Seagate: We're putting a lot of money on next-gen memory technologies

Seagate says that they will not develop flash products as it "doesn't pay".

Seagate CEO Bill Watkins said - "We're putting in a lot of money into what we think will be the next technology after MLC - that technology would be something like a spin around magnetic RAM, it could be a phase shift type of process. I won't go into [details] because it's kind of proprietary but a lot of us are looking at different technologies at chip level," he added.

Via Silicon.com

Update - We happened to see an MRAM opening in Seagate. Guess we can assume there is at least some MRAM related work being done there...