May. 8 at 2:22 PM
$P is one of my newer positions.
The market still doesn’t fully price what it’s building. At its core, it’s taking NAND and reshaping it into an enterprise data infrastructure layer.
It’s quietly sitting underneath a lot of AI/HPC demand—making data storage, movement, protection, and governance more unified, while also speeding up GPU cluster access for compute-heavy workloads. For hyperscalers, it effectively adds a dense flash layer right where bottlenecks usually form.
Financials are starting to catch up. The company just crossed its first
$1B revenue quarter, subscription ARR is nearing
$2B, RPO is up 40%, and free cash flow is over
$600M, while still guiding to high-teens growth.
Feels like a data infrastructure layer slowly coming into focus.
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