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  "documentTitle": "Pure Storage, Inc. (PSTG)",
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  "notes": "The slide uses a SanDisk chart to critique Pure Storage's reliance on Moore's Law as a guarantee for future cost reductions.",
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      "text": "To make matters worse for Pure, flash industry cost scaling is slowing.",
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      "text": "To make matters worse for Pure, flash industry cost scaling is slowing. Pure CEO Giancarlo often invokes Moore's Law and the flash industry's historical 30% compound annual cost reductions to suggest they are a foregone conclusion.",
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      "text": "Pure also has a history of creating false expectations around the impact of short-term declines in flash pricing. As CEO Giancarlo stated on Pure's Q3 FY2023 earnings call...",
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      "text": "“the layers race has ended” — SanDisk; “Overall, a good thing for us. It allows us to go after more of the disk market. One of the things that's very different this time around is that these – this round of NAND reductions is going to make flash, especially with our products on the QLC side with FlashArray//C and S much more competitive with pure disk-based products.” — Pure Storage CEO Giancarlo",
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      "text": "Source: SanDisk",
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      "text": "SanDisk Shows Flash Capacity Growth is Becoming More Expensive",
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