作者 | Durai Arasan 译者 | 张卫滨 本文分享了扩展云和分布式应用程序的目标与策略，重点介绍了摩根大通（JPMorgan Chase）旗下 Chase.com 在云迁移过程中汲取的经验教训。 讨论围绕三个核心目标展开，详细阐述了实现这些目标的具体策略，最后说明了这些方法在实践中的落地方式。对于管理大规模系统的从业者而言，这些 经验源自我们在摩根大通及其他金融机构多年来的实战积累，具有宝贵的指导意义。 在规划的时候，人们通常只会考虑两到三倍的负载增长。然而，一旦系统部署在互联网上，就无法控制入站流量的规模、时间或使用模式。任何事件（无 论是源于合法业务增长，还是恶意攻击者的行为）都可能引发巨大的负载激增。这两种情形各自会带来截然不同的挑战。 安全控制措施可以阻止恶意流量，但当市场波动引发真实客户需求激增时，情况则有所不同。客户恰恰会在这些情况下需要访问金融交易服务。在系统压 力下，多个组件可能同时发生故障；网络设备、负载均衡器、应用程序和数据库连接都可能同时中断。 目 标 我们的云迁移聚焦于三大核心目标：以成本效益高且高效的方式实现弹性扩展、实现高韧性（这对金融机构尤为重要），以及提供卓越性能， ...

根据国际数据公司(IDC)最新发布的《IDC Worldwide Black Book》，全球信息技术(涵盖硬件、软件和IT服务)支出预计在2025年增长14%，创下自1996年 以来的最快增速。当时，Windows 95的发布、PC的大规模普及以及互联网的迅速发展共同推动了IT支出的腾飞。近30年后，大规模的AI基础设施投资浪 潮正引领新一轮技术投资的超级周期。2025年全球IT支出规模预计将达到4.25万亿美元(约合30万亿元人民币)。若包含电信与商业服务，全球信息通信技 术(ICT)总支出将接近7万亿美元(约合50万亿元人民币)。 报告显示，2025年IT支出预测已连续7个月上调，主要反映出服务提供商在AI基础设施方面的投入持续超出预期。同时，企业软件支出表现强劲，数字化 转型与云迁移仍在稳步推进。2025年软件支出预计增长14%，AI的部署也带动了企业在安全、优化及分析领域的持续投入。 IDC集团副总裁Stephen Minton表示，AI是2025年IT市场表现的核心主题，但目前大部分AI投资仍集中在服务提供商的基础设施建设上。这部分投资得到 了企业在核心IT产品与服务方面稳定开支的支撑。同时，AI ...

Mizuho lowered the firm’s price target on SailPoint (SAIL) to $23 from $24 and keeps a Neutral rating on the shares. SailPoint delivered a strong Q3 with 28% total annual recurring revenue growth and 38% SaaS ARR, both slightly ahead of expectations, supported by broad demand and solid cloud-migration activity, the analyst tells investors in a research note. The company’s IGA platform plus its SaaS transition position it well for long-term ARPU expansion, though the extent of future cross-selling traction ...

