U.S. Software: Raimo's Roundup: Improving Rule of 40 Situation In Software

研报英文原文证据摘录

U.S. Software: Raimo's Roundup: Improving Rule of 40 Situation In Software

Equity Research

29 May 2026

U.S. Software

Raimo's Roundup: Improving Rule

of 40 Situation In Software

With the ongoing AI concerns among investors, we see a U.S. Software

greater focus from management teams to show greater POSITIVE

attractiveness of their business models. The Rule of 40 is used U.S. Software

Raimo Lenschow, CFA

a lot as a measure to harmonize the performance in the +1 212 526 2712

space. We can see in our analysis improvements for many raimo.lenschow@barclays.com

BCI, US

names but not all. Saket Kalia, CFA

+1 212 526 8465

saket.kalia@barclays.com

Becky Sun

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yuyao.sun@barclays.com

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What Happened?

CoreWeave announced the launch of unified agentic AI capabilities, which combines four

capabilities (Serverless RL, CoreWeave Inference, W&B Weave and W&B skills/MCP server) to

help close the feedback loop between training and inference.

Workday announced an expanded partnership with Google Cloud (GOOG, covered by Ross

Sandler). Notably, Sana Self-Service Agent is now available in Gemini Enterprise, Gemini

becomes the default AI model for Sana for Workday and the two companies will collaborate on

next-gen Workday Agents for HR and Finance.

On Wednesday, Braze reported Q1 with an organic accel to ~27%, strong net new customer

adds, and improving NDR momentum, despite some reporting noise with its Professional

services revenue recognition (see note here).