WF Software Week Ahead (7/20)

研报英文原文证据摘录

WF Software Week Ahead (7/20)

Equity Research

Industry Update — July 19, 2026

U.S. Software

2Q Earnings, Expert Calls & AI Headlines

Our Call Wells Fargo Software Team

Software performance (IGV +1%) improved last wk as semis trade cooled (SOXX -9%). Wells Fargo Securities, LLC

WellsFargoSoftwareTeam@wellsfargo.com

Key theme = lower token costs, creating consternation across AI infra but potentially

Michael Turrin, CFAmore positive for apps/broader enterprise. Initial 2Q prints (NOW, SAP) this week.

Equity Analyst | Wells Fargo Securities, LLC

Michael.Turrin@wellsfargo.com | 628-629-7565

Final thoughts into NOW, SAP earnings this week: IBM's neg preannounce last week Ryan MacWilliams, CFA

presents questions into initial software prints this week, given commentary suggesting Equity Analyst | Wells Fargo Securities, LLC

client buying patterns shifted late in 2Q (prioritizing hardware, cyber). Despite this, we see Ryan.MacWilliams@wellsfargo.com | 212-214-1192

investors warming up to NOW setup given +ve Fed data points & positive early feedback Richard Poland

on new pricing model (preview). SAP feedback/sentiment more muted as investors look Equity Analyst | Wells Fargo Securities, LLC

for greater confidence in positioning/migration cadence (preview). Richard.D.Poland@wellsfargo.com | 212-214-5333

Austin Williams

Company touchpoints last week: CRM, WDAY, INTU, MNDY, SNOW, RBRK, MDB Associate Equity Analyst | Wells Fargo Securities, LLC Austin.R.Williams@wellsfargo.com | 628-629-7572

Checks: Incremental data pts last week: Zeeshan Rauf

Associate Equity Analyst | Wells Fargo Securities, LLC

• NOW's new pricebook could come with price increases in the 8-40% range, w/ Zeeshan.Rauf@wellsfargo.com | 212-214-1120

consumption adding beyond that; Chris Brazeau