Summary of NICE's Conference Call Company Overview - **Company**: NICE - **Industry**: Cloud Communications and Customer Experience as a Service (CCaaS) Key Points and Arguments AI as a Growth Driver - NICE identifies AI as a significant growth driver, with AI revenue embedded in cloud platforms increasing by over 40% year-to-date [3][6] - The acquisition of Cognigy, a leader in agentic AI, is expected to enhance NICE's capabilities in customer experience (CX) [3][4] Performance Metrics - NICE has consistently outperformed guidance, expecting a 12% growth in cloud revenue quarter-over-quarter [6] - Year-over-year cloud backlog has increased by 13%, indicating strong future growth potential [6] Market Position and Strategy - NICE's CCaaS business is underpenetrated, with only about 40% of organizations having migrated to the cloud [9] - The company is focusing on strategic partnerships with major players like Salesforce, ServiceNow, and AWS to enhance market presence [9][10] Future Revenue Growth Plans - NICE aims to double cloud revenue over the next four years, targeting 17%-19% growth by 2028 [11] - Key growth catalysts include AI capabilities, depth of offerings, and international momentum [12][13] Investment Strategy - NICE plans to invest an additional $160 million in 2026 across delivery costs, R&D, and go-to-market strategies [16][17] - Investments will focus on enhancing international infrastructure and embedding Cognigy into the CX platform [17][18] Total Addressable Market (TAM) Expansion - NICE's TAM is projected to expand to between $31 billion and $72 billion, driven by moving into mid and back office operations and proactive customer engagement [19][20] - The company is leveraging its existing capabilities to transition from inbound to outbound customer interactions [21][22] Acquisition of Cognigy - Cognigy was chosen for its strong technology and ability to scale, particularly in large enterprises [25][26] - Cross-selling opportunities exist between NICE and Cognigy, with minimal customer overlap [28] Financial Performance - AI and self-service ARR reached $268 million in Q3, growing 49% year-over-year [30] - NICE expects AI to represent 30% of cloud revenue by 2028, supported by a robust financial model and strong pipeline [30][31] Partnership Ecosystem - NICE has expanded its partnership ecosystem significantly, with expected near-term impacts from collaborations, particularly with AWS [34][35] - Long-term growth is anticipated as partnerships mature and sales teams are trained [35] Financial Crimes and Compliance (FCC) Business - NICE's FCC business remains core, contributing to overall profitability, despite CX being the primary focus [36][37] - The FCC segment operates independently and continues to attract long-term global financial institutions as clients [36] Additional Important Insights - The company emphasizes the importance of real-time capabilities in its platform, which are unmatched in the market [10] - NICE's leadership transition, particularly with the new CEO Scott Russell, is seen as a positive factor for future growth [8]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Snowflake and raises the target price to $275, believing that market concerns over slowing revenue growth overshadow the company's robust core business and accelerated AI monetization [1][3]. Revenue Performance - Snowflake's latest earnings report shows a 29% year-over-year increase in product revenue, slightly exceeding market expectations, although the growth rate has slowed compared to the first half of the year [3][8]. - The company achieved a milestone by reaching an annualized AI revenue of $100 million a quarter ahead of schedule, with AI-related product adoption rates rising sharply [6][8]. Customer Retention and Growth Potential - The core customer retention rate (NER) remains healthy at 125%, indicating strong customer loyalty [5][8]. - Record new contract obligations (RPO) reached $949 million in the third quarter, with 615 new customers added, significantly surpassing the previous quarter's 343 [8]. AI as a Growth Catalyst - AI is viewed as a "force multiplier" for Snowflake's business, with over 1,200 customers currently using Snowflake Intelligence, the fastest adopted new product in the company's history [6]. - 50% of new bookings in the quarter were influenced by AI factors, and 58% of customers are using Snowflake's AI features weekly [6]. Market Sentiment and Valuation Discrepancies - While Goldman Sachs is optimistic about Snowflake's long-term prospects, Nomura expresses caution, suggesting that the current valuation reflects optimistic growth expectations and may face pressure if AI adoption slows [5][9]. - Nomura maintains a "Hold" rating with a target price of $238, arguing that the market has priced in perfect conditions for AI-driven growth, while also raising concerns about potential shifts in data analysis paradigms due to advancements in AI [9].

