting toxicities (DLTs) were observed; 2 occurred at DL1 (grade 3 anorexia and grade 4 neutropenia) and 2 at DL-1 (grade 3 febrile neutropenia and grade 4 neutropenia). The most common treatment-emergent adverse effects (TEAEs) experienced with the regimen included hematologic effects, particularly neutropenia (n = 17, 77.3%); infections (n = 9, 40.9%); and cytokine release syndrome (CRS) (n = 15, 68.2%). Notably, most infections were grade 2 or lower as were all cases of CRS and immune effector cell–associated neurotoxicity syndrome (ICANS) that were reported.

    “[The data] demonstrate that the combination of elranatamab and iberdomide is effective and manageable in BCMA-naive patients with relapsed/refractory multiple myeloma,” Attaya Suvannasankha, MD, of Melvin and Bren Simon Comprehensive Cancer Center, Indiana University, in Indianapolis, Indiana, said in a presentation of the data. “Even with a median follow-up of just 7.8 months, the overall response rate of 95.5% and CR rate or better [rate] of 45.5% appears to favorably [compare with] the single-agent outcomes in a different population, as well as also some emerging combinations with CELMoDs.”

    What inspired the launch of the phase 1b MagnetisMM-30 study?

    Making Sense of MagnetisMM-30: Elranatamab Plus Iberdomide in R/R Multiple Myeloma

    • Early data from MagnetisMM-30 indicated that the combination of elranatamab and iberdomide induced an ORR of 95.5% with rapid, deep, and potentially durable responses in patients with BCMA-naive relapsed/refractory multiple myeloma.
    • The safety profile of the regimen was reported to be manageable, with expected toxicities such as neutropenia, infections, and low-grade CRS/ICANS aligning with known profiles of each agent.
    • The early results support the continued evaluation of the doublet in MagnetisMM-30, where part 2 will refine dosing to optimize the balance between efficacy and tolerability.

    In August 2023, the FDA granted accelerated approval to the bispecific BCMA-directed CD3 T-cell engager elranatamab for use in adult patients with relapsed or refractory multiple myeloma who have previously received at least 4 lines of therapy, including a proteasome inhibitor (PI), an immunomodulatory drug (IMiD), and an anti-CD38 monoclonal antibody.2 The decision was supported by data from the phase 2 MagnetisMM-3 trial (NCT04649359) in which the agent induced an ORR of 57.7% (95% CI, 47.3%-67.7%) in evaluable patients (n = 97), with 82% remaining in response for at least 9 months. Updated data showed an ORR of 61.0% with a CR or better rate of 37.4%, as well as a median progression-free survival of 17.2 months and a median overall survival of 24.6 months.3,4

    Suvannasankha added that iberdomide is an oral CELMoD that has been shown to lead to better immunomodulatory activity and antiproliferative and proapoptotic activity in myeloma cells compared with IMiDs.1 Preclinical data have shown that the agent promotes the activation and proliferation of T cells and leads to stronger T-cell engagement and better T-cell fitness, she added.

    “So, based on the complementary mechanism of action, it would be rational to think that the combination may improve efficacy—particularly in patients with relapsed/refractory multiple myeloma,” Suvannasankha said. “This provided a scientific rationale for the MagentisMM-30 study.”

    What is the design of the MagnetisMM-30 study?

    The phase 1b, open-label, multicenter, prospective study is comprised of 2 parts: the dose-escalation and dose-optimization portions of the research. The trial enrolled patients aged 18 years or older with multiple myeloma per International Myeloma Working Group criteria and who had an ECOG performance status ranging from 0 to 1. These patients had previously received 2 to 4 lines of therapy, including at least 1 IMiD and at least 1 PI, and were relapsed or refractory to their last line of therapy. “Of note, all patients were BCMA naive,” Suvannasankha said.

    Those who underwent stem cell transplant within 12 weeks of enrollment or who had active graft-vs-host disease were excluded, as were those with ongoing peripheral sensory or motor neuropathy that was grade 2 or higher or a history of peripheral motor neuropathy that was grade 3 or higher.

    “In all of the dose levels, patients would first receive the standard step-up dosing of subcutaneous elranatamab according to the approved protocol,” she explained. “Then, after they completed the step-up dosing, the combination would start.” For DL1, patients received elranatamab at 76 mg once weekly paired with iberdomide at 1.0 mg once daily for 21 days out of a 28-day cycle. For DL-1, the dose of elranatamab was reduced to 76 mg every 2 weeks and the iberdomide dose was the same.

