By Callum Keown

Another dot-com era internet darling is back.

After Intel, Cisco, and Corning earlier this year, data storage company NetApp is the latest tech stalwart set to finally surpass its 2000 record high.

The shares jumped 16% to $165.50 ahead of the open Friday after the company exceeded expectations on earnings and revenue in its fiscal fourth-quarter results late Thursday. If the gains hold, the stock would surpass its previous record of $148.63 reached on Oct. 20, 2000.

"Throughout our history, NetApp has ridden wave after wave of change in the IT ocean," the company's history page reads.

True to its word, NetApp is now riding the AI wave.

The company reported record revenue, gross profit, operating income and cash flow in its fiscal year 2026. CEO George Kurian said NetApp's cloud intelligent data infrastructure platform was powering AI-driven transformations for its enterprise customers.

NetApp's full-year revenue guidance of between $7.3 billion and $7.6 billion was well above Wall Street's estimate of $7.2 billion. Adjusted earnings per share of between $8.70 and $9 also beat analysts' $8.54 consensus.

That has given investors confidence in NetApp stock and its ability to keep riding the AI wave.

But another dot-com era name reaching a record will undoubtedly make investors uneasy, and increase the talk of an AI bubble.

"Have we been knocked off our metaphorical surfboard from time to time? Of course." NetApp's history page adds.

Write to Callum Keown at callum.keown@dowjones.com

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May 29, 2026 07:17 ET (11:17 GMT)

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