Wake That SaaS Up Daily 6/23/2026

研报英文原文证据摘录

Wake That SaaS Up Daily 6/23/2026

June 23, 2026

Interesting Reads

The Last Word - "Demand Steadiness vs. AI Readiness" - On-Calendar Pre-Quiet Period Takeaways - We did

PQ calls with MSFT, NOW, TWLO, TEAM, CDNS, HUBS, DT, FTNT, VRNS, CHKP, TENB, QLYS, and RPD. On MSFT,

better infrastructure efficiency continues to support Azure growth, with Copilot adoption driving ARPU expansion

while consumption pricing remains a long-term monetization opportunity. On NOW, the tone was incrementally more

constructive, with management pointing to security synergies from recent acquisitions and solid early demand for AI

Control Tower. On TWLO, management's tone continued to be very positive, with Voice AI benefiting both AI natives

and its largest Voice customers, with strong conversations on new products, and better-than-expected seasonality in 1Q

Messaging. On TEAM, management remains confident in Cloud growth, with Subscription ARR providing the cleanest

view on business, and sees DC revenue declining significantly in FY27 (-15% not inconceivable). On CDNS, management

sees a larger opportunity with INTC than they have had historically on 14A, while AI monetization will likely take time to

become material. On HUBS, management remains confident in AI products but noted a shifting buying environment (e.g.,

more stakeholders at the table demanding faster ROI), prompting April's GTM changes that carry near-term NNARR

headwinds. On DT, management noted that they feel confident in FY27 guidance as the first cohort of DPS contracts

come up on forced renewals, the logs offering continues to ramp, and sales productivity improves throughout the year.

In Security, FTNT emphasized that service revenue guidance for the full year was provided with the goal of ensuring