Back in December, the market was punishing Pure Storage (NYSE: PSTG) due to some short-term accounting effects distorting the way its reported metrics reflected the true growth of the business. I thought the stock looked like a compelling value.

While it hasn't been the highest-growth bet on the new digital memory demands of artificial intelligence (AI) systems (way to go, Micron), Pure Storage has been making some waves, rising by more than 50% so far in 2024. Is it still a great set-it-and-forget-it buy for the long term?

Pure Storage competes in the data center and enterprise server market against companies like Dell and Hewlett Packard Enterprise. NetApp's subscription data storage model is more similar to Pure Storage's. However, while these other companies offer somewhat diversified lineups of computing and memory hardware types, Pure Storage is specifically dedicated to high-performance, flash-memory-based server storage solutions.

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Source Fool.com