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INVESTMENT HIGHLIGHTS...3\nII. THE ENTERPRISE STORAGE ROMAN CANDLE...8\nIII. IGNORE THE FLASH FEVER DREAM; HDDS RULE AT HYPERSCALE...9\nIV. EXCITEMENT AROUND THE HYPERSCALER SOFTWARE OPPORTUNITY IS OVERDONE...22\nV. PROSPECTS FOR PURE'S CORE PRODUCTS ARE UNINSPIRING...25\nVI. WE SEE WARNING SIGNS IN PURE'S FINANCIALS...27\nVII. VALUATION...29\nVIII. 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HDDs dominate at hyperscale because the math just works. There is a massive disconnect between the Pure marketing message that flash will displace HDDs in the data center and reality. 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With well over $3 billion in LTM revenue, we believe Pure should trade at peer company profit multiples based on its current margin structure as opposed to some theoretical scenario where it magically achieves NetApp's vastly superior margin profile. Analysts need to come to terms with the fact that Pure simply may not have the operating leverage they wish it had. Thus, valuing Pure's consensus CY2026 EBITDA at NetApp's 10x multiple yields 60% downside. 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For much of the past three years, consensus revenue estimates have aligned with Pure's guidance, and the company has usually posted modest 1-2% beats, not much different from this quarter's 2% outperformance. Pure management also modestly increased its FY2026 revenue guidance by 3%, which sounded more like management correcting for excess conservatism due to macro concerns when their initial guidance was released in May than any newfound growth. And despite the revenue beat and raise, neither the recent quarter nor revised guidance showed any signs of long-awaited operating leverage. In fact, very little of what Pure disclosed contained any confirmatory data points surrounding the major elements of the bull thesis. Some of the strength came from Pure's niche Portworx offering, and management largely evaded an analyst question regarding Series//E traction. Commentary regarding Meta merely met previous guidance, and management was noticeably conservative and noncommittal as it regards new hyperscaler wins. While Pure may not be saddled with public sector exposure like its peers, it remains stagnant in the AFA market, where NetApp reported it gained the #1 position in Q1 based on IDC data. And speaking of NetApp, investors who believe Pure is alone in disrupting enterprise storage should listen to the NetApp earnings call, as the CEO reviews of customer wins were virtually identical with the exception of NetApp deriving more substantial benefits and traction from AI-centric applications. 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Pure’s pricing obviously includes the embedded cost of its Purity operating software. Since this is required to run Pure AFAs, we include the fully loaded cost. 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Moreover, there is significant complexity and variability depending on geographic location, target", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:24.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7041e49-2a8d-4710-b5a2-6e6f4c629a2b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Cost Multiple to HDDs: 5.9x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8690-a5f91eeb682b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.12, "y": 0.8 }, "kind": "source-note", "text": "Source: Solidigm, Kerrisdale analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Not surprisingly, the industry isn’t standing still. NVIDIA is driving the adoption of a new 800V high voltage direct current (HVDC) data center power architecture. In short, 800V HVDC involves converting 13.8kV AC grid power directly to 800V HVDC at the data center perimeter using industrial-grade rectifiers, thus eliminating most intermediate conversion steps. At the rack level, a significant reduction in the number of power supply units and their associated power requirements, cabling, and cooling infrastructure will free up rack space, reduce power and equipment costs, and enable higher density configurations. With 800V HVDC expected to roll out in 2027, data center architects will be relieved of some of the stress around power, and Pure may lose one of its major marketing messages.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:30.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d0ce0a5-5e00-4be3-8ee5-20b7b80efe80", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.11, "y": 0.83 }, "kind": "paragraph", "text": "Anyone who speaks with a member of the pro-flash camp will inevitably encounter the access density argument for the superiority of SSDs. Access density refers to the ratio of the number of input/output operations per second (IOPS) that a drive can handle to its physical storage capacity (measured in terabytes or gigabytes). It’s essentially a way to measure how many I/O requests a storage device can serve relative to the amount of data it can store. As the argument goes, HDD IOPS are constrained by the standard platter speed of 7,200 RPM; thus, as HDDs increase in capacity, by definition, they experience declining MBps/TB. This is a well-known", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:30.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f152062-b4c3-45dc-9c5e-bee000a20fa9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "workloads, data infrastructure, engineering biases, and proprietary techniques. While not perfect and full of necessary generalizations, we believe it is directionally correct and, at the very least, represents the most detailed analysis put forth for investor discussion. Based on our analysis, HDDs have an approximate 5-6x TCO advantage for this implementation. Our results are broadly consistent with TCO feedback we received from two current and former data storage architects at leading hyperscalers. Does Pure offer the potential to achieve meaningful reductions in power and space? Yes, but the resultant cost savings are largely immaterial when compared to acquisition costs. Finally, we also dismiss the oft-stated pro-flash argument that the effective HDD-to-flash tipping point lies at a 3x price premium rather than something closer to parity. Considering data centers spent about $13.5 billion on HDDs last year, this spurious argument suggests they would be happy to spend an incremental $27 billion for “performance” that practically speaking is not necessary.