    The primary end point for part 1 is DLTs during the DLT observation period. Key secondary end points include safety in the form of adverse effects (AEs) and laboratory abnormalities, ORR, CR rate, time-to-event end points, minimal residual disease negativity rate, and immunogenicity. Part 2 is designed to further examine the safety and preliminary efficacy of the combination at 2 dosing regimens.

    At the ASH Annual Meeting, Suvannasankha shared preliminary findings from part 1 of the trial.

    What should be known about the MagnetisMM-30 patient population?

    At a data cutoff date of September 19, 2025, a total of 22 patients who have been enrolled at centers throughout the United States, Canada, and Australia. The median patient age was 68.0 years (range, 46-83); 45.5% of patients were male, more than half (68.2%) were White, and 54.5% had an ECOG performance status of 1. Moreover, patients had stage I (22.7%), II (63.6%), or III (4.5%) disease by Revised International Staging System criteria.

    “Key characteristics also include 40.9% of patients with high-risk cytogenetics, 18.2% had extramedullary disease, 50% of patients were already triple-class refractory, [and] a high proportion, 77.3% of patients, had had high-dose chemotherapy and [prior] stem cell transplantation,” Suvannasankha noted. “Also, 86.4% were refractory to their prior line of therapy.”

    Of the 22 patients, 13 received elranatamab at DL1 and 9 received it at DL-1. In the DL1 group, 5 patients discontinued treatment due to an AE (n = 2), progressive disease (n = 2), or death (n = 1), which was noted to not be associated with study treatment. A total of 8 patients in the DL1 group were still receiving treatment at cutoff. In the DL-1 group, all patients were still receiving treatment.

    The relative dose intensity for elranatamab and iberdomide in the overall population was 78.2% (range, 33.3%-100.4%) and 74.3% (range, 36.1%-100.0%) respectively. Dose interruptions for elranatamab were required in 81.8% of patients; 81.8% of patients also required dose interruptions of iberdomide. Moreover, 54.5% of patients required dose reductions of iberdomide.

    “In comparing the DL-1 and the DL1, it was clear that elranatamab relative dose intensity according to plan, was better, suggesting a better safety profile and tolerability,” Suvannasankha said.

    What was learned about the toxicity profile of elranatamab plus iberdomide in this population of patients with relapsed/refractory multiple myeloma?

    Suvannasankha noted that 59.1% of patients were given granulocyte colony-stimulating factor at some point in their treatment course with the combination.

    Any-grade TEAEs occurred in all patients, and 86.4% of cases were grade 3 or 4 in severity. The most common TEAEs were neutropenia (any grade, 77.3%; grade 3/4, 72.7%), CRS (68.2%; 0%), fatigue (63.6%; 0%), diarrhea (50.0%; 0%), headache (45.5%; 0%), cough (45.5%; 0%), nausea (40.9%; 0%), injection site reaction (40.9%; 0%), decreased appetite (36.4%; 4.5%), anemia (31.8%; 13.6%), and lymphopenia (18.2%; 18.2%). Broken down further, in terms of CRS, 54.5% of cases were grade 1 and 13.6% were grade 2; grade 1 or 2 ICANS occurred in 4.5% and 4.5% of patients, respectively.

    Moreover, 40.9% of patients experienced any-grade infections; 2 cases were grade 3, with one patient experiencing gastroenteritis Escherichia coli and the other experiencing a skin infection. The most common infections included upper respiratory tract infection (27.3%), Candida infection (13.6%), and urinary tract infection (9.1%).

    What was learned about response and PFS with elranatamab plus iberdomide in myeloma?

    “It is clear that the responses occurred early and continue to deepen over time. Even with a short follow-up on the DL-1, there are already several patients who have, in fact, achieved complete remission. For the DL1 patients who achieved remission, [they] continue to sustain that remission,” Suvannasankha explained. “Patients who stopped therapy include those who had very early progression, who were not even able to start the combination and already passed away from progression of disease, patients who had pancreas cancer, and also patients who progressed and eventually died from the cancer. Two patients discontinued therapy for other reasons unrelated to progression, and they continue to enjoy remission.”

    What is next for MagnetisMM-30 and elranatamab plus iberdomide in this disease?