Core Insights - Datadog's stock surged over 20% in pre-market trading, reaching $186.48 [1] - The company reported Q3 revenue growth of 28% year-over-year, totaling $886 million, exceeding analyst expectations of $853 million [1] - Adjusted earnings per share (EPS) were $0.55, also surpassing the forecast of $0.47 [1] - For Q4, Datadog forecasts revenue between $912 million and $916 million, above the analyst estimate of $887 million [1] - The adjusted EPS for Q4 is projected to be between $0.54 and $0.56, higher than the expected $0.46 [1] - Growth in artificial intelligence applications and cloud migration has driven demand for Datadog's monitoring and security tools [1]

Financial Data and Key Metrics Changes - The company reported Q3 revenue of $711 million, a 31% year-over-year increase, marking the seventh consecutive quarter of 30% or greater growth [34] - Adjusted gross margin was 62.7%, a decrease of 50 basis points year-over-year, primarily due to tariffs [36] - Annual recurring revenue (ARR) grew 41% to $1.3 billion [35] - Adjusted EBITDA margin was 24.9%, reflecting the impact from tariffs and planned increased R&D investments [37] Business Line Data and Key Metrics Changes - Software and services revenue increased 41% year-over-year to $305 million, driven by new and existing customers expanding their use of the platform [34] - Connected devices revenue grew 24% year-over-year to $405 million [35] - TASER product line grew 17%, led by TASER 10, while personal sensors grew 20% driven by Axon Body 4 [35] Market Data and Key Metrics Changes - Year-to-date bookings were up in excess of 30% and accelerating from last year [32] - Corrections contributed two of the top 10 deals in Q3, with year-to-date bookings up more than 2x from last year [29] - International bookings also delivered two of the top 10 deals, including a nine-figure cloud deal in Europe [29][30] Company Strategy and Development Direction - The company is focused on expanding its ecosystem, particularly through the integration of Prepared and Carbyne, which are expected to enhance the 911 response system [20][34] - The strategy includes leveraging AI to improve communication and response times in emergency situations [19][49] - The company aims to innovate faster by moving away from legacy systems and focusing on cloud-based solutions [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering another record year in 2026, with expectations for continued strong performance driven by AI tools and efficient decentralized ownership [33] - The management highlighted the importance of investing in sales and product development to sustain long-term growth [95] - There is optimism regarding the international market, with consistent bookings from Canada, Australia, and South America [71] Other Important Information - The company is raising its Q4 revenue guidance to between $750-$755 million, implying full-year revenue of about $2.74 billion [40] - The company is also focused on addressing the challenges posed by tariffs, which have impacted gross margins [110] Q&A Session Summary Question: AI's contribution to total bookings and any delayed contract decisions - Management confirmed that bookings growth is expected to remain strong, with a belief in high 30s% year-over-year growth for Q4 [44] Question: Rationale behind acquiring Prepared and Carbyne - Management explained that these acquisitions enhance the company's ability to innovate in the 911 space and integrate with existing systems [46][48] Question: Interplay between software and services, and connected devices - Management indicated that software and services are expected to continue growing at a higher-than-average rate, driven by increased user count and upselling [58][60] Question: International deals and pipeline - Management provided insights into the successful cloud opportunities in Europe and consistent bookings from other international markets [70][71] Question: Competitive landscape regarding body cameras - Management emphasized their focus on customer needs and confidence in their product offerings despite competition [90] Question: Gross margin outlook and tariff impacts - Management discussed the one-time adjustment from tariffs and the expectation of improved gross margins as the software business continues to grow [110][112]

Core Insights - Vertex, Inc. is a leading provider of indirect tax solutions, focusing on cloud-based services to help businesses manage tax compliance globally [1] - The company reported an EPS of $0.17 and revenue of approximately $192.1 million, slightly exceeding market expectations [2][6] - Vertex's revenue growth is driven by the increasing complexity of global tax regulations and the shift towards cloud migrations [3] Financial Performance - The third-quarter results for 2025 show double-digit revenue growth, robust profitability, and strong cash flow [3] - Vertex's price-to-sales ratio is 4.49, indicating investor confidence in its sales potential, while the enterprise value to sales ratio is 4.59 [4] - The enterprise value to operating cash flow ratio stands at 22.75, reflecting the company's ability to cover its enterprise value with operating cash flow [4] Financial Health - Vertex has a debt-to-equity ratio of 1.42, indicating more debt than equity, and a current ratio of 0.99, suggesting nearly sufficient current assets to cover current liabilities [5] - The company has authorized a stock repurchase program of up to $150 million in Class A common stock, signaling confidence in its future prospects [5]

