Investment Rating - The report maintains a "Recommendation" rating for the industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - The report highlights that recent earnings disclosures from US SaaS companies have largely exceeded expectations, driven by AI-enabled revenue generation for B2B enterprises. Key trends identified include: 1) Certain companies are showing a clear trend of revenue generation from B2B; 2) Continuous investment in AI by software companies; 3) Optimistic forecasts for future AI developments; 4) B2B revenue generation may precede B2C [16][8]. Summary by Sections Market Performance Review - During the week of November 11-15, major US stock indices experienced declines, with the Dow Jones down 1.24% to 43,444.99 points, the S&P 500 down 2.08% to 5,870.62 points, and the Nasdaq up 3.15% to 18,680.12 points. The Hang Seng Tech index fell 7.29% [14][6]. SaaS Company Earnings Review - The report details earnings from various SaaS companies, emphasizing the role of AI in their performance: - SAP: 30% of cloud orders in FY2024Q3 included AI applications, with partner consumption increasing over twofold from Q2 to Q3 [17]. - ServiceNow (NOW): AI product Now Assist is one of the fastest-growing products, with 44 customers having an annual contract value exceeding $1 million [21]. - Atlassian (TEAM): Usage of Atlassian Intelligence has grown over tenfold since the beginning of the year, with customers reporting higher ROI [22]. - Palantir (PLTR): Q3 revenue from the US government accelerated to $320 million, a 40% year-over-year increase [23]. - Duolingo (DUOL): Strong performance attributed to Duolingo Max, which includes AI-driven features [24]. - AppLovin (APP): Software platform revenue grew to $835 million, a 66% year-over-year increase [25]. - Freshworks (FRSH): Adoption of paid Copilot increased by over 35%, enhancing customer satisfaction [26]. Key Technology News - NVIDIA and SoftBank: SoftBank aims to build Japan's most powerful AI supercomputer using NVIDIA's new chip design [29]. - ASML: The company maintains its sales forecast for 2030, expecting strong growth in AI chip demand [30]. - Apple: Reportedly preparing to launch a wall-mounted tablet with AI capabilities targeting the smart home market [31]. - TSMC: The US government has finalized a $6.6 billion incentive for TSMC under the semiconductor incentive program [32].
海外科技行业周报：美股SaaS厂商业绩，AI赋能B端创收
Huachuang Securities·2024-11-18 00:28