The Rings of Power's Stoors inadvertently gave Gandalf his name. The Stoors were calling the Stranger "Grand-Elf" in the absence of having a name for him. Nori explained in the season 2 finale ...

Hearing the phrase “Grand Elf” unlocked something in The Stranger’s mind. When he got back to Tom Bombadil’s cottage he knew what he’d be known as on Middle-earth. “Gandalf.

The name Gandalf initially came from Men and literally translates to "Wand Elf." However, Rings of Power may have found a different (and rather fitting) source.

Perhaps less surprising is the journey of The Stranger, culminating in his realization that he is Grand Elf — Gandalf for short — the iconic wizard character from JRR Tolkien’s works.

She refers to him as a ‘great big Grand-Elf', a title that bears a striking resemblance to ‘Gandalf’, hinting at a possible connection to the iconic wizard.

So quite literally, his name means "Elf of the Wand ... were very important to Gandalf's development, as his affection for Hobbits plays a major role in the grand scheme of the story.