9 February 2026 | 5:26AM EST Equity Research AMERICAS TECHNOLOGY: SOFTWARE Addressing AI Disruption Debate Across SMID Coverage Software valuations have reset meaningfully as AI disruption concerns have moved to the center of the investment debate. In this note, we address those concerns directly for MongoDB, Rubrik, Nutanix and Procore – by applying a clear, repeatable AI Impact Framework to assess where AI is most likely to create risk versus opportunity. We evaluate each company across six focus dimensio ...

Company Overview - Procore Technologies, Inc. (NYSE:PCOR) is an enterprise software company that provides a cloud-based platform for managing project planning, site safety, and financial tracking in the construction industry [2]. Market Position and Competition - Procore is facing significant pressure from competitors who believe they can replicate its software offerings using AI technologies, such as Claude from Anthropic [1]. - Despite competition and concerns about soft construction demand, Procore has been able to secure new contracts and expand existing ones, particularly in non-residential segments like datacentres, manufacturing, and healthcare [2]. Financial Outlook - Procore is expected to see revenue growth re-accelerate towards high-teens percentage as overall construction demand improves and industry digitization drives technology adoption [2]. - The company is well-positioned to increase its market share in new geographies and segments, which could further enhance its growth prospects [2].

Core Viewpoint - Procore Technologies, Inc. (PCOR) is viewed positively due to its ongoing global and domestic expansion opportunities, maintaining a "Buy" rating for the company [1] Company Analysis - The company is actively finding ways to enhance its business operations, indicating a proactive approach to growth and market adaptation [1]

Core Viewpoint - Procore Technologies, Inc. (PCOR) is viewed positively due to its ongoing global and domestic expansion opportunities, maintaining a "Buy" rating for the company [1] Company Summary - The company is actively finding ways to enhance its business operations, indicating a proactive approach to growth and market adaptation [1]

Core Viewpoint - Credissential Inc. has had its management cease trade order revoked by the Alberta Securities Commission, allowing unrestricted trading of its securities [1][2]. Group 1: Management Cease Trade Order - The management cease trade order (MCTO) was issued by the Alberta Securities Commission on October 31, 2025, and has been revoked as of January 3, 2026 [1][2]. - The revocation means that trading in the securities of Credissential is no longer subject to the restrictions imposed by the MCTO [2]. Group 2: Company Background - Credissential is described as a vertically integrated AI software development company focused on financial services [1][4]. - The company expresses gratitude to the Alberta Securities Commission for their cooperation and guidance during the MCTO process, as well as appreciation for the support of its shareholders [3].

Core Insights - Pinnacle Silver and Gold Corp. has successfully conducted an airborne LiDAR survey over the El Potrero gold-silver project in Durango, Mexico, confirming known structural trends and identifying new structures, including 64 adits, 6 shafts, and 51 prospecting pits [1][2] Group 1: Survey Results - The LiDAR survey confirmed the 1,600 metre known strike length of the Dos de Mayo vein system and identified new structures with artisanal workings, indicating potential vein material [2] - The survey covered the entire 11 km² property and was conducted by Eagle Mapping Ltd., with data interpretation by GeoCloud Analytics [9][10] Group 2: Geological Insights - The northern El Potrero claim block shows 3 shafts, 50 adits, and 29 pits outlining the Dos de Mayo vein system, with potential extensions indicated to the southeast [6] - The Maria Fernanda 2 claim block has 3 shafts, 14 adits, and 22 pits, with indications of a northwest-southeast trending structure and potential buried hydrothermal systems [7] Group 3: Project Potential - The El Potrero project is located in a prolific mining region, within 35 kilometres of four operating mines, and has significant exploration potential due to its underexplored status [12][13] - A previously operational 100 tpd plant can be refurbished for near-term production, with the property being road accessible and close to power lines [14] Group 4: Company Strategy - Pinnacle aims to earn an initial 50% interest upon commencing production, with plans to generate cash flow for further development and increase ownership to 100% [15] - The company is focused on developing precious metals projects in the Americas, with a commitment to building long-term value for shareholders [16]

