There are a lot of battles brewing in tech, and most of them have been outlined on these pages. You have Microsoft ( MSFT) vs. Google ( GOOG) (and now Sun Microsystems ( SUNW)) in software and search; you have Sirius ( SIRI) vs. XM Satellite ( XMSR) in satellite radio, then you have Sirius and XM Satellite vs. the broadcast radio world, and you have competing high-definition DVD standards, Blu-Ray and HD-DVD. All these battles will be waged over the coming months and years, and have no clear winner. However, the Street appears to have chosen, prematurely, a winner in another battle -- flash memory vs. hard drives -- and that has created an opportunity to take the other side of the trade. Shares of flash makers such as SanDisk ( SNDK) are clearly outperforming those of hard-drive makers such as Seagate Technology ( STX). In fact, SanDisk has doubled since July, while Seagate is down 18% during the same period. This underperformance of hard-drive makers has created a compelling entry point in Seagate, which was recently trading at $15.88. Seagate is my top pick in the hard-drive space because it is the cheapest in the sector, and it often beats its competitors to market with new products. With the stock down 8% year to date and 25% off of its 52-week high, Seagate is trading at just 8 times forward earnings estimates vs. 10.5 times for competitor Western Digital ( WDC) and 30 times for SanDisk. This implies that investors don't expect Seagate to fall short of the 20%-plus EPS growth analysts are looking for over the next few years. It's trading at just a fraction of its growth rate, and that means value investors may begin to pick away. It is easy to hand the trophy in this battle to flash memory after Apple's ( AAPL) flash-based iPod nano created an immediate flash memory supply shortage. But hard drives have several critical advantages that could enable their makers to stretch the recent product cycle beyond 2005.