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    Keith Weiss • Morgan Stanley

    Keith Weiss's questions to CoreWeave Inc (CRWV) leadership

    Keith Weiss's questions to CoreWeave Inc (CRWV) leadership • Q2 2025

    Question

    Keith Weiss inquired about the mix of business between training and inference workloads and asked where the most acute supply chain challenges currently lie, whether in chips or power.

    Answer

    CEO Michael Intrator explained that CoreWeave's infrastructure is fungible for both training and inference, noting a 'massive increase' in inference workloads. He identified the primary supply chokepoint as 'powered shells'—data centers with available power—rather than a shortage of GPUs or other components.

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    Keith Weiss's questions to Atlassian Corp (TEAM) leadership

    Keith Weiss's questions to Atlassian Corp (TEAM) leadership • Q4 2025

    Question

    Keith Weiss of Morgan Stanley asked about the discrepancy between market concerns over AI's impact on developer roles and Atlassian's positive outlook, seeking clarity on current seat expansion trends.

    Answer

    CEO Mike Cannon-Brookes stated that Atlassian is not seeing any negative impact on its metrics from code-generating AI tools. He expressed a strong belief that AI will lead to more software creation and an increase in the number of developers, thereby expanding Atlassian's opportunity. He noted that internal data shows customers using AI tools actually see faster growth in business users within Jira, reinforcing its role as a central workflow hub.

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    Keith Weiss's questions to Check Point Software Technologies Ltd (CHKP) leadership

    Keith Weiss's questions to Check Point Software Technologies Ltd (CHKP) leadership • Q2 2025

    Question

    Keith Weiss of Morgan Stanley asked about the potential for using internal AI to drive efficiencies, which could offset investment needs and help sustain operating margins while pursuing growth.

    Answer

    CFO Roei Golan stated that while internal AI for productivity is a priority, its financial benefits are not expected in the short term but rather in 2026-2027. CEO Nadav Zafrir added that the primary goal of internal AI is to enable the company to achieve more with the same resources to fuel growth, not just to cut costs.

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    Keith Weiss's questions to Microsoft Corp (MSFT) leadership

    Keith Weiss's questions to Microsoft Corp (MSFT) leadership • Q4 2025

    Question

    Keith Weiss from Morgan Stanley asked about the sustainability of AI workload growth, questioning if it's driven by a few large applications or a broader diffusion across many smaller ones.

    Answer

    CEO Satya Nadella responded that growth is occurring on both fronts. He explained that while major 'head apps' are crucial for platform development and learning, Microsoft is also seeing a broad diffusion of smaller, Tier 2 applications being built, which he views as a positive indicator for sustained, long-term growth.

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    Keith Weiss's questions to Microsoft Corp (MSFT) leadership • Q4 2025

    Question

    Keith Weiss of Morgan Stanley asked for insight into the drivers behind Microsoft's strong quarterly performance, specifically questioning the balance between major 'head apps' and broader platform diffusion in the AI space.

    Answer

    CEO Satya Nadella explained that growth is occurring on two fronts simultaneously. He stated that learnings from building major AI applications are crucial for enhancing the underlying platform, and that Microsoft is seeing strong adoption in both top-tier apps and the wider ecosystem of smaller applications, indicating healthy, broad-based diffusion.

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    Keith Weiss's questions to Microsoft Corp (MSFT) leadership • Q3 2025

    Question

    Keith Weiss from Morgan Stanley asked about Microsoft's data center strategy, inquiring about potential shifts in commitments and the risk of a future GPU oversupply previously mentioned by management.

    Answer

    CEO Satya Nadella explained that Microsoft continuously adjusts its data center build-and-lease strategy based on future workload growth, shape, and location to optimize for efficiency and the latest technology. CFO Amy Hood added that these are long-lead-time decisions and confirmed that while capacity is coming online faster, strong demand means they will be slightly short on power and space exiting the quarter.

