EVR-ISI Software: Daily Cloud Bytes (Sapphire Takeaways, Security/AI Webinar, SN

研报英文原文证据摘录

EVR-ISI Software: Daily Cloud Bytes (Sapphire Takeaways, Security/AI Webinar, SN

Technology | Software

f3.24O

May 14, 2026

Kirk Materne, CFA EVR-ISI Software: Daily Cloud Bytes

212 497 0873 (Sapphire Takeaways, Security/AI Webinar, kirk.materne@evercoreisi.com

Peter Levine SNOW Survey, On The Fly At 1pm & More)

212 497 0833 EVR-ISI Software Daily Nugget: Good morning. Our key takeaway

peter.levine@evercoreisi.com

from SAP Sapphire is that the core debate remains largely unchanged,

Peter Burkly

with SAP believing that AI reinforces the value of systems that contain 212 497 0831

peter.burkly@evercoreisi.com enterprise data, process logic, and governance, ultimately

Bill McNamara strengthening the long-term importance of its ERP franchise. If that view

212 446 5626 is correct, SAP’s position at the center of enterprise workflows becomes

bill.mcnamara@evercoreisi.com more strategic over time. At the same time, there are no new agentic

Charlie Zhou KPI’s that can help outline SAP’s near-term progress and counteract

646-551-8513 the ongoing AI disintermediation thesis. Given the degree of control

charlie.zhou@evercoreisi.com SAP has over its installed base and cost structure, the question of

longer-term margin potential, and whether the model should support

Weekly Video: structurally higher operating margins, remains an open debate for

investors. Click here for note. We released our SNOW F1Q preview

where we remain constructive on SNOW at current levels though we

acknowledge that a tougher F2Q product revenue compare could mute

any near-term guidance upside. In general, our checks and partner

survey point to solid demand trends, with interest in CoCo starting to

(slowly) impact consumption trends. Accordingly, we expect SNOW to