Core Viewpoint - Atlassian has transitioned from being a "Wall Street darling" to a "neglected stock" due to investor concerns that AI may lead to a slowdown in company growth, despite a significant drop in stock price of approximately 40% this year, raising questions about whether this decline is an overreaction by the market [3][4]. Group 1: Market Dynamics - The rise of "vibe coding," where AI can generate code through prompts, is a key factor driving market sentiment, as it lowers barriers for non-technical entrepreneurs to create applications, potentially reducing the demand for software engineers [4]. - While Atlassian and GitLab have seen significant stock declines, competitors like JFrog and ServiceNow have not experienced similar impacts, indicating that market movements are often driven by sentiment rather than rational analysis [4]. Group 2: Company Performance - Despite the stock price decline, Atlassian's growth rate remains strong, with a 26% year-over-year growth in its core cloud products for Q4, an increase from 25% in Q3 [5]. - Atlassian's recent acquisitions, including a $1 billion purchase of developer productivity tool DX and $610 million for AI-focused browser companies Dia and Arc, are aimed at sustaining growth and enhancing competitiveness in the AI landscape [9]. Group 3: Financial Outlook - For the fiscal year ending June 30, 2026, Atlassian projects a revenue growth of approximately 18%, with cloud revenue expected to grow by about 21% [11]. - The company's current valuation metrics suggest a reasonable valuation multiple, with an enterprise value of $35.98 billion and a price-to-earnings ratio of 34 for FY2026, indicating potential for investment opportunities [10][14].