Takeaways from Pre-Quiet Period Mgmt. Conversations (2Q26)

研报英文原文证据摘录

Takeaways from Pre-Quiet Period Mgmt. Conversations (2Q26)

Equity Research

Multi Company Update — June 17, 2026

Software

U.S. Software

Takeaways from Pre-Quiet Period Mgmt.

Conversations (2Q26)

Our Call Ryan MacWilliams, CFA

Key themes: 1) More AI natives expanding spend with our covered companies; 2) Equity Analyst | Wells Fargo Securities, LLC Ryan.MacWilliams@wellsfargo.com | 212-214-1192

Internal AI use cases thriving; 3) More shifting to consumption pricing. We left mgmt.

Zeeshan Raufconversations more positive on NET and DDOG.

Associate Equity Analyst | Wells Fargo Securities, LLC

Zeeshan.Rauf@wellsfargo.com | 212-214-1120

AI spend increasingly evident. AI spend impacts are broadening as more AI natives are Chris Brazeau

appearing more meaningfully within our coverage and enterprises are increasing spend as Associate Equity Analyst | Wells Fargo Securities, LLC

they move from experimentation to more recurring AI usage. We think the read-through Chris.Brazeau@wellsfargo.com | 929-767-5658

is that companies closer to AI spend budgets are likely to continue benefitting in the NT, Cyrus Motakef

and supports why we left more positive on NET and DDOG. Associate Equity Analyst | Wells Fargo Securities, LLC

Cyrus.Motakef@wellsfargo.com | 212-214-3334

Figure 1 - Enterprise AI spend has meaningfully accelerated in recent months, with the

top 1% of companies spending ~$7.5k per employee per month

Source: Ramp AI Index

Note: AI spend includes LLM subscriptions, coding agents, API tokens, and GPU cloud spend. Percentile

assignment is by per employee spend on AI.

Highlights:

• NET - As PoF customers ramp faster, revenue recognition is often lower in the NT

but accelerates over the course of the contract as customers accelerate adoption and