Tillman's Software Monday Morning Missives

Research evidence excerpt

Tillman's Software Monday Morning Missives

Truist Securities

Equity Research Report July 6, 2026

TMT: Application Software and

Agentic AI Tillman's Software Monday Morning

Missives

AI Transfer Portal update, Anthropic updates, OpenAI updates, David Sacks shares Terry Tillman constructive data on AI fueling job growth, Microsoft joins FDE party, Grok unveils 4.5

404-926-5362

Terry.Tillman@truist.com but Grok 5 on horizon, Legora update, Harvey update, Bending Spoons cracks open

software IPO market, Databricks continues long-standing tradition of data co’s getting

into martech, Higgsfield hits $500 mil ARR and looks to raise money, 8090 funding and Connor Passarella konnichiwa Sakana Fugi. 212-326-6153

Connor.Passarella@truist.com

Giancarlo Valle

212-537-9006

Giancarlo.Valle@Research.truist.com

Luc Radice

212-537-9032

Luc.Radice@truist.com

12 Page Document

Reasons for this report

✓ Sector Update

✓ Sector Read-Throughs

Source: Original Artwork AI-generated

AI Transfer Portal Update; Long-Time Senior Sales Leader Leaves Microsoft for

Nvidia. The AI Transfer Portal remained active this past week with a noteworthy senior

sales executive leaving Microsoft (MSFT, Buy) to go to NVIDIA (NVDA, Buy, Stein).

After over 26 years at Microsoft, Nick Parker has announced he will be joining NVIDIA

as EVP leading Worldwide Field Operations starting August 24th. Mr. Parker mentioned

the two companies are great partners, and he looks forward to nurturing the strategic

relationship going forward. Mr. Parker most recently was Chief Business Officer and

President of Worldwide Sales & Solutions at Microsoft. While we assume Microsoft

can backfill this role without notable disruption given the large sales distribution and

advanced GTM muscle, it does seem like a notable AI Transfer Portal move.