Core Viewpoint - Workday's stock price has entered a technical bear market, declining from a peak of $310 in 2024 to its current price of $155, marking its lowest level since 2024 and presenting a potential buying opportunity [1] Group 1 - Workday's stock has decreased significantly, indicating a drop of approximately 50% from its all-time high [1] - The current stock price of $155 is seen as a bargain compared to its previous record [1]

摩根大通的分析师写道，投资者高估了人工智能(AI)将对软件股造成的干扰。这些分析师称："市场正 计入最坏的AI干扰情景，但这些情景在未来三到六个月内不大可能出现。"这些分析师表示，软件股很 有可能会反弹，具备AI韧性的公司尤其存在机会。这些分析师称，软件股的长期表现不佳是30多年来 非衰退期最大的年度跌幅，导致股价蒸发约2万亿美元。欧洲软件股（尤其是数据供应商）在午后交易 中进一步下跌，伦敦证券交易所集团下跌5.6%，延续了截至昨日收盘在2026年累计超过20%的跌幅。益 博睿下跌2.8%，Relx下跌1.5%。 来源：滚动播报 ...

Financial Data and Key Metrics Changes - Q4 revenue was $953 million, an increase of 29% year-over-year and above the high end of guidance [5][26] - Free cash flow was $291 million, with a free cash flow margin of 31% [6][30] - Gross profit for Q4 was $776 million, with a gross margin percentage of 81.4% [28] - Billings were $1.21 billion, up 34% year-over-year [28] Business Line Data and Key Metrics Changes - Infrastructure Monitoring contributes over $1.6 billion in ARR, Log Management is now over $1 billion in ARR, and APM products also crossed $1 billion in ARR [9] - 84% of customers used two or more products, up from 83% a year ago, and 55% used four or more products, up from 50% [6] - The number of customers with an ARR of $100,000 or more increased to about 4,310, up from about 3,610 a year ago [6] Market Data and Key Metrics Changes - 48% of the Fortune 500 are Datadog customers, indicating strong penetration in large enterprises [7] - The median ARR for Fortune 500 customers is still less than $500,000, suggesting significant growth opportunities [8] Company Strategy and Development Direction - The company continues to focus on digital transformation and cloud migration as long-term growth drivers [24] - There is a strong emphasis on integrating AI into the Datadog platform to enhance customer value and outcomes [24] - The company aims to expand its platform to address end-to-end customer needs across software development, production, data stack, user experience, and security [24] Management's Comments on Operating Environment and Future Outlook - Management noted broad-based positive trends in demand driven by cloud migration and high growth within AI-native customer groups [4][5] - The company expects continued strong growth dynamics and is optimistic about the adoption of AI innovations by customers [25] - The outlook for Q1 2026 revenue is projected to be in the range of $951 million to $961 million, representing 25%-26% year-over-year growth [31] Other Important Information - The company released over 400 new features and capabilities in 2025, focusing on AI and observability [10][12] - The MCP server is seeing explosive growth, indicating strong customer interest in AI-driven solutions [11] Q&A Session Summary Question: Observability in the context of advancements in AI - Management believes that the increase in applications and complexity will drive demand for observability tools, as developers will need to ensure systems work correctly in production [36][38] Question: AI-native customer growth and spending - The company has seen strong growth among AI-native customers, with 19 customers spending over $1 million annually [27][46] Question: Competition and market dynamics - Management noted that competition remains stable, with no significant changes in market dynamics despite the rise of LLMs [68][70] Question: Future CapEx trends and LLM observability - Management indicated that while it is difficult to directly map CapEx to LLM observability, the overall increase in complexity will benefit the business [74][76] Question: Diversification of AI customer concentration - The company is not focused on a few large customers and expects to see more diversification within the AI cohort [78][80]

Core Viewpoint - Crexendo, Inc. has launched the Crexendo Marketplace to facilitate service providers in expanding, packaging, and monetizing solutions within its ecosystem, addressing the demand for faster innovation without added complexity [1] Company Overview - Crexendo, Inc. is a software technology company recognized for its cloud communication platform software and UCaaS offerings, which include voice, video, contact center, and managed IT services [1] Product Launch - The Crexendo Marketplace is designed as a centralized environment for service providers, enabling them to streamline their operations and enhance their service offerings [1]

