Tillman's Software Monday Morning Missives

Research evidence excerpt

Tillman's Software Monday Morning Missives

Truist Securities

Equity Research Report May 11, 2026

TMT: Application Software and

Agentic AI Tillman's Software Monday Morning

Missives

While software-related IGV performed well last week a completely different story for Terry Tillman our co’s that reported earnings, agentic AI private company disruptor watchlists, Ramp

404-926-5362

Terry.Tillman@truist.com spend data now unleashed within Anthropic Claude via MCP connector with interesting

highlights across CRM, martech and vibe coding markets, Anthropic and OpenAI

updates, Roper AI deep dive, Sierra large new funding at $15.8 bil valuation and Gusto Connor Passarella surpasses $1 bil in 12-month trailing rev. 212-326-6153

Connor.Passarella@truist.com

Nice Week for Software and IGV Performance; Tell That to Most of the Names

Giancarlo Valle Below. The overall software market performed well last week with the IGV up 5%.

212-537-9006 The NASDAQ Composite and S&P 500 returned 5% and 2%, respectively. It was a

Giancarlo.Valle@Research.truist.com completely different picture for a variety of app software names that collectively saw

some of the worst stock performance post earnings reports we have seen in a long time.

15 Page Document Application software and System of Record (SoR) AI discussions and potential terminal

value impact continue to loom large, in our opinion.

Reasons for this report We have plotted upside performance to revenue in the just-reported quarter as well as

percentage change to full-year revenue estimates post earnings. The bar for software

✓ Sector Update remains high as is evident in situations such as Shopify (SHOP, Buy), and to a lesser

✓ Sector Read-Throughs extent Klaviyo (KVYO, Buy), where beating and raising revenue estimates by more than