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:30.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c79666ee-ba43-4976-8ea9-8c51eacc3c28", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 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That trend seems to be continuing.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:24.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "408ba644-5a09-4ca1-abc3-71b4bba8665e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.64 }, "kind": "quote", "text": "Inferencing does require low latency storage, but it's not a done deal that that storage will have to sit on SSDs.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:24.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41f7be37-f4de-4100-9d26-d61dccbb6461", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Spinning hard drives are very efficient way to do this and they provide adequate bandwidth when you gang them together. Over time in training environments, it went from all flash to mostly hard drives with some flash. That trend seems to be continuing.\" — Director of Hardware Engineering at Meta (Tegus); \"Inferencing does require low latency storage, but it's not a done deal that that storage will have to sit on SSDs.\" — Data storage product manager at leading hyperscaler; \"They are very much putting hard drives in the network attached dedicated storage servers where they need lots and lots of cheap capacity...there's a reasonable case to\" — Unattributed source.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, 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"paragraph", "text": "As discussed in our recent analysis of Seagate, a high-level analysis of flash production economics suggests meaningful displacement of HDDs in the data center is unlikely. Over the past ten years, flash production has been 9x more capital intensive than HDD manufacturing, and data presented by SanDisk shows exabyte capacity growth is becoming more expensive to come by. As a result, the industry would need to invest an incremental $200 billion to build the capacity to displace anticipated HDD exabyte shipments in 2027. And if the flash industry agreed with Pure's outlook, it would certainly be taking action now to ramp capacity. However, thus far in 2025, all major flash suppliers have been cutting production and are expected to exercise continued supply discipline through the end of the year. Strong AI server demand (the bigger consumer of flash compared to storage) has been offset by weak consumer storage demand. Additionally, major supplier SanDisk sees a normalization of growth rates across all segments in 2026, which suggests they are not swayed by Pure's vision of HDD displacement. Similarly, in its recent FQ2 2025 earnings presentation, Micron noted that, despite the recent qualification of its G8 QLC for Pure's 150TB DFM, it is also addressing current NAND fab underutilization by pursuing a 10% structural reduction in flash wafer capacity exiting 2025. Another headwind to flash capacity expansion is the explosion in demand for HBM to support GPUs. Two of the largest flash suppliers. SK hynix and Micron, are also leading suppliers of high performance DRAM. They are shifting capacity away from flash to DRAM given its more attractive growth prospects and profitability. Finally, the flash industry serves many masters, perhaps the largest being Apple. iPhones may consume as much as 20% of total flash, and memory requirements for Apple Intelligence have nearly doubled to 7GB from initial capacities, driving demand for higher memory capacity SKUs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:26.589+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25fae20b-ea4b-4b9d-91ff-ad832dd999b2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.118, "y": 0.09 }, "kind": "quote", "text": "be made that the majority of network attached storage for AI that's out there in the world is still on hard drives today. We'll have fairly technical conversations with folks building AI clusters... they just don't think that deeply about storage...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:26.589+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9822269f-efae-4cb0-b129-891cec5823fc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We'll have fairly technical conversations with folks building AI clusters, and even if we can make a case 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Few put it past Meta to eventually develop its own solution off the back of Pure’s hard work.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8691-a09112c0c35c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "workloads have already adopted VAST Data. The emergence of these players may be one reason why Pure has been relatively muted on its AI opportunity (and we discuss another below). Pure's software is performing a relatively limited set of functions that, while important to manage the inherent limitations of QLC, are not foreign to the industry. 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If you give me a couple of months, it won't be. 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They're all scared of companies like VAST and WEKA", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:27.