WF Software Weekly—Summer Breeze

Research evidence excerpt

WF Software Weekly—Summer Breeze

Equity Research

Industry Update — June 18, 2026

U.S. Software

Conferences, Catalyst Watch, and AI Headlines

Our Call Wells Fargo Software Team

The Software Weekly provides a complete & comprehensive summary of sentiment, Wells Fargo Securities, LLC

WellsFargoSoftwareTeam@wellsfargo.com

performance, and AI headlines across the space. See below + inside for a collection of key

Michael Turrin, CFAnotables & our thoughts from the week.

Equity Analyst | Wells Fargo Securities, LLC

Michael.Turrin@wellsfargo.com | 628-629-7565

Key Topics: Ryan MacWilliams, CFA

• Databricks Data and AI Summit: We come away with increased conviction on AI's EquityRyan.MacWilliams@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-1192LLC

positive impact at the data layer. Databricks disclosed ~$4.1B in FY26 revs, growing

Richard Poland >55% y/y and with net retention rates still holding at 140%+. (link)

• Workday Elevate: WDAY's event instilled confidence that the co is advancing its AI Richard.D.Poland@wellsfargo.com | 212-214-5333

roadmap in a direction well-aligned w/ its customers. We surveyed 12 customers, Austin Williams

focused on Sana, AI investment trends, and IT budgets. See full survey results here. Associate Equity Analyst | Wells Fargo Securities, LLC

Austin.R.Williams@wellsfargo.com | 628-629-7572

Zeeshan Rauf

Catalyst Watch: Associate Equity Analyst | Wells Fargo Securities, LLC

• We're hosting our 10th annual WF TMT Summit on Dec 7-9 in Rancho Palos Verdes, Zeeshan.Rauf@wellsfargo.com | 212-214-1120

CA. Chris Brazeau

Associate Equity Analyst | Wells Fargo Securities, LLC

Please contact your WF sales rep for more info. Chris.Brazeau@wellsfargo.com | 929-767-5658

Rachel Chang