Tillman's Software Monday Morning Missives

Research evidence excerpt

Tillman's Software Monday Morning Missives

Truist Securities

Equity Research Report June 15, 2026

TMT: Application Software and

Agentic AI Tillman's Software Monday Morning

Missives

AI transfer portal updates with Anthropic and Salesforce, Anthropic updates, OpenAI Terry Tillman updates, Lovable’s rapid ascent with $500 mil+ in ARR, interesting findings from Faros

404-926-5362

Terry.Tillman@truist.com study and some sobering realities of AI coding and outcomes, its not all about token

maxxing (check out update on coverage stock MANH), startup Sierra quickly achieves

FedRAMP High, Tyler Tech Investor Day recap, EliseAI surpasses $200 mil in ARR, Connor Passarella Bending Spoons files to go public and Poetic looks to change industry narrative on failed 212-326-6153

Connor.Passarella@truist.com agent pilots.

Giancarlo Valle Couple of Notable AI Transfer Portal Moves. As we have mentioned in recent missive

212-537-9006 updates, while the college athletics transfer portals have finite periods, the AI transfer

Giancarlo.Valle@Research.truist.com portal is constantly open and we continue to anticipate large shift in technology talent to

and among leading frontier model co’s as well as other fast-scaling AI disrupters. One

14 Page Document of the more notable recent AI transfer portal moves, in our opinion, involved Clive Chan.

Mr. Chan was a key player and hardware employee #2 at OpenAI (Private) where he

helped lead the company’s custom silicon program and previously he was involved in

Reasons for this report Tesla’s (TSLA, Hold, Stein) Dojo supercomputer chip innovations. He has left OpenAI

to join Anthropic (Private). It will be interesting to see what Anthropic does in the area

✓ Sector Update of custom chip development.