{ "docId": "019dd923-622c-750b-8b98-491cf8c853e8", "docSlug": "3b36a8e60d92", "documentTitle": "Pure Storage, Inc. (PSTG)", "authorId": "53_Kerrisdale_Capital", "authorName": "Kerrisdale Capital", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-09-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 23, "pageCount": 35, "prevPage": 22, "nextPage": 24, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "dense", "nDataPoints": 1, "notes": "Includes transcript excerpt and multiple expert quotes to undermine the bull case for Pure Storage.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-491cf8c853e8/23", "deckHref": "/decks/019dd923-622c-750b-8b98-491cf8c853e8", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-491cf8c853e8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-491cf8c853e8#slide-23", "components": [ { "bbox": null, "kind": "callout", "text": "While we acknowledge that Purity could theoretically slot into a hyperscaler technology stack with relative ease, the capabilities provided are narrow and replicable.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-fb90-708a-8691-d656523d682c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.7, "x": 0.16, "y": 0.68 }, "kind": "paragraph", "text": "Pure’s decision to license its software also shines a brighter light on the emerging threat from the ultra-high performance data infrastructure players such as DDN, WEKA, VAST Data, and Hammerspace. ... VAST Data’s recent financing discussions at a $30 billion valuation say a lot about their relative prospects.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5dd35048-c5c3-4254-bdff-6ed2d551508d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.16, "y": 0.09 }, "kind": "paragraph", "text": "Simon Matthew Leopold, Raymond James: “So first, a clarification. Charlie, I think you just said you are in Meta’s newest 24,000 GPU [AI cluster]. Charles H. Giancarlo, Pure Storage, Inc. – Chairman & CEO: “No. I said we’re in the RSC, which is 24,000.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ab2edb72-eeab-4644-a90b-13aea7ba0d17", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.7, "x": 0.16, "y": 0.24 }, "kind": "paragraph", "text": "While we acknowledge that Purity could theoretically slot into a hyperscaler technology stack with relative ease, the capabilities provided are narrow and replicable. Our conversations with several leading hyperscaler storage architects suggest that Meta was willing to license Purity because they have one of the less advanced technology stacks...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d6dd1ee7-6459-453a-ada6-8a7693e6c314", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.16, "y": 0.55 }, "kind": "quote", "text": "“Amazon will go there only if hell freezes over...they bought Anapurna Labs many years ago, and they do everything soup to nuts.” - Executive at DDN and former Pure employee", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1826619c-21e0-424f-92c0-30d735a7aade", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.16, "y": 0.45 }, "kind": "quote", "text": "“Meta is very, very aggressive, and they frankly do not have a mature system like the other hyperscalers. And so they’re trying to throw money at the problem. My personal opinion is the other three hyperscalers may not find that solution very attractive.” - Data storage product manager at leading hyperscaler", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "53983760-1d7f-4640-b6d3-a1dcea3006e1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.16, "y": 0.62 }, "kind": "quote", "text": "“If this was so amazing, why aren’t the other hyperscalers immediately biting?” - Executive at VAST Data and former Pure employee", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "91d05511-aa4f-4910-9935-33c775e4e362", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"So first, a clarification. Charlie, I think you just said you are in Meta's newest 24,000 GPU [AI cluster].\" - Simon Matthew Leopold, Raymond James; \"No. I said we're in the RSC, which is 24,000.\" - Charles H. Giancarlo, Pure Storage, Inc.; \"Meta is very, very aggressive, and they frankly do not have a mature system like the other hyperscalers. And so they're trying to throw money at the problem. My personal opinion is the other three hyperscalers may not find that solution very attractive.\" - Data storage manager at leading hyperscaler; \"Amazon will go there only if hell freezes over...they bought Anapurna Labs many years ago, and they do everything soup to nuts.\" - Executive at DDN and former Pure employee; \"If this was so amazing, why aren't the other hyperscalers immediately biting?\" - Executive at VAST Data and former Pure employee.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-fb90-708a-8691-db46d32532ed", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "6cc930bd-3542-4bfe-b2e8-697a907f6313", "evidence": "Use of expert quotes and analyst transcripts to validate the thesis.", "confidence": 0.9 } ], "arcBeats": [ { "to": 23, "from": 11, "beatId": "043f4323-8300-47cd-bd67-d0d7b1e3780a", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Preempt Rebuttal", "beatSlug": null, "evidence": "The document preempts potential rebuttals to its arguments", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 32, "from": 5, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "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", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 23, "from": 10, "name": "Quick Win Big Bet", "slug": "47-quick-win-big-bet", "bestFor": "Transformation planning, 100-day plans, resource allocation", "matchId": "7a3fb01b-6d25-4fa6-b338-aeb407c58cc3", "evidence": "The document presents an alternative view to Pure Storage's TCO analysis", "position": 1, "objective": "To present an alternative view to Pure Storage's TCO analysis", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "confidence": 0.6, "description": "Separate initiatives into immediate wins and longer-term strategic bets" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }