Pure Storage Shares Rallied 23% Premarket After Announcing A Major AI Hyperscaler Deal

Benzinga

Pure Storage shares surged over 20% in premarket trading after announcing a contract with a “top four” AI hyperscaler and exceeding fiscal third-quarter estimates. The company raised its full-year outlook and issued strong fourth-quarter guidance. CEO Charles Giancarlo highlighted the groundbreaking deal, emphasizing its cost-effective, high-performance storage solutions that replace 90% of the hyperscaler's existing systems. Piper Sandler upgraded Pure Storage to overweight, and Wedbush raised its price target. Shares are already up 50% this year.

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00:00It's Benzinga bringing Wall Street to Main Street. Pure Storage shares surged over 20%

00:04in pre-market trading after announcing a contract with a top four AI hyperscaler

00:09and exceeding fiscal third quarter estimates. The company raised its full-year outlook and

00:14issued strong fourth quarter guidance as well. CEO Charles highlighted the groundbreaking deal,

00:19emphasizing its cost-effective, high-performing storage solutions that replaced 90%

00:24of hyperscalers' existing systems. Piper Sandler upgraded Pure Storage to Overweight

00:29and Wedbush raised its price target. Shares are already up 50% this year.

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