    The study is ongoing and continues to recruit patients for part 2. “[We] aim to incorporate a larger number of patients and also evaluate different dose and schedule of elranatamab and iberdomide to try to balance efficacy and toxicity,” Suvannasankha concluded.

    Disclosures: Suvannasankha serves in a consultancy role for Karyopharm, Bristol Myer Squibb, GlaxoSmithKline, Regeneron, Sanofi, Jannsen, and Janssen Oncology. Research funding was provided by Bristol Myers Squibb, Regeneron, GlaxoSmithKline, Pfizer, Janssen, Janssen Oncology, and Sutro.

    References

    1. 1.Suvannasankha A, Kaufman JL, Badros A, et al. Safety and efficacy of elranatamab in combination with iberdomide in patients with relapsed or refractory multiple myeloma: results from the phase 1b MagentisMM-30 trial. Presented at: 2025 ASH Annual Meeting; December 6-9, 2025; Orlando, FL. Abstract #100.
    2. 2.FDA grants accelerated approval to elranatamab-bcmm for multiple myeloma. FDA. August 14, 2023. Accessed December 6, 2025. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-elranatamab-bcmm-multiple-myeloma
    3. 3.Lesokhin AM, Tomasson MH, Arnulf B, et al. Elranatamab in relapsed or refractory multiple myeloma: phase 2 MagnestisMM-3 trial results. Nat Med. 2023;29(9):2259-2267. doi:10.1038/s41591-023-02528-9
    4. 4.Tomasson MH, Ida S, Niesvizky R, et al. Long-term survival and safety of elranatamab in patients with relapsed or refractory multiple myeloma: Update from the MagnetisMM-3 study. Hemasphere. 2024;8(7):e136. doi:10.1002/hem3.136

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  • Cannabis use and ECG changes in people with HIV; DoxyPEP and STI incidence in HIV PrEP users

    Cannabis use and ECG changes in people with HIV; DoxyPEP and STI incidence in HIV PrEP users

    Cannabis use not tied to ECG changes in HIV-positive population

    Cannabis use showed no significant association with electrocardiogram (ECG) abnormalities in people with HIV infection, although women had higher odds of abnormal ECG findings than…

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  • East Lancashire Hospital Trust issues warning over winter flu

    East Lancashire Hospital Trust issues warning over winter flu

    North West NHS bosses have issued a winter flu warning as cases and hospital admissions rise in the lead up to Christmas.

    They said the region was facing an unprecedented wave with the latest data showing an average of 295 people were in hospital…

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  • Zheng Qinwen dazzles on another Vogue China cover

    Zheng Qinwen dazzles on another Vogue China cover

    More than a year after making history as the first athlete, male or female, to grace the cover of Vogue China, Zheng Qinwen is back in the magazine’s spotlight for the December 2025 issue.

    The Olympic champion bettered…

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  • Reimagining Old IT Equipment Before It Becomes Waste: How Business Can Turn Obsolete IT & Laptops into Opportunity

    Reimagining Old IT Equipment Before It Becomes Waste: How Business Can Turn Obsolete IT & Laptops into Opportunity

    Businesses can turn a looming wave of old tech into a powerful driver of impact and climate action by rethinking what happens to their Windows 10 devices. As support for the operating system ends, companies face a choice between scrapping millions of usable machines or putting them back to work for people and communities who are currently locked out of the digital world.

    Almost half of all Windows computers still run Windows 10, including millions used in UK businesses, leaving many devices at risk of becoming obsolete overnight as official support falls away and cyber risks rise. For IT and sustainability leaders, this is more than a technical upgrade issue. The way these assets are handled will shape corporate Scope 3 emissions performance and trust with stakeholders who are paying increasing attention to how businesses manage their social and environmental footprint.

    Within this context, the European Week for Waste Reduction in November created a timely reminder for companies looking to demonstrate that they take a genuinely circular approach.

    SocialBox.Biz, a UK based community interest company, is a leading initiative putting this approach into practice. It works with businesses to collect surplus laptops and IT equipment, install open-source software and redistribute the devices through national charity partners. This relatively simple switch in thinking reframes redundant laptops from before becoming waste liabilities into tools that help people learn, find work and stay connected. For example, rather than defaulting to recycling or IT disposal in the City of Westminster in London and beyond, Socialbox.biz is leading a growing movement to prioritise local reuse, keeping equipment in circulation for longer and maximising its social value.