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    Keith Weiss's questions to Microsoft Corp (MSFT) leadership • Q2 2025

    Question

    Keith Weiss of Morgan Stanley asked for clarification on why Azure revenue came in at the low end of guidance, seeking details on the 'execution issues' and whether Microsoft remains confident in a back-half acceleration.

    Answer

    CFO Amy Hood specified the challenges were in non-AI services within 'scale motions' (indirect sales channels) and that adjustments are being made. She affirmed confidence in AI growth, noting the team successfully pulled in some capacity delivery dates. CEO Satya Nadella added that AI growth was better than expected and that prioritizing new platform shifts like AI is crucial, even if it temporarily affects older sales motions.

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    Keith Weiss's questions to Microsoft Corp (MSFT) leadership • Q1 2025

    Question

    Keith Weiss of Morgan Stanley inquired about the internal and external constraints on Microsoft's AI investments, focusing on the capital required for future foundational models and the challenges of sustainably powering new data centers.

    Answer

    CEO Satya Nadella explained that capital outlay for training new models is ultimately rate-limited by the monetization of inference demand, similar to how cloud build-out was tied to demand signals. He noted that short-term external constraints like data center availability and power have been challenging due to rapid demand growth but expressed confidence that supply and demand would better align in the second half of the fiscal year.

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    Keith Weiss's questions to Adobe Inc (ADBE) leadership

    Keith Weiss's questions to Adobe Inc (ADBE) leadership • Q2 2025

    Question

    Keith Weiss asked for two clarifications on the full-year guidance: the assumed customer mix between Creative Cloud Pro and standard plans, and any changes to foreign exchange assumptions.

    Answer

    CEO Shantanu Narayen explained that the goal is for Creative Cloud Pro to be the 'sweet spot' for most creative professionals, though the transition will take time as it occurs on renewal. Regarding FX, he stated that while there is some benefit, the vast majority of the revenue guidance increase is driven by strong underlying ARR performance and its conversion to revenue, not currency fluctuations.

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    Keith Weiss's questions to Samsara Inc (IOT) leadership

    Keith Weiss's questions to Samsara Inc (IOT) leadership • Q1 2026

    Question

    Keith Weiss of Morgan Stanley asked for clarification on deal cycle elongation, seeking to distinguish between macro effects and the natural complexity of selling larger, multi-product solutions. He also inquired about which verticals were most affected, the drivers behind gross margin expansion, and the potential impact of OEM relationships on future margins.

    Answer

    CFO Dominic Phillips attributed the elongation directly to macro factors, citing customer conversations about prioritizing spending on tariff-impacted goods post-'Liberation Day'. He stated the impact was widespread across verticals. Regarding gross margins, Phillips noted the record 79% was driven by software-only SKUs and economies of scale, but he does not expect significant near-term leverage. He added that while OEM partnerships are not a material factor today, they could be accretive to gross margins in the long term as that part of the business scales.

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    Keith Weiss's questions to CrowdStrike Holdings Inc (CRWD) leadership

    Keith Weiss's questions to CrowdStrike Holdings Inc (CRWD) leadership • Q1 2026

    Question

    Keith Weiss asked about the current versus future demand drivers from generative AI, seeking to distinguish what is impacting business today from what is a longer-term opportunity.

    Answer

    Founder & CEO George Kurtz explained that today's demand is driven by the integration of AI into CrowdStrike's own products, such as Charlotte AI, which automates SOC workflows and delivers immediate customer value. The significant future opportunity, he noted, lies in securing the new attack surface created by autonomous AI agents. He described these agents as "superhuman identities" that will require visibility and protection for their data access, workflows, and actions, positioning CrowdStrike to be their protector.

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    Keith Weiss's questions to Salesforce Inc (CRM) leadership

    Keith Weiss's questions to Salesforce Inc (CRM) leadership • Q1 2026

    Question

    Keith Weiss of Morgan Stanley asked about the timeline and mechanism for new products like AgentForce and Data Cloud to accelerate Salesforce's overall revenue growth beyond the current rate.

