EVR-ISI Software: Daily Cloud Bytes (Themes Into 2H, OAI/HP & More)

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EVR-ISI Software: Daily Cloud Bytes (Themes Into 2H, OAI/HP & More)

Technology | Software

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June 29, 2026

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

212 497 0873 (Themes Into 2H, OAI/HP & More) kirk.materne@evercoreisi.com

Peter Levine EVR-ISI Software Daily Nugget: Good morning! We expect a lot of

212 497 0833 investors will be taking some time off this week in front of the holiday

peter.levine@evercoreisi.com weekend, which helps explain the nice covering rally in software on

Peter Burkly Friday. As discussed in our note over the weekend, the first half of 2026

212 497 0831 was clearly dominated by the AI infrastructure trade, with investors

peter.burkly@evercoreisi.com favoring hardware, semiconductors, and anything tied more directly to

Bill McNamara AI capex. Software has not been completely left behind, but the group

212 446 5626 is still under pressure, and investors seem to be asking for proof before

bill.mcnamara@evercoreisi.com giving many names the benefit of the doubt again. The good news is

Charlie Zhou that the “AI eats software” fear has cooled somewhat, but the market

646-551-8513

still wants to see which companies can turn AI into durable growth. The charlie.zhou@evercoreisi.com

areas where there is the most interest remain infrastructure and Vinod Srinivasaraghavan, CFA

646-551-8831 security. As companies start using more AI agents and deploying AI

Vinod.Srinivas@evercoreisi.com more broadly, they are going to need better tools to monitor activity,

protect data, manage risk, and make sure everything runs reliably. That

Weekly Video: creates a clearer path for infrastructure, observability, data, and

cybersecurity companies to benefit from AI adoption. Enterprise

application companies look more stable than broken, and some are