高盛：2025 年 Databricks 数据与人工智能峰会关键要点

Investment Rating - The report assigns a "Buy" rating to Snowflake Inc. with a target price of $208.61 [18]. Core Insights - The report emphasizes the central role of platforms like Databricks and Snowflake in enterprise AI transformation, highlighting their rapid innovation and the shift of value from infrastructure to platforms and applications [1][5]. - Databricks' product innovations, including Lakebase, Agent Bricks, and Databricks Apps, are designed to enhance AI adoption and streamline the development of AI-driven applications [1][4]. - The demand for data and analytics solutions remains strong, with enterprises increasingly moving AI workloads into production, indicating a higher maturity in enterprise AI compared to the previous year [6][8]. Summary by Sections Databricks Innovations - Databricks introduced Lakebase, a serverless database designed for AI applications, which offers low-latency performance and autoscaling capabilities [4]. - The company reported that Databricks Apps has become its fastest-growing product, with over 2,500 customers and more than 20,000 applications created since its launch [5][9]. - Agent Bricks provides a framework for building enterprise-grade AI agents, reflecting the growing trend of deploying Agentic AI in enterprises [5][6]. Market Dynamics - Partner feedback indicates a healthy demand environment for data solutions, with enterprises willing to invest in AI technologies [6][8]. - The competitive landscape is evolving, with Snowflake narrowing the gap with Databricks in AI services and features [8]. - Enterprises like JPMorgan are deploying numerous AI use cases, with significant annual spending on AI, reinforcing the sustainability of AI growth [5][6]. Financial Performance - Databricks reported over $2.6 billion in revenue for FY25, representing more than 60% growth, and is targeting a revenue run-rate of $3.7 billion for the upcoming quarter [9]. - The company reached free cash flow breakeven in FY25 and emphasized its commitment to innovation and R&D, with R&D spending at 32% of revenue [9].