Financial Data and Key Metrics Changes - Full year 2025 organic revenues increased by 5.5% to $1,128 million, with adjusted EBITDA rising approximately 8% to $405 million, resulting in an adjusted EBITDA margin of 35.9%, up 220 basis points from 2024 [17][18] - Non-GAAP EPS increased to $4.45, up approximately 12% year-over-year [18] - Adjusted free cash flow for the year was $208 million, exceeding the high end of the revised guidance range [18] Business Line Data and Key Metrics Changes - The company achieved its goal of becoming a Rule of 40 company two years ahead of plan, driven by operational efficiencies and product innovation, particularly in AI [4] - The average daily AI chat usage grew five times since October, with over half of Raiser's Edge NXT customers utilizing machine learning-enabled donor prospecting [9] Market Data and Key Metrics Changes - The company noted that while some customers are experiencing reduced government grants, this has not significantly impacted their business, as nonprofits are increasingly relying on the Blackbaud platform for donations [36] - The 2026 contractual revenue renewal cohort is approximately 40% larger than the previous year, which is expected to negatively impact total revenue growth by half a point to three-quarters of a point [21] Company Strategy and Development Direction - The company is focused on aggressive investment in innovation, particularly in AI capabilities, to enhance product offerings and operational efficiency [5][15] - Blackbaud plans to leverage its data moat and AI solutions to drive future growth, with a target of organic total revenue growth of 4%-6% from 2026 to 2030 [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current market challenges, emphasizing that the need for their platform is increasing among nonprofits facing funding pressures [36] - The company anticipates a significant increase in free cash flow in 2026, projecting $280 million-$290 million, and plans to allocate at least 50% of cumulative free cash flow from 2026 to 2030 for stock repurchases [25][30] Other Important Information - The company has reduced its debt leverage from 2.9 times in Q1 to 2.5 times at the end of the year [18] - Blackbaud is expanding its workforce strategy, including operations in India, which is expected to provide long-term benefits [23][44] Q&A Session Summary Question: Insights on AI pricing and deployment - Management clarified that the pricing model discussed pertains to the development agent, which is the first product in a new revenue line, with more products expected in the future [32][33] Question: Current environment for nonprofits and funding stress - Management noted that while some nonprofits are experiencing reduced government grants, this has not led to significant business losses for Blackbaud, as customers are relying more on their platform [36] Question: Contribution to long-term revenue growth - Management indicated that new AI products are not included in the long-term guidance, but there are opportunities for pricing increases, new logos, and cross-selling contributing to revenue growth [38]

Market Overview - The current leadership rotation in the market is seen as healthy, with over 68% of the S&P 500 above its 200-day moving average, indicating a strong market condition [2] - The S&P 500 has 17% of its components making new highs, while only 3% are making new lows, suggesting positive market momentum [3] Sector Performance - The technology sector, particularly software stocks like Salesforce and Adobe, is experiencing significant challenges, with Salesforce being highlighted as a major laggard [3][8] - The Dow Jones Industrial Average reached a milestone of 50,000, with a third of its components making new highs, reinforcing the notion of a strong secular bull market [4][5] Earnings Insights - Earnings growth remains a key narrative, but the market reaction to earnings reports has been mixed, with companies like Meta and Microsoft facing sell-offs despite solid earnings [6][7] - Upcoming earnings reports from companies such as Apploven, Unity Software, and Data Dog are anticipated to provide further insights into the software sector's performance [11] Investment Strategies - There is a shift towards more stable, dividend-paying stocks in the current market environment, with companies like Coca-Cola and Exxon Mobil being recommended for long-term investment [18][20] - The focus is on identifying individual companies within the software sector that can differentiate themselves and provide guidance to alleviate market fears [12][14] Future Outlook - The market is expected to remain volatile, with attention on upcoming economic indicators such as unemployment numbers and CPI inflation data [8] - The potential for recovery in the software sector is contingent on individual company performance and market sentiment towards technology stocks [10][12]

责任编辑：张俊 SF065 大和资本市场（Daiwa Capital Markets）认为，Palantir Technologies的股票今年有望收复早前的跌幅。该 投行将这家软件分析公司的评级从中性上调至买入。不过，分析师Shigemichi Yoshizu将其目标股价从 200美元下调至180美元。 Palantir的股价在过去12个月内上涨了23%，但2026年至今下跌了20%。Yoshizu最新给出的目标价仍意 味着该股有26%的上涨空间。 大和资本市场（Daiwa Capital Markets）认为，Palantir Technologies的股票今年有望收复早前的跌幅。该 投行将这家软件分析公司的评级从中性上调至买入。不过，分析师Shigemichi Yoshizu将其目标股价从 200美元下调至180美元。 Palantir的股价在过去12个月内上涨了23%，但2026年至今下跌了20%。Yoshizu最新给出的目标价仍意 味着该股有26%的上涨空间。 责任编辑：张俊 SF065 ...

Core Insights - Cloudera has expanded its AI capabilities to on-premises environments, allowing customers to utilize advanced AI and analytics directly within their data centers [1][3] - The focus of enterprise AI discussions has shifted from data storage locations to ensuring secure and controlled access to data for AI applications [2] - Cloudera's AI Inference, powered by NVIDIA technology, enables enterprises to deploy and scale AI models directly in data centers, providing cost efficiency and predictable economic benefits [3] Group 1: AI and Data Solutions - Cloudera AI Inference and Cloudera Data Warehouse with Trino can now be deployed on-premises, enhancing centralized security, governance, and observability across data assets [4] - The integration of AI-driven analytics and visualization capabilities allows enterprises to derive actionable insights without compromising security and compliance [4] - Cloudera's enhancements in Data Visualization provide deeper insights and streamline AI-driven workflows in data centers [4] Group 2: Technological Advancements - Cloudera's AI Inference supports the deployment of various AI models, including large language models and applications in fraud detection and computer vision [3] - The solution avoids cloud cost fluctuations, offering superior cost efficiency and long-term manageability for enterprises [3] - AI features such as instant summarization for visual content and robust resilience capabilities enhance the clarity and monitoring of data assets [5] Group 3: Company Overview - Cloudera is recognized as a trusted data and AI platform for large enterprises, integrating open-source technology across public cloud, on-premises data centers, and edge environments [7] - The company empowers enterprises to enhance data security, governance, and real-time insights, ultimately improving decision-making and profitability [7]

Core Insights - VERSES AI Inc. has appointed David T. Scott as Interim CEO following the resignation of founders Gabriel René and Dan Mapes for personal reasons [1] - The company is actively searching for a permanent CEO while focusing on converting R&D into commercial products and pursuing revenue opportunities in the financial services sector [3][4] Company Leadership - David T. Scott brings over 30 years of experience in public-company leadership and operational discipline, having worked with major firms like Amazon Web Services and Twitter [2] - The Board Chair, Michael Blum, highlighted Scott's ability to manage multi-billion-dollar budgets and his track record in transforming organizations [2] Strategic Focus - The company aims to execute a disciplined go-to-market strategy and drive near-term revenue, particularly in the financial services sector [3][4] - Ongoing initiatives include cost-reduction and operational efficiency to enhance commercialization of financial services products [4] Company Overview - VERSES is a cognitive computing company that develops next-generation agentic software systems, with its flagship product, Genius™, designed to provide reliable predictions and decisions [5]

格隆汇2月10日｜摩根大通策略师表示，软件股有望从历史性跌势中反弹，因为市场目前对人工智能带 来的短期颠覆性影响定价过高。由杜布拉夫科·拉科斯-布亚斯领导的团队认为，投资者应增持高质量及 对人工智能具有韧性的软件股，因为"极端的价格走势"可能促使资金轮动重回该板块，至少短期内如 此。"考虑到仓位调整已较充分、市场对AI颠覆软件业的看法过于悲观，以及企业基本面依然稳固，我 们认为风险平衡正日益向反弹倾斜，"该团队在一份报告中写道。该团队表示，目前尚不清楚传统软件 公司长期是否会被人工智能取代，但认为当前市场对颠覆性影响的悲观情绪"目前反应过度"。该团队补 充称，软件公司第四季度财报迄今总体表现积极，分析师预计2026年盈利将增长16.8%。 ...