Dec. 5 at 4:49 AM
$PSTG
Breaking: At the UBS Global Technology & AI Conference on Dec 4, Pure Storage CTO Rob Lee shared incremental detail beyond the Dec 2 earnings headlines. UBS still rates PSTG “Sell” with a
$60 target, yet hosted Pure on its AI stage, keeping valuation debate alive. New UBS-day highlights: (1) alternative hyperscaler business models are being discussed with both the current flagship customer and other potential hyperscalers; (2) today’s hyperscaler royalty margins are very high but could move closer to company averages as new structures expand revenue; (3) Pure does not intend to become a full NAND sourcing shop; (4) ~80–90% of hyperscaler integration IP is reusable, potentially speeding future wins; (5) large enterprises are using virtualization changes to jump to Kubernetes, where Portworx becomes a natural fit; (6) signs of selective cloud repatriation and EDC-driven C-suite engagement support broader enterprise upside. Not investment advice.