    Answer

    Chair and CEO Marc Benioff affirmed a commitment to growth transformation while maintaining margin and cash flow discipline. He highlighted strong performance in SMB and mid-market segments and plans to hire 1,000-2,000 more salespeople. President and CRO Miguel Milano added that AE capacity is planned to grow 22% year-over-year, driven by strong pipeline velocity and momentum in the lower end of the market.

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    Keith Weiss's questions to Salesforce Inc (CRM) leadership • Q1 2026

    Question

    Keith Weiss asked about the timeline and mechanism for new products like AgentForce and Data Cloud to meaningfully accelerate Salesforce's overall revenue growth beyond the current trajectory.

    Answer

    Chair and CEO Marc Benioff affirmed a commitment to growth alongside margin discipline, highlighting plans to hire 1,000-2,000 more salespeople to target high-growth areas like SMB and mid-market. President and Chief Revenue Officer Miguel Milano added that sales capacity is set to grow 22% by year-end, supported by a strong pipeline and momentum in the run-rate business and through the AWS Marketplace.

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    Keith Weiss's questions to Salesforce Inc (CRM) leadership • Q4 2025

    Question

    Keith Weiss asked about the pricing model for Agentforce, specifically the dynamics of shifting from a seat-based model to one with consumption elements and its net effect on contract sizes.

    Answer

    Chair and CEO Marc Benioff explained that pricing is a hybrid model, combining per-human (seat-based) and per-agent (consumption-based) fees, citing a large telecom deal as an example. President and COO Brian Millham added that the model will likely evolve toward 'universal credits' for customer flexibility, which they view as a significant pricing upside.

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    Keith Weiss's questions to Salesforce Inc (CRM) leadership • Q3 2025

    Question

    Keith Weiss of Morgan Stanley requested more detail on the initial 200 Agentforce deals, asking about their structure, typical customer uplift, and which clouds they are most commonly attached to.

    Answer

    President and COO Brian Millham explained that the initial Agentforce deals are primarily add-ons for existing Service Cloud customers. However, he stressed that customers recognize the broader platform opportunity, with significant potential in Sales, Marketing, and Commerce Clouds. Millham noted that Data Cloud is a foundational component included in all Agentforce deals, positioning it as the "tip of the iceberg" for the product's potential.

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    Keith Weiss's questions to Salesforce Inc (CRM) leadership • Q2 2025

    Question

    Keith Weiss asked about Salesforce's growth equation, questioning how various pillars like industry clouds and international expansion contribute, and when generative AI will become a material factor. He also inquired about the pricing model for Agentforce, particularly how Salesforce will capture value from productivity gains if it leads to fewer user seats.

    Answer

    CEO Marc Benioff outlined a three-pronged growth strategy: technology stack transformation (apps, Data Cloud, agents), verticalization, and international expansion. He explained that Agentforce pricing will be consumption-based, citing a potential model of around $2 per conversation, representing a new, high-margin revenue stream. COO Brian Millham added that new AI innovations enhance core apps, and Salesforce can monetize the efficiency gains by focusing on the customer's total cost of operations. He also pointed to channel diversification, like the AWS Marketplace, as a key growth driver.

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    Keith Weiss's questions to Palo Alto Networks Inc (PANW) leadership

    Keith Weiss's questions to Palo Alto Networks Inc (PANW) leadership • Q3 2025

    Question

    Keith Weiss questioned how the AI imperative extends beyond Prisma AIRS to the broader portfolio and how this trend provides confidence in achieving future Next-Generation Security (NGS) ARR growth targets.

    Answer

    CEO Nikesh Arora detailed that securing AI involves runtime AI firewalls, an extension of existing capabilities, which pulls through demand for software firewalls. He noted this accelerates the hardware-to-software shift, creating a tailwind for NGS ARR. He also cited the strategic acquisition of Protect.AI as a move to bolster these critical runtime security capabilities.

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    Keith Weiss's questions to Cyberark Software Ltd (CYBR) leadership

    Keith Weiss's questions to Cyberark Software Ltd (CYBR) leadership • Q1 2025

    Question

    Keith Weiss asked about changes in the competitive landscape given the heightened focus on identity security, and tactically, whether organic subscription net new ARR grew year-over-year after excluding contributions from Venafi and Zilla.