Group 1 - The article highlights the evolving landscape of Chinese tech companies expanding overseas, emphasizing cultural integration and local adaptation as key strategies for success [1][7][30] - Companies like Lalamove and Didi are focusing on emerging markets in Latin America and Southeast Asia, driven by domestic market saturation and the search for new growth opportunities [6][7][22] - The successful migration of Gojek's microservices to Tencent Cloud illustrates the complexities and challenges of cloud migration in a competitive market [9][10][11] Group 2 - The article discusses the importance of localizing services and understanding market dynamics, as seen in Lalamove's operations in Indonesia and Didi's expansion in Mexico [20][21][22] - The gaming industry faces increasing competition and rising customer acquisition costs, with global game revenue growth projected to be modest [17][30] - Compliance with local regulations is a significant challenge for Chinese companies entering foreign markets, particularly in developed regions with stringent data protection laws [29][30] Group 3 - The article notes that cultural output is becoming a natural extension of service and technology exports, with companies leveraging their influence to promote Chinese culture abroad [7][30] - The need for a professional team to navigate regulatory landscapes and market entry strategies is emphasized as crucial for successful international expansion [29][30] - The article concludes that the journey of Chinese tech companies abroad is not just about technology transfer but also about fostering cultural dialogue and understanding [30]

Core Insights - The article emphasizes the advantages of using local Alibaba Cloud agents for cloud migration, highlighting their ability to provide customized services, compliance support, and exclusive pricing, which can significantly reduce risks for businesses during the migration process [1][3][9]. Group 1: Industry Challenges - Many companies in Taizhou, especially in manufacturing and healthcare, are unclear about the "Alibaba Cloud migration qualifications," leading to concerns about data security and compliance during the migration process [3]. - There is a common misconception that migrating to the cloud only involves data transfer, neglecting the necessary compliance qualifications required by laws such as the Cybersecurity Law of the People's Republic of China [6]. Group 2: Local Case Studies - A case study of an export company in Taizhou revealed that direct communication with Alibaba Cloud headquarters resulted in limited pricing flexibility, while working with a local agent provided significant discounts and tailored solutions for data migration and compliance [4][5]. - The comparison between direct procurement from Alibaba Cloud and using a local agent shows that the latter offers comprehensive services, exclusive pricing, and faster response times [5]. Group 3: Customer Misconceptions and Market Practices - Many businesses mistakenly believe that simply purchasing servers is sufficient for migration, overlooking the importance of compliance qualifications [6]. - The standard practice in the industry is for agents to provide compliance consulting before collaboration, which significantly reduces risks for clients [6]. Group 4: Balancing Price, Compliance, and Service - Local agents may not always offer the lowest prices compared to large companies, but they can provide special discounts on migration fees and additional compliance consulting services [7]. - For companies with large data volumes or sensitive operations, local agents are more willing to coordinate resources with Alibaba Cloud headquarters to ensure timely compliance [7]. Group 5: Selection of Local Agents by Large Enterprises and Government Clients - Large enterprises and government clients prioritize long-term considerations when selecting local Alibaba Cloud agents, often requiring proven compliance handling experience for cloud migration projects [8]. - According to official data, approximately 76% of cloud migration projects in Zhejiang's government systems in 2023 opted for local agents with migration capabilities [8]. Group 6: User Reflections on Choosing Agents - The experience with local Alibaba Cloud agents indicates that price is not the only factor; migration qualifications are crucial for ensuring smooth and compliant business operations [9]. - For many local businesses, Alibaba Cloud agents serve as "cloud migration assistants," saving time and reducing compliance and security risks [9].