Core Insights - The Building for Tomorrow Summit aims to reshape the resilience, sustainability, and long-term viability of America's built environment, featuring Tooey Courtemanche, Founder and Chairman of Procore Technologies, as the keynote speaker [1][4] - The summit gathers leaders from public and private sectors to create a unified approach to improving infrastructure resilience and smart capital investment across various systems [2] Company Insights - Procore Technologies, under the leadership of Courtemanche, has evolved into a leading global provider of construction management software, impacting millions of users and transforming the planning, construction, and maintenance of the built environment [3] - Courtemanche emphasizes the importance of connecting technology with collaborative efforts in policy alignment, building codes, and investment strategies to advance resilient infrastructure [4] Industry Insights - The summit will utilize Southern California's recent wildfire crises as a case study to promote national action, facilitating coordination among federal, state, local agencies, utilities, and private-sector stakeholders [5] - The National Institute of Building Sciences (NIBS) serves as a key organization in advancing innovation in the built environment, focusing on creating safer, more resilient, and technologically advanced infrastructure [6][8]

Core Viewpoint - The Barclays Tech Conference features a discussion with Procore's leadership, highlighting the company's focus on software solutions in the construction industry [1]. Group 1 - The event is hosted by Saket Kalia from Barclays Bank, who specializes in software research [1]. - Howard Fu, the Chief Financial Officer of Procore, and Alexandra Geller, Head of Investor Relations, are present for the discussion [1]. - The format includes a fireside chat for the first 20 to 25 minutes, followed by an interactive Q&A session [1].

Core Insights - The traditional consumer journey in home projects is inefficient and cash-intensive, prompting retailers and construction managers to adopt AI for a more streamlined decision-making process [1] Group 1: Lowe's AI Initiatives - Lowe's has implemented the Mylow Companion across over 1,700 stores, providing in-store associates with real-time access to product specifications and inventory status [3] - The Mylow Companion tool enables associates to assist customers with material comparisons and installation steps, bridging the experience gap between new and seasoned employees [4] - Lowe's also launched a customer-facing version of the technology, Mylow, which offers AI-generated recommendations for home projects through its website and mobile app [5] Group 2: Home Depot AI Tools - Home Depot introduced Magic Apron, a conversational AI tool that aids customers in researching home improvement projects and planning [6] - The company also released Blueprint Takeoffs, which analyzes architectural drawings to generate material lists and cost estimates for contractors [7] - Home Depot's project-planning platform allows contractors to create materials lists, track orders, and set delivery preferences, enhancing their role in early project planning [9] Group 3: Procore's AI Features - Procore has integrated new AI capabilities through Procore Helix, which analyzes construction drawings to identify challenges and potential cost savings [11] - The platform can summarize lengthy specification manuals and draft standard documents, improving efficiency for project managers [12] - Procore's AI tools also analyze job-site photos to provide relevant information for safety and progress reporting, reducing administrative workloads [12]

Core Thesis - Procore Technologies, Inc. is positioned for growth with a current market valuation of $10.7 billion, experiencing a 21% revenue growth to $1.15 billion, and has three key catalysts: a new AWS partnership, a CEO transition, and the launch of its Groundbreak AI suite, all converging ahead of November 2025 earnings [2][4]. Company Overview - Procore provides a cloud-based construction management platform and related services, managing over 3 million projects globally [2]. - The company operates on a differentiated business model that drives recurring revenue through a per-stakeholder pricing structure, monetizing all participants in a construction project without incremental user fees [2]. Financial Performance - Procore's gross revenue retention stands at 95%, showcasing resilience despite the cyclicality of the construction sector [3]. - The company trades at a forward price-to-sales ratio of 7.7, which is below its SaaS peers, indicating potential for a sharp rerating as earnings improve [5]. Growth Opportunities - Geographic expansion into Europe and Asia is identified as an untapped growth lever, with only 60-65% of revenue currently coming from the U.S. [3]. - The collaboration with AWS, set to enhance Procore's offerings through the AWS Marketplace and integrate AI capabilities, is seen as a significant catalyst for market expansion [3]. Leadership and Market Confidence - The appointment of incoming CEO Dr. Ajei Gopal, known for leading Ansys through substantial growth, signals institutional confidence in Procore's future [4]. - Despite limited analyst coverage and sector headwinds, the company has shown consistent earnings beats and expanding margins, indicating strong underlying fundamentals [4].