Software: Thoughts from Vercel's Ship user conference and analyst session

研报英文原文证据摘录

Software: Thoughts from Vercel's Ship user conference and analyst session

RBC Capital Markets, LLC

Matthew Hedberg (Head of

Global TIMT Research)

(612) 313-1293,

matthew.hedberg@rbccm.com

Michael Richards (AVP)

(332) 204-5767,

michael.richards@rbccm.com

July 1, 2026 Dan Bergstrom (Analyst)

(612) 313-1254,

dan.bergstrom@rbccm.com Software: Thoughts from Vercel's Ship user Matthew Swanson (Analyst)

(612) 313-1237,RESEARCH conference and analyst session matthew.swanson@rbccm.com

Simran Biswal (AVP)

Our view: We had the opportunity to attend an investor session for Vercel (private company) in NYC (646) 618-6894, simran.biswal@rbccm.com in conjunction with the company's Ship user conference. Topics of the session included Vercel's move Rishi Jaluria (Analyst)

from website and application infrastructure into agentic infrastructure, why it believes its platform is (415) 633-8798,

the deployment mechanism of choice for agents, its vision for further innovation, and broad drivers rishi.jaluria@rbccm.com

for Vercel's ~$500M run-rate revenue growing 130%+ y/y. In terms of broader read-throughs to our

coverage, we believe the inflection in AI adoption Vercel is benefitting from is likely a positive read toEQUITY select infrastructure providers under coverage including DDOG, FFIV, NET, and SNOW. More specifically,

Vercel's offering has parallels to Cloudflare Workers and while the offerings take different architectural

approach (Vercel leverages hyperscalers for infra vs Cloudflare's PoP network), we believe the idea that

agents will require flexible infrastructure that can be spun up/down with organizations only paying for

what they use will be key to accelerating agent deployment at scale.

Vercel and its place in AI era.