Seagate's CEO, Bill Watkins, said that the company is investing "a lot of money" into what the company thinks will be the next-generation memory technology after MLC.
Bill says that the 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". The company is looking at several technology, and says it will not develop flash products as it "doesn't pay".
Seagate also recently posted a job opening for an MRAM engineer, which makes it quite clear that the company is indeed at least interested in MRAM technologies.