    The personal story of SocialBox.Biz founder Peter Paduh, who arrived in the UK as a Bosnian child refugee, underscores why this matters. Receiving an old computer was a turning point that enabled him to study, apply for jobs and integrate into British society. That lived experience now underpins a model that allows today’s businesses to open similar doors for others with equipment they no longer need.

    From “old kit” to lifeline
    Partner organisations include Age UK branches, the Passage and the C4WS Homeless Project, who use repurposed devices to support people experiencing homelessness, older adults and others at risk of social exclusion. One beneficiary, Elaine, received a donated laptop while rebuilding her life after homelessness and was then able to enrol in college and continue her studies. Stories like this bring to life the human impact hidden inside corporate IT cupboards.

    Access to a working computer and the internet is now a basic requirement for participation in modern life, from applying for jobs and housing to accessing healthcare and public services. When businesses treat devices as disposable, those already facing disadvantage are often hit hardest by the resulting digital divide. Local reuse models help close this gap in ways that respond to specific community needs and build resilience.

    SocialBox.Biz highlights a particular demand for Chromebooks and larger screen MacBooks that can better serve older recipients and people with visual impairments. This emphasis on matching devices to users reinforces an important principle for any just and inclusive transition. Solutions must be designed with, not simply for, the people they aim to support.

    Climate gains companies can count
    Recycling will always play a role in responsible end of life management, but for many IT assets disposal it is far from the most sustainable first option. In the UK, the absence of dedicated IT smelters means that devices are often transported over long distances for energy intensive processing. By contrast, local reuse keeps value in the community, cuts transport emissions and makes better use of the embedded carbon already spent on manufacturing.

    “Call Before You Scrap It” Campaign
    SocialBox.Biz’s “Call Before You Scrap It” campaign captures this logic with a simple behavioural nudge to facilities, IT and procurement teams. Before equipment is consigned to recycling, staff are encouraged to ask whether it could instead be safely wiped, refurbished and passed on. In practice, this one extra step can shift a company’s relationship with its hardware from linear to circular.

    For companies seeking to strengthen their corporate impact story, structured reuse programmes create benefits across environmental, social and governance pillars. Environmentally, they cut emissions and waste. Socially, they drive digital inclusion for groups such as refugees, people experiencing homelessness and older adults, offering a lifeline at moments of acute vulnerability. From a governance perspective, partnering with specialist organisations can help ensure data security, regulatory compliance and transparent reporting.

    Build a culture that sees social impact as part of everyday business
    SocialBox.Biz supports corporate partners with tailored impact plans, communications materials and case studies, which can feed into annual reports and stakeholder engagement. Beyond formal reporting, involving employees in identifying surplus devices, supporting donation drives or mentoring beneficiaries can build a culture that sees social impact as part of everyday business, not a peripheral add on.

    The question is whether companies use this moment and the end of support for Windows 10 devices to reinforce a throwaway culture or to build new forms of partnership that keep technology, opportunity and carbon value in circulation for longer.

    For more information and to participate (even companies without access to items at this time can still participate in the Socialbox.biz impact plans.

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  • Defiant West Indies secure draw against Black Caps in Christchurch

    Defiant West Indies secure draw against Black Caps in Christchurch

    (Web Desk) – Justin Greaves made an unbeaten 202 in a 230-run partnership with Kemar Roach as the West Indies won an endurance contest against a threadbare New Zealand attack Saturday to draw the first test after…

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  • Champions Cup: La Rochelle 39-20 Leicester – Six-try La Rochelle power past Tigers

    Champions Cup: La Rochelle 39-20 Leicester – Six-try La Rochelle power past Tigers

    La Rochelle: Leyds; Niniashvili, Seguret, Seuteni, Favre; West, Berjon; Kaddouri, Latu, Sclavi, Lavault, Kante Samba, Jegou, Botia, Alldritt.

    Replacements: Lespiaucq, Wardi, Atonio, Dillane, Andjisseramatchi, Couillaud, Jurd, Bollengier.

    Leicester…

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  • Apple’s chip chief might be the next exec to leave

    Apple’s chip chief might be the next exec to leave

    Bloomberg’s Mark Gurman is reporting that Johny Srouji, senior vice president of hardware technologies, told Tim Cook he is “seriously considering” leaving Apple for another company in the near future. It was reported in October that Srouji…

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