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5e1eba4-ba42-4d51-b969-72453f9c160a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I gave you only a handful of things that really need to be addressed...if you go inside [the large storage OEMs], they're all scared. They're all scared of companies like VAST and WEKA\" — Executive at VAST Data and former Pure employee; \"Right now [Pure] is differentiated. 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In truth, Pure's marketing punches way above its weight, as the company's stagnant share is about equal with Dell, IBM, and NetApp.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:26.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44b30492-0316-493c-ac80-7cd734293955", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.18 }, "kind": "quote", "text": "It will be interesting over the six to nine months to see how the software responds to the scale that Meta wants... At what point do I become beholden to Meta for my engineering path because of this deal?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:26.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c997c4e5-22af-42ff-8eab-f53cf0755a4a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It will be interesting over the six to nine months to see how the software responds to the scale that Meta wants and that Pure is talking about because it's never been run at a fraction of the scale they're talking about. Pure doesn't know what's gonna happen when it reaches that scale. [It] would concern me that I have this customer consuming my software at a scale that none of my other customers do...that I now need to devote significant engineering time to serve that. And I'm going to be coming up with code that is not relevant to 99% of my customer base. At what point do I become beholden to Meta for my engineering path because of this deal?\" — CTO at storage system competitor", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6ab-8fd37c3306e8", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.3, "x": 0.1, "y": 0.83 }, "kind": "source-note", "text": "Source: Pure Accelerate 2024 presentation, Citi", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Prospects for Pure's Core Products are Uninspiring", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:26.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d79e7a27-f076-4d75-b164-ff5c04b77823", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "93815863-af6a-463f-8ee6-1048f9143c23", "evidence": "The slide explicitly frames the subject (Pure) as having 'uninspiring' prospects and 'stagnant' share, contrasting it with competitors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:44:26.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "villain_critique" } ], "arcBeats": [], "loops": [ { "to": 32, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "f175e9df-40bd-4f68-b964-eed15e12ff5a", "evidence": "The document highlights the risks of investing in Pure Storage", "position": 0, "objective": "To highlight the risks of investing in Pure Storage", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:41.719283+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 26, "type": "analysis", "title": "Contains multiple expert testimonials/quotes used to support the investment thesis.", "function": "analyze_data", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": null, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 4197, "nDataPoints": 0, "notes": "Contains multiple expert testimonials/quotes used to support the investment thesis.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:27.734+00", "seconds": 4.719, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-491cf8c853e8/26", "deck": "/decks/019dd923-622c-750b-8b98-491cf8c853e8", "deckAnchor": "/decks/019dd923-622c-750b-8b98-491cf8c853e8#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b98-491cf8c853e8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Pure is relatively poorly positioned to capitalize on the two largest technology themes of the day: the cloud and AI.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8692-1689006e98eb", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "In our research, perhaps the only enterprise storage vendor that elicited much talk of positive momentum is NetApp. The company is pushing hard in the AFA market, which can get lost in NetApp’s reported results given its large slow-growth legacy hybrid systems business. Although Pure has placed appliances at leading hyperscalers on behalf of clients for private cloud deployments, NetApp is arguably the only OEM that has achieved material hyperscaler penetration with its AFAs, thus enabling dramatically better public cloud integration. NetApp also excels at the full range of workloads. Finally, Pure isn’t the only AFA vendor with differentiated software. NetApp’s ONTAP operating software has emerged as a strategic advantage.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07253932-842a-4399-9dcd-3f27732c651e", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "Concerningly, Pure is relatively poorly positioned to capitalize on the two largest technology themes of the day: the cloud and AI. To the extent enterprise workloads continue migrating to the cloud, Pure’s enterprise business begins to resemble a melting ice cube. We believe many in the investor community assume that just because Pure offers high performance, all-flash solutions that it must be an “AI play”. To the contrary, Pure’s historic strength has been in the handling of structured data – that is, block storage run on appliances employing VMware virtualization that benefit from services such as data deduplication and compression where Pure excels. Virtually every industry participant we interviewed highlighted that Pure has been constrained by its relatively poor performance with unstructured data. AI applications are dominated by unstructured (file and object) data, which explains why Pure is conspicuously absent from the AI-related press release parade. We estimate that exposure to these two themes likely contributes less than a quarter of total revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60951af0-4fcf-48f9-bd63-ea95ed9bf3f4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "undeniable force of incumbency. The hardware element of the business has long since commoditized, and as one former Pure employee put it, “it’s all knife fights in phone booths... you’re not really taking share any longer; you’re just trading share amongst those three primary players.” An enterprise IT reseller with whom we spoke was even more somber.