Hedberg & Jaluria Weekly Software Recap/Preview

Research evidence excerpt

Hedberg & Jaluria Weekly Software Recap/Preview

ing a number of industry events and investor days including NET and

finally wrapping up earnings with ADBE, ORCL and SAIL.

• How Harness Engineering Could Become A Critical Infrastructure Layer For The AI Era: Harness

engineering is the discipline of designing the execution environment around an AI model so that it

can operate as a reliable, autonomous agent. We think as frontier model capabilities/performance

converge and commoditize over time, the harness layer could be the key differentiator between model

outcomes and ultimately where the value accrues. Within our coverage, we believe SNOW and NOW

could be the most likely to benefit in the near-term while we also favor opportunities for ADSK, BSY,

CRWD, DDOG, DT, NET, PANW, & PTC in the medium-term.

• Earnings previews: ADBE, ORCL

• Earnings reviews: CXM +8%, TTAN +4%, VEEV Flat, AI -1%, IOT -1%, GTLB -3%, CRWD -4%, RBRK -5%,

PANW -6%, DOCU -7%, GWRE -10%, NTSK -19%.

• Additional research highlights: Key Takeaways From Our Call on AI Governance & Policy with

JPM, Software’s Recent Rally: Temporary Rebound or More to Come?, Thoughts from European

marketing; Spring 2026, Thoughts from Q1/26 Off-Qtr Software Earnings, Highlights from Salesforce

Connections '26, Dropbox Completes New $400M Revolving Credit Facility & announces $900M

Repurchase Program, A bright future; Initiate OCTV with a Sector Perform rating and $21 PT, RPD

announces CEO transition and reaffirms guidance, Highlights from Snowflake Summit and Investor

Day, Nate Olmstead announced as TTD CFO.

• Most asked about: ADSK, CRWD, DDOG, DT, FFIV, GWRE, HUBS, IBM, MSFT, NET, NOW, OKTA, PANW,

PEGA, SNOW and VRNS.

• Additional public/private company news relevant to the sector: IBM announced $10B in planned