    Answer

    CFO Erica Smith confirmed that organic subscription net new ARR did grow year-over-year. CEO Matt Cohen addressed competition by stating that while many vendors claim 'identity,' they solve narrow problems. He asserted that CyberArk's comprehensive platform for human and machine identities remains a key differentiator and that the competitive situation has not significantly changed.

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    Keith Weiss's questions to ServiceNow Inc (NOW) leadership

    Keith Weiss's questions to ServiceNow Inc (NOW) leadership • Q1 2025

    Question

    Keith Weiss of Morgan Stanley inquired about the company's guidance, asking if potential risks from enterprise customers, such as decision-making delays or elongated sales cycles, were factored in beyond the discussed federal sector risks.

    Answer

    President and CFO Gina Mastantuono responded that demand remains strong and the guidance reflects a rigorous, data-driven analysis of the complex environment. She confirmed the guidance bakes in a healthy degree of conservatism, but noted that pipelines are strong and customers are leaning into the ServiceNow platform as a deflationary tool in uncertain times.

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    Keith Weiss's questions to ServiceNow Inc (NOW) leadership • Q3 2024

    Question

    Keith Weiss asked for clarification on the cRPO duration headwind from the federal business, questioning if it was absent in Q3. He also asked if the emergence of AI agents changes the sales cycle for Now Assist and the Pro Plus SKU or if it's a natural extension of the conversation.

    Answer

    CFO Gina Mastantuono confirmed the duration headwind from the federal business was not present in Q3 but is expected to return in subsequent quarters until Q3 of the next year. CEO Bill McDermott stated that AI agents are a natural, complementary evolution in the innovation story, reinforcing the value of the platform and serving as another upsell opportunity without disrupting the existing sales cycle for Now Assist.

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    Keith Weiss's questions to Intuit Inc (INTU) leadership

    Keith Weiss's questions to Intuit Inc (INTU) leadership • Q2 2025

    Question

    Keith Weiss asked about expense management, questioning if the strong Q2 margin expansion was due to hiring timing or if there's more leverage opportunity than previously expected.

    Answer

    CFO Sandeep Aujla explained that the company is on track with hiring, which was slightly less than planned due to internal efficiencies from AI, such as a 40% increase in engineer productivity and a 20% reduction in TurboTax support contact rates. He attributed the strong margin performance to disciplined spending, earlier-than-expected AI efficiencies in customer success, and a slower start to the tax season, all of which solidify confidence in the full-year margin guidance.

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    Keith Weiss's questions to Intuit Inc (INTU) leadership • Q1 2025

    Question

    Keith Weiss asked about the churn observed at the lower end of Mailchimp's customer base, questioning if it was a new phenomenon, and also requested an update on the progress of creating a deeply integrated, bundled solution with QuickBooks.

    Answer

    CEO Sasan Goodarzi clarified that the churn is not macro-related but an idiosyncratic issue resulting from rapid innovation for mid-market customers that made the product's usability tougher for very small businesses. He stated the company is focused on improving the first-time use experience. Regarding integration, he indicated that a deeply integrated end-to-end experience is still 'several quarters' away.

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    Keith Weiss's questions to Intuit Inc (INTU) leadership • Q4 2024

    Question

    Keith Weiss asked for the drivers behind the expected Q1 acceleration in QuickBooks Online and for details on which parts of the business were reduced during the recent restructuring.

    Answer

    CEO Sasan Goodarzi attributed the QBO acceleration to three factors: growth in services (payments, payroll, live, Mailchimp), traction in the mid-market, and pricing power derived from the value of the integrated business suite. Regarding the restructuring, he explained it was not concentrated in one area but was a company-wide effort focused on performance management and consolidating technology talent from sites in Boise and Edmonton into key hubs. CFO Sandeep Aujla added that larger customers have higher service adoption rates, contributing to the growth.

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