以基本面为基础，专注于趋势交易 还在信"AI是泡沫"？ 三家海外巨头刚甩来的财报，直接把这论调抽成了筛子。 Snowflake 、 MongoDB 、 CrowdStrike 的 FY26Q3 成绩单新鲜出炉，营收、 EPS 双双 炸穿预期。 以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . AI 业务更狠，从" PPT 概念"焊死在"赚钱实景"里。 前阵子有人喊 " AI 只烧钱不造血"，现在看，数据处理、平台适配、安全防护三条赛道，全跑 成了"印钞机"。 别猜泡沫了，真相是： AI 应用早起飞，关键是抓对赛道 。 01 数据基础设施AI化： AI落地的"地基工程" AI 要赚钱，先得把数据"伺候"好。 这是行业铁律，就像盖楼先打地基，少了这步，再牛的 AI 也是空中楼阁。 Snowflake 这季度的表现，把"地基刚需"焊得明明白白。 总营收 12.1 亿美元，同比暴涨 29% ；核心产品营收 11.6 亿美元，增速丝毫不差。 双双踩碎市场预期，最狠的是 AI 业务——年化收入破 1 亿美元，比原计划早了整整一个季 度。 这不是 "实验室胜利"，是客户真金白银堆出来的。 福布斯 2000 ...

Core Insights - MongoDB reported impressive Q1 results, with adjusted earnings of $1.00 per share on revenue of $549 million, surpassing analyst expectations of $0.66 and $528 million respectively, leading to a 15% increase in stock price during after-hours trading [2] - The company is currently trading at approximately $230 per share, with valuation multiples of 8.8x trailing revenues and 55x trailing adjusted earnings, which are lower than its three-year averages of 12.2x and 143x respectively [3] - MongoDB has consistently increased revenues at an average annual rate exceeding 30% over the past three years, despite reporting GAAP losses, and maintains a strong balance sheet with debt at only 0.2% of equity [4] Q1 Highlights and Growth Drivers - Q1 sales rose by 22% year-over-year, driven by a 26% increase in Atlas revenues, reaching approximately $395 million [5] - The operating margin improved from -22% in the prior-year quarter to -10% in Q1, with adjusted operating margin increasing by 900 basis points to 16% [5] - Adjusted earnings of $1.00 per share represent a 96% increase from $0.51 in the same quarter of the previous year [5] Future Projections - MongoDB anticipates Q2 revenue between $548 million and $553 million, with adjusted earnings per share projected between $0.62 and $0.66, both exceeding consensus estimates [6] Strategic Positioning in the AI Landscape - MongoDB is well-positioned to capitalize on the AI boom through its Atlas Vector Search features, establishing itself as a leading vector database for AI applications [8] - The company is expanding its AI Applications Program through partnerships with major AI and technology firms, and the introduction of cost-reducing vector quantization features is expected to drive further growth [8]