Assessing AI Impacts in SMD Customer Experience Software; Buy BRZE, KVYO, TWLO (Initiate/Assume Coverage)

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Assessing AI Impacts in SMD Customer Experience Software; Buy BRZE, KVYO, TWLO (Initiate/Assume Coverage)

Equity Research

23 June 2026 | 8:52PM EDT

AMERICAS EMERGING SOFTWARE

Assessing AI Impacts in SMID Customer Experience Software; Buy BRZE,

KVYO, TWLO (Initiate/Assume Coverage)

We initiate/assume coverage of select stocks in the customer experience Callie Valenti

+1(212)357-2790 |

software space, with Buy ratings on Twilio (TWLO, $300 PT), Braze (BRZE, $34), & callie.valenti@gs.com

Goldman Sachs & Co. LLC

Klaviyo (KVYO, $26 PT) and Neutral rating on Zeta (ZETA, $28 PT). As the industry

Gabriela Borges, CFAenters a period of change, we favor companies that 1) can benefit from industry +1(212)902-7839 |

shifts driven by AI, 2) have a differentiated infrastructure layer, and 3) are in the early gabriela.borges@gs.comGoldman Sachs & Co. LLC

innings of a new product cycle. We have already seen AI drive market share shifts in

customer service, benefiting TWLO, and within marketing we are seeing companies

with strong technology take further share from legacy solutions as AI causes

enterprises to rethink modern consumer experiences. Additionally, some stocks have

seen unwarranted underperformance as a result of the AI driven bear case on

application software, this includes BRZE and KVYO where we believe the market is

not pricing in the differentiation in their infrastructure. In this report, we take a

closer look at how agentic AI is changing the market — both at an industry level

and at a product level.

n TWLO: We quantify the expanding opportunity in Voice and take a closer look at

how product level gross margins will impact overall gross margins going forward.

n BRZE: We dissect the inflection in customer expansion trends and show how