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CEO Michael Intrator stated that CoreWeave's view of a structural supply constraint is unwavering and based on direct discussions with the largest AI infrastructure consumers. Regarding latency, he explained it is use-case dependent; for complex queries like chain-of-reasoning, compute power is more critical, but the company's strategy of building near population centers provides low-latency optionality.

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CEO Olivier Pomel explained that the AI opportunity has multiple layers, starting with infrastructure monitoring for inference stacks and evolving to new observability challenges for non-deterministic AI applications, which he believes the entire market will adopt. CFO David Obstler added that the increased sales capacity is showing positive signs in new logo production and pipeline, and the company is focused on ramping these new hires to full productivity.

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CEO Rick McConnell responded that they are consolidating traditional log vendors as the market shifts toward integrated, end-to-end observability platforms. He emphasized that customers are choosing Dynatrace for better outcomes at a lower overall cost compared to standalone log offerings.

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CEO Satya Nadella agreed, stating that Copilot is evolving from a simple chat interface to a platform for spawning asynchronous work via agents. He emphasized that the user interface remains critical for instructing and monitoring these agents, using the GitHub Copilot code review agent as an example of this expanding, system-level interaction.

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CEO Satya Nadella confirmed this trend, explaining that usage is moving beyond simple chat to spawning asynchronous agentic applications. He emphasized that the UI remains critical for instructing and monitoring these agents, citing the GitHub Copilot code review agent as an example of how these tools are becoming deeply integrated into workflows.

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CEO Satya Nadella outlined Microsoft's integrated system: Copilot serves as the UI for AI, Copilot Studio allows customers to extend Copilot by building agents, and these can include autonomous agents that work independently but delegate back to Copilot for human input. He described this as a complete system for business transformation, with all underlying components also available as building block services in Azure.

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CEO Safra Catz explained that the underlying strength of strategic SaaS products is now more visible as headwinds from non-strategic businesses fade, with AI capabilities driving cloud adoption. CTO Larry Ellison added that customers are increasingly choosing Oracle's fully integrated application suite (ERP, HCM, SCM) to eliminate integration costs and gain a unified, AI-ready platform, leading to market share gains.

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CEO Safra Catz countered the premise, stating that companies are under intense pressure to improve efficiency, which drives strong demand for Oracle's automated back-office solutions like Fusion. She highlighted that customers want to reduce operational spending to invest in differentiation and leverage their data with Oracle's embedded AI capabilities. Catz also revealed that booking trends for these applications have markedly accelerated.

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Chairman and CTO Larry Ellison explained that these partnerships will 'turbocharge the growth' of the database business by making the best, Exadata-based versions of the Oracle Database available everywhere. He also highlighted a parallel trend of significant growth in private clouds, which offer identical, automated functionality as public clouds but behind a customer's firewall. He predicted private clouds will greatly outnumber public clouds, and Oracle is positioned to win in both scenarios.

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CEO Dev Ittycheria asserted that competitors' moves validate the strategic importance of the operational database market for AI and argued their bolt-on JSON support is superficial compared to MongoDB's native document architecture. CFO Mike Berry shared his positive diligence findings, highlighting the company's scale, leveraged business model, efficiency opportunities, and strong balance sheet as key strengths.

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CEO Marc Benioff highlighted the deep integration of Tableau into the Data Cloud and metadata platform. President and Chief Engineering Officer Srini Tallapragada elaborated that this combination creates a trusted, enterprise-grade data platform essential for AI agents, with MuleSoft for connectivity, Data Cloud for unification, Tableau for insights, and Informatica to accelerate the overall data strategy.

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Chair and CEO Marc Benioff highlighted Tableau's deep integration into the core platform. President and Chief Engineering Officer Srini Tallapragada elaborated that an effective agentic strategy relies on a strong data strategy. He explained that MuleSoft, Data Cloud, Tableau, and Informatica will collectively provide the trusted, enterprise-grade data platform necessary for customers to deploy reliable AI agents at scale.

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Chair and CEO Marc Benioff described the combined COFO role as a 'perfect match' that creates significant leverage by uniting finance and operations. He noted he was inspired by a similar structure at another company and successfully recruited Robin Washington from the board. Incoming COFO Robin Washington added her excitement for the opportunity.

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COO Brian Millham stated the pricing is a usage-based model at '$2 a conversation,' which offers high value. CEO Marc Benioff elaborated with a personal healthcare anecdote, contrasting a hypothetical $100 human-led call with a $1.50 agent-led interaction to illustrate the immense cost savings and productivity gains for customers. Millham added that customers understand their labor costs, which simplifies pricing discussions, and pointed to online ROI calculators available to them.

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CFO Sandeep Aujla stated that while macro stability helped, the majority of Credit Karma's outperformance was driven by strong execution. He highlighted innovations like AI-powered offer matching and the Lightbox feature, which improved partner connections and drove higher ARPC. Aujla noted this 'management alpha' has put the business on a significantly better trajectory compared to 12 months prior.

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CEO Sasan Goodarzi attributed the results to two factors: continued macro stability and, more importantly, strong execution. He highlighted that AI-driven improvements in connecting customers with the right offers, along with innovations like Lightbox, drove higher ARPC and market share gains in credit cards, personal loans, and insurance. He referred to this outperformance as 'management alpha,' which has put the business on a new trajectory.

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CEO Sasan Goodarzi attributed the 17% payment volume growth to temporary factors, including storms on the East Coast impacting small businesses and the number of days in the quarter, and stