Key Takeaways Affirm partners with H&R Block Canada to offer BNPL for tax preparation services.AFRM lets eligible clients split tax prep costs into installments with no late or hidden fees.AFRM's Canada expansion aims to diversify merchants and boost repeat customer usage.Affirm Holdings, Inc. (AFRM) is expanding its horizons beyond just retail and travel by teaming up with H&R Block Canada. This partnership introduces buy now, pay later (BNPL) options for tax preparation services. Now, eligible customers c ...

Summary of Global Software Conference Call Industry Overview - The focus is on the enterprise Software as a Service (SaaS) industry, particularly the impact of AI on software valuations and market dynamics [1][11][12]. Core Concerns Impacting Software 1. **AI Commoditization of SaaS**: There is a belief that AI platforms will commoditize enterprise applications, reducing their value and profitability [17][38]. 2. **Increased Competition**: AI is expected to lower the barriers to entry for new startups, leading to increased competition and potential price wars in the enterprise software market [19][44]. 3. **In-House Application Development**: Enterprises may opt to build their own applications using AI, rather than purchasing existing solutions [18][47]. 4. **Seat Compression**: Automation through AI could lead to a reduction in the number of users (seats) for SaaS applications, impacting revenue models based on user licenses [50][51]. Advantages of Incumbent Vendors - **Domain Expertise**: Established software vendors possess significant domain knowledge embedded in their applications, which is crucial for developing effective enterprise solutions [20][55]. - **Security and Compliance**: Incumbents have established systems for data security and compliance, which are critical for enterprise applications that handle sensitive information [20][56]. - **Customer Relationships**: Existing vendors have established relationships with clients, making it easier for them to introduce new AI capabilities compared to new entrants [21][59]. - **Data Access**: Incumbents have access to valuable data and semantic knowledge that is essential for training AI models effectively [20][58]. Market Dynamics and Valuations - Valuations of many public software companies have decreased significantly due to investor concerns about AI's disruptive potential [7][11]. - The report argues that while the concerns are valid, the market overreacted, and many incumbents are better positioned than perceived [5][21]. Investment Implications - The report recommends focusing on companies with strong moats, such as SAP and Microsoft, which are likely to be AI winners [8][21]. - The enterprise application market is expected to be more resilient, particularly in areas like ERP, which are less susceptible to disruption compared to other software segments [7][21]. Conclusion - While AI poses significant challenges to the SaaS industry, the advantages held by established vendors may mitigate these risks. The transition to AI-driven solutions will take time, allowing incumbents to adapt and maintain their market positions [21][53].

Key Takeaways ODD posted Q4 EPS of $0.20 on 23.5% revenue growth to $152.7M, beating estimates.ODD's gross margin fell 220 bps to 70.5%, while EBITDA margin dropped to 8.2%.ODD expects Q1 2026 sales to decline about 30% amid elevated acquisition costs.Oddity Tech Ltd. (ODD) delivered fourth-quarter 2025 results, with both the top and bottom lines surpassing the Zacks Consensus Estimate. Revenues saw year-over-year growth, while the earnings remained flat compared to the previous-year period.Management discl ...

Key Takeaways ADP's growth is fueled by strong demand for cloud-based HCM and Professional Employer Organization services.ADP expects fiscal 2026 earnings to increase 7.8% and projects revenue growth through fiscal 2027.ADP's acquisitions and DataCloud solutions push to expand its HCM suite, though rising costs pressure margins.ADP’s (ADP) growth is driven by strong demand for its cloud-based Human Capital Management (“HCM”) technology solutions and Professional Employer Organization Services. Its recent ac ...

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Industry Overview - The Internet Software and Services sector is experiencing growth due to increased IT spending on solutions that support hybrid operating environments and the high penetration of mobile devices among users [1][2] Investment Outlook - The Internet Software industry is ranked in the top 37% of the Zacks Industry Rank, indicating an expectation to outperform the market in the next three to six months [2] AI-Focused Stocks - Five AI-focused stocks are recommended for strong potential by 2026: Palantir Technologies Inc. (PLTR), HubSpot Inc. (HUBS), MongoDB Inc. (MDB), Calix Inc. (CALX), and Fastly Inc. (FSLY). Each stock carries a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [3] Palantir Technologies Inc. (PLTR) - PLTR's core customer base includes large government and corporate clients seeking tailored AI/ML services, with a comprehensive AI strategy that integrates its Foundry and Gotham platforms [6][8] - PLTR's AIP enables organizations to process large datasets for real-time insights, particularly in sectors like defense, healthcare, and finance [7] - The company has an expected revenue growth rate of 61.3% and earnings growth rate of 78.7% for the current year, with a 28.8% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [11] HubSpot Inc. (HUBS) - HUBS is experiencing growth through multi-hub adoption and pricing optimization, with significant opportunities for cross-selling products [12][13] - The company has integrated AI across its product suites, enhancing customer value without additional costs, and expects a revenue growth rate of 17.9% and earnings growth rate of 26.7% for the current year [14] MongoDB Inc. (MDB) - MDB has expanded its Atlas platform into analytics, focusing on developer-friendly interfaces and distributed architectures, targeting agile development and modern workloads [15] - The company has an expected revenue growth rate of 17.8% and earnings growth rate of 17.2% for the current year, with a 0.7% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [18] Calix Inc. (CALX) - CALX provides cloud and software platforms for communications service providers, integrating AI to enhance operations and subscriber engagement [19][20] - The company has an expected revenue growth rate of 15.6% and earnings growth rate of 41.5% for the current year, with a 5% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [21] Fastly Inc. (FSLY) - FSLY offers infrastructure software for cloud computing and security, operating on a unique platform that allows custom code execution at the edge of the internet [22] - The company has an expected revenue growth rate of 14% and earnings growth rate of over 100% for the current year, with a 73.3% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [23]

Core Insights - The integration of AI in foreign trade is rapidly transforming traditional business models, enhancing efficiency and responsiveness in customer interactions [1][2] - The potential market for AI services in foreign trade is estimated to be in the hundreds of billions, driven by the growth of cross-border e-commerce and the need for technological service expenditures [1][2] - The industry is witnessing a surge in AI adoption due to advancements in model capabilities and a significant reduction in inference costs, making AI solutions more accessible [2][3] Group 1: Market Potential and Growth - By 2025, China's total foreign trade import and export value is projected to reach 45.47 trillion yuan, with cross-border e-commerce accounting for 2.75 trillion yuan [1] - The traditional foreign trade SaaS market is valued at several hundred billion yuan, with AI transformation accelerating the growth of the foreign trade AI service market [1][2] - The AI service market in foreign trade is expected to have a potential space in the range of hundreds of billions, based on a 3-5% technology service expenditure ratio from the cross-border e-commerce scale [1][2] Group 2: Industry Dynamics and Competition - The foreign trade sector is becoming a prime candidate for AI transformation due to its complex business scenarios and fragmented data, attracting various players from traditional software providers to startups [2][7] - Major players in the market include Alibaba's OKKI, which has developed AI marketing tools, and various global CRM companies enhancing their AI capabilities [9][10] - The market is characterized by a high degree of fragmentation, allowing for greater survival space for new entrants compared to other sectors [10][12] Group 3: AI Application and Adoption - AI is being utilized in various aspects of foreign trade, including customer service, marketing material generation, and intelligent customer acquisition, significantly improving operational efficiency [1][3][4] - The demand for AI tools is increasing as businesses recognize the benefits of AI in generating marketing materials and automating customer outreach processes [3][4][6] - The acceptance of AI tools among cross-border sellers is high, with many willing to adopt new technologies that enhance their operational capabilities [6][12] Group 4: Challenges and Strategic Approaches - The industry faces challenges in building unique barriers to entry, with players needing to leverage proprietary know-how and data accumulation to differentiate themselves [11][12] - Companies are exploring various growth strategies, including developing comprehensive AI capabilities across multiple business functions or focusing on specific applications to deepen market penetration [11][12] - The transition from traditional SaaS growth models to product-led growth (PLG) is evident, with AI applications showing higher conversion rates compared to traditional software [13][14] Group 5: Future Outlook - The potential for AI applications in foreign trade is expected to expand beyond domestic markets, with opportunities for Chinese companies to serve overseas markets as well [17] - The integration of AI in foreign trade is still in its early stages, with significant room for growth as companies leverage AI to address traditional marketing and customer acquisition challenges [17]

作者：Kevin McLaughlin、Aaron Holmes、Nick Wingfield AI 智能体将如何冲击软件行业，这一不确定性正在让投资者对行业未来产生疑虑。某软件高管近期的 表态，揭示了企业在应对外部 AI 智能体疯狂攫取数据时，可能采取的一种应对方式。 本月早些时候，在软件公司 HubSpot 的投资者电话会议上，一位华尔街分析师向 CEO Yamini Rangan 提出了一个几乎所有密切关注软件行业的人都在思考的问题： 如果客户使用 AI 智能体，从 HubSpot 的客户管理软件中提取数据，并用其他厂商的 AI 进行分析， HubSpot 打算如何应对？ "我们会监控、计量，并将其商业化变现。" Rangan 回应道。"我们的平台…… 在设计上是开放的，但我们不是供所有人随意提取信息的免费数据管 道。" Rangan 的表态，暗示了软件高管们为抵御外部智能体掠夺数据可能采取的策略。这意味着其公司可能 围绕客户数据设立收费关卡，与过去大多数软件公司允许应用间数据自由流通的模式形成鲜明反差。 在其他案例中，软件高管们也越来越多地强调：允许智能体访问敏感企业数据和应用，会带来安全风 险。 一 ...

OpenAI与Anthropic正在对企业软件市场采取截然不同的战略姿态——一个高调宣示颠覆意图，另一个刻意强调伙伴关系。 分析认为，这一分歧正在重塑市场对AI冲击传统软件行业的预期。 科技媒体The Information报道称，Anthropic在发布Claude Cowork新功能时，刻意将叙事重心放在对人力的替代，而非对软 件工具的取代。其逻辑在于： 新AI工具将继续调用现有企业软件，企业仍需为这些软件付费，软件供应商的收入来源并不会因此消失。 2月24日，Anthropic发布了旗下Claude Cowork AI软件的新功能细节，展示企业如何通过该工具访问和调用存储在 DocuSign、LegalZoom及Salesforce等企业应用中的数据。 消息公布后，此前因AI颠覆预期而承压的企业软件股普遍反弹——Figma股价上涨10%，ServiceNow微涨1.4%，Salesforce 上涨4%。市场的正面反应表明，Anthropic的实际定位并未如部分投资者此前担忧的那般激进。 与此同时，OpenAI上周在一场投资者会议上明确表示，其AI智能体及未来产品将具备替代Salesforce、Workd ...

If we take a step back, Microsoft still looks like a long-term winner. The multi-year chart tells a story of steady gains, powered by cloud leadership and the AI wave. That run firmly positioned it as a mega-cap anchor in tech portfolios. But zoom into the past year, and the story appears to look different.Its Azure cloud platform supports businesses worldwide, while Microsoft 365 keeps offices, schools, and teams connected. The company also operates in developer tools, enterprise software, and gaming. Over ...