2Q Infra Soft Preview: Top picks – DDOG, SNOW, FROG, MDB, and DT

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2Q Infra Soft Preview: Top picks – DDOG, SNOW, FROG, MDB, and DT

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Infrastructure Software

2Q Infra Soft Preview: Top picks – DDOG,

SNOW, FROG, MDB, and DT

Price Objective Change

Sector thoughts: Infra Soft to benefit most from AI 22 July 2026

We think the 2Q earnings cycle will show infrastructure software to be the biggest AI Equity

beneficiary of the four software sectors we cover (the others being applications, vertical, Americas

and cybersecurity). After conducting industry checks and analyzing data signals, we Infrastructure Software

emphasize that demand is accelerating for the best infrastructure software vendors. We Koji Ikeda, CFA

expect AI-driven consumption to show up in usage and bookings, and we think the Research Analyst

companies that show it will see their stocks re-rate. Our top picks are Datadog BofAS+1 415 913 2106

(DDOG), Snowflake (SNOW), JFrog (FROG), where key growth metrics continue koji.ikeda@bofa.com

accelerating, along with MongoDB (MDB) and Dynatrace (DT). On the other side, we George McGreehan

Research Analyst

see the highest risk of downward estimate revisions for C3.ai (AI) and PagerDuty (PD) BofAS

given transitions across mgmt., go-to-market, and pricing models. +1 415 913 4315

george.mcgreehan@bofa.com

Best growth acceleration setups: DDOG, SNOW, FROG

The checks and data point to accelerating growth across key metrics for all three names

Exhibit 1: Raising POs for AMPL, DDOG,

into 2Q. For DDOG, the key metric is total revenue growth, and a 3% beat to the guide DT, FROG, GTLB, PD, and SNOW

midpoint (vs. 5.3% last quarter) implies +34% y/y growth, accelerating from +32% Summary of Price Objective changes

(BofA/Street +30%/+31%). For SNOW, the key metric is Product revenue growth, and a

3% beat to the guide midpoint (vs.