Wall Street just found its new crush, and it's not one of the usual suspects. Cue the dramatic AC/DC guitar riff and roll out Pure Storage Inc., the data storage company that just surged 21% before you were even out of bed thanks to stellar earnings and getting invited to sit at the cool kids table.

Pure Storage has long been the kid at the dance who quietly sips punch while Amazon, Microsoft, and Google have all the hot girls swooning over them. (Think Steve Urkel pre-transformation.) But this quarter, Pure decided to trade in its pocket protector for a varsity jacket.

The company reported Q3 adjusted earnings of $0.50 per share, crushing analyst expectations of $0.41. And revenue jumped up to $831.1 million, up 9% year-over-year and ahead of the $815 million Wall Street had penciled in. Oh, and let’s not forget the 22% growth in subscription services revenue to $376.4 million (because we all know that recurring revenue is Wall Street’s love language).

Pure Storage is also forecasting Q4 revenue of $867 million, again outshining consensus estimates of $856.9 million. For the full fiscal year, they’re aiming for $3.15 billion, topping the $3.13 billion analysts predicted. CFO Kevan Krysler summed it up best: “We’re the sh*t.” (Okay, he didn’t actually say that, but the numbers speak for themselves.)

The real jaw-dropper, though, was Pure’s announcement of a “design win” with an unnamed “top-four” hyperscaler for its DirectFlash tech. Translation: One of the tech giants just slid Pure a “You can sit with us” note in the cafeteria. CEO Charles Giancarlo called it a “vanguard moment,” because for the first time, a hyperscaler has chosen flash storage over clunky hard disks. Given that hyperscalers dominate 60-70% of global hard disk purchases, you could say it’s kind of a big deal.

While they’re keeping the hyperscaler’s name under wraps, you don’t need Sherlock Holmes to guess it’s likely one of the big boys: Amazon, Microsoft, Alphabet, or Meta.

Adding even more coal to the hype train, Pure Storage also upgraded its AI credentials (whatever that means). It certified its FlashBlade//S500 with NVIDIA's DGX SuperPOD and teamed up with CoreWeave to target AI-heavy workloads. In a world where AI is devouring data like Joey Chestnut at a hotdog-eating contest, Pure Storage is setting itself up to feast.

Wall Street analysts are predictably losing their minds. Piper Sandler upgraded the stock to overweight with a $76 target, and Wedbush tossed in a $75. (Apparently, no one had the guts to go for $77.) They’re hyped about the shift to flash storage as AI cranks up demand. But of course, there’s always a Debbie Downer. Bank of America analysts market it with a neutral rating, grumbling that the hyperscaler deal won’t make it rain until 2026.

But make no mistake about it. Pure Storage is up over 50% this year, and with this new secret partner, the AI credential upgrade, and its solid fundamentals, it’s officially a stock to watch. Is it a perfect play? Not quite. Margins are still a bit of a sore spot, and it’s competing in a fiercely contested space. But for now, Pure Storage is the cool kid everyone wants to hangout with after school.

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Stock.News has positions in Amazon, Microsoft, Google, and Meta.