P → $500.00 by May 25, 2029.

Everyone thinks Pure Storage / Everpure is just a boring enterprise storage company. That’s the opportunity. This thing is not a commodity NAND trade. They are not just reselling SSDs and praying NAND prices go up. Pure sells a software-defined flash storage platform with proprietary DirectFlash modules and Purity software sitting on top. That is why gross margins are around 70%+. For a “hardware storage company,” that is insane. Those are much closer to software/platform margins than commodity component margins. …