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74ee84c6-18bf-45c3-a091-dea40579c263", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.84 }, "kind": "quote", "text": "“The problem with Pure has always been unstructured data...especially compared to VAST which started from unstructured data...” - Data storage product manager at leading hyperscaler", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14637306-1839-44ff-8a5b-b6b771e4d4c3", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.78, "x": 0.11, "y": 0.44 }, "kind": "quote", "text": "“[Pure was] beating up NetApp. I’ve heard this from my friends at NetApp. Then NetApp did something brilliant. They [licensed] their ONTAP code very attractively to Amazon and the other hyperscalers. So Amazon was the first to actually build out [a hybrid cloud] FSx solution. We live in a hybrid world today, right? When FSx came out, that’s when I noticed NetApp being competitive again against Pure. They made it very easy to snapshot data from on-prem to the cloud and from the cloud to on-prem. They crushed it. That was something that Pure was lacking.” - Former data storage architect at AWS", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6348db03-68bf-43ed-b4b6-cc998c10187a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.18 }, "kind": "quote", "text": "“You can quote it from all three of those vendors, Dell, Pure, and NetApp and get a similar solution with a similar price. So, you’re looking at Toyota, Honda, and Nissan, right? They’re really close.” - Field CTO at IT reseller/integrator", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d55f47f8-faf2-49a1-877d-0e463b83a845", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"it's all knife fights in phone booths... you're not really taking share any longer; you're just trading share amongst those three primary players.\" — Former Pure employee; \"You can quote it from all three of those vendors, Dell, Pure, and NetApp and get a similar solution with a similar price. So, you're looking at Toyota, Honda, and Nissan, right? They're really close.\" — Field CTO at IT reseller/integrator; \"[Pure was] beating up NetApp. I've heard this from my friends at NetApp. Then NetApp did something brilliant. They [licensed] their ONTAP code very attractively to Amazon and the other hyperscalers... They crushed it. 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Yet, as enterprise IT spending has normalized, Pure's revenue growth rates have resumed a troubling decline.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8691-8debf34449e0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.11, "y": 0.79 }, "kind": "paragraph", "text": "Pure was seeing declining revenue growth rates, particularly in its product segment, before receiving a solid boost from COVID. Yet, as enterprise IT spending has normalized, Pure's revenue growth rates have resumed a troubling decline.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:29.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae221c7d-0245-4306-8ff6-8409f91b4110", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.44 }, "kind": "paragraph", "text": "Finally, we don't view Pure's storage as a service offering, Evergreen//One, as differentiated, as all meaningful competitors have developed a similar product.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:29.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e54b9b04-06b2-43d3-858b-0cd312fcc242", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.68 }, "kind": "paragraph", "text": "Moreover, we fail to see how the Evergreen//One offering is attractive to any customers who are not already using Pure on-premise, which dramatically limits the addressable market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:29.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecabf156-a1be-405a-89b7-328c271540f8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.26 }, "kind": "quote", "text": "It's somewhat mainstream to take software and run it on whatever conventional server platform they already have. So that flexibility doesn't exist with Pure...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:29.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14699b9e-cbe6-47ca-a6cc-041bba207988", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.1 }, "kind": "quote", "text": "There's a lot of headwinds for an enterprise-only focused block storage provider... Pure just cannot scale the same as others.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:29.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d70fc6ad-33a8-48ab-b62c-85318ca77ae4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.11, "y": 0.55 }, "kind": "quote", "text": "For the small to mid-size enterprises, they're not necessarily clamoring for 128 terabytes in one drive. They can do just fine with less capacity...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:29.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa33b2a1-7460-41b1-af13-93d58eeaa418", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"There's a lot of headwinds for an enterprise-only focused block storage provider...The enterprise block market is static... it's not growing nearly as fast as the unstructured data market.\" — Executive at VAST Data and former Pure employee; \"It's somewhat mainstream to take software and run it on whatever conventional server platform they already have. So that flexibility doesn't exist with Pure\" — Executive at DDN and former Pure employee; \"For the small to mid-size enterprises, they're not necessarily clamoring for 128 terabytes in one drive. They can do just fine with less capacity\" — Marketing executive at SSD supplier Solidigm", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8691-93f8436152ff", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.11, "y": 0.75 }, "kind": "title", "text": "VI. We See Warning Signs in Pure's Financials", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:29.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76a39377-af92-44da-a15c-234e5142dcc3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 31, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", 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You understand and agree that Kerrisdale does not have any investment advisory relationship with you and does not owe fiduciary duties to you. Giving investment advice requires knowledge of your financial situation, investment objectives, and risk tolerance, and Kerrisdale has no such knowledge about you. In no event shall Kerrisdale and the Authors be liable for any claims, losses, costs or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or consequential damages, arising out of or in any way connected with any information presented in any Kerrisdale report. This limitation of liability applies regardless of any negligence or gross negligence of Kerrisdale and the Authors. 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Also, this document does not in any way constitute an offer or solicitation of an offer to buy or sell any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction. To the best of the Authors' abilities and beliefs, all information contained herein is accurate and reliable. The Authors reserve the rights for their affiliates, officers, and employees to hold cash or derivative positions in any company discussed in this document at any time. As of the original publication date of this document, investors should assume that the Authors are short shares of the Covered Issuer and stand to potentially realize gains in the event that the market valuation of the company's common equity is lower than prior to the original publication date.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:28.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed9fb8e2-dd9b-418d-9417-b10db4051a71", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.47, "x": 0.265, "y": 0.945 }, "kind": "other", "text": "Kerrisdale Capital Management, LLC | Tel: 212.792.7999 | info@kerrisdalecap.com", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:28.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11991c88-d892-47e1-b86f-99fd6a68a4bc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 35, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 3, "textChars": 1144, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:28.932+00", "seconds": 4.522, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-491cf8c853e8/35", "deck": "/decks/019dd923-622c-750b-8b98-491cf8c853e8", "deckAnchor": "/decks/019dd923-622c-750b-8b98-491cf8c853e8#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b98-491cf8c853e8.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.24 }, "kind": "disclaimer", "text": "You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to this report or related material must be filed within one (1) year after the occurrence of the alleged harm that gave rise to such claim or cause of action, or such claim or cause of action be forever barred.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:28.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "139f7a2b-1b39-47be-a8d1-105128f1246f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "disclaimer", "text": "The failure of Kerrisdale to exercise or enforce any right or provision of this Full Legal Disclaimer shall not constitute a waiver of that right or provision. If any provision of this Full Legal Disclaimer is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and that the other provisions of this Full Legal Disclaimer remain in full force and effect, in particular as to the governing law and jurisdiction provision.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:28.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3389da4-ca5c-43b3-84ea-550a426fa34a", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "disclaimer", "text": "You agree that any dispute between you and Kerrisdale or the Authors arising from or related to this report or viewing the material presented herein shall be governed by the laws of the State of Florida, without regard to any conflict of law provisions.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:28.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd7511b9-faee-42d4-ac03-c11b24a2fd2d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 5, "to": 9, "label": "Villain Critique", "description": "The document critiques Pure Storage's growth prospects and valuation" }, { "from": 10, "to": 11, "label": "Expose Contradiction", "description": "The document exposes contradictions in Pure Storage's TCO analysis" }, { "from": 11, "to": 23, "label": "Preempt Rebuttal", "description": "The document preempts potential rebuttals to its arguments" }, { "from": 26, "to": 31, "label": "Research Note", "description": "The document presents research notes on Pure Storage's competitive positioning and financials" }, { "from": 32, "to": 32, "label": "Closing Ask", "description": "The document concludes with a clear ask to sell Pure Storage" } ], "loops": [ { "from": 5, "to": 32, "label": "Cost Of Inaction", "description": "To highlight the risks of investing in Pure Storage" }, { "from": 10, "to": 23, "label": "Quick Win Big Bet", "description": "To present an alternative view to Pure Storage's TCO analysis" } ] }