大摩闭门会-我们是否低估了后台人工智能的潜力

Summary of Key Points from Conference Call Industry and Companies Involved - Workday: Adjusted fiscal year 2028 targets, subscription growth expectations lowered to approximately 13%, and initiated a $5 billion stock buyback plan - Snowflake: Under new CEO leadership, launched new products and integrated generative AI, notably the Cortex Search product - Intuit: Aims to achieve a 20% overall growth rate by 2030, focusing on mid-sized enterprise ERP market opportunities and comprehensive tax solutions - Vertex: Utilizes AI to enhance its tax content database and automate product classification and tax rate matching processes Core Insights and Arguments - Workday's Adjustments: Set fiscal year 2028 subscription growth at about 13% and a non-GAAP profit margin target of 35%, emphasizing the value of agent computing technology for clients [3][4] - Snowflake's Innovations: New products launched under the new CEO have received positive market feedback, particularly the Cortex Search, which won the Morgan Stanley IT Department's Annual Innovation Award [5] - Intuit's Growth Strategy: Plans to return to a 20% growth rate by 2030, driven by opportunities in the mid-sized enterprise ERP market and a significant expansion in the tax assistance market from $5 billion to $35 billion [6][15] - AI's Role in Software: General AI enhances existing software capabilities rather than replacing them, as demonstrated by Intuit and Workday's integration of AI into their solutions [9] Additional Important Insights - Investor Focus on AI: Investors should pay more attention to the development of backend AI technologies, as companies like Intuit and Workday are leveraging data and AI to enhance operational efficiency [2] - Workday's New Products: Launched around 14 new products, including performance and cost agents, with a focus on ROI verification to ensure client value [11] - Vertex's AI Utilization: Vertex's proprietary tax content database, containing over 1 billion rules, is enhanced by AI to automate processes, saving time for tax professionals [17] - Intuit's Platform Integration: Enhanced product offerings and user interfaces, along with AI integration, have led to a 22% increase in online service attachment rates when clients engage with live experts [7] - Market Sentiment on Workday's AI: Previous negative market sentiment regarding Workday's AI business may shift positively in the next 6 to 12 months due to new flexible pricing models and positive client feedback [14] - Future Growth Projections: Analysts predict Workday could achieve over $20 in free cash flow per share by fiscal year 2028, even with a growth slowdown to 12% [12][13]