From TheBearCave: Kerrisdale Capital says the company has “gone from disruptor to disrupted” and that its “core enterprise storage products face declining differentiation.”
Kerrisdale highlighted recent investments from NVIDIA and Google in VAST Data and wrote, “Despite its perception as a disruptive high-performance pure play, PSTG is poorly positioned to capitalize on cloud or AI infrastructure spend themes. NetApp is arguably better positioned for each, delivers superior profitability, and trades at half the price.” 9/7/25
Could be an interesting fundamentals pair trade, NTAP vs PSTG. Slopecharts says PSTG has outperformed since about 2020, but 2015 to 2017 NTAP was much stronger. 9/7/25
Kerrisdale Capital says the company has “gone from disruptor to disrupted” and that its “core enterprise storage products face declining differentiation.”
Kerrisdale highlighted recent investments from NVIDIA and Google in VAST Data and wrote,
“Despite its perception as a disruptive high-performance pure play, PSTG is poorly positioned to capitalize on cloud or AI infrastructure spend themes. NetApp is arguably better positioned for each, delivers superior profitability, and trades at half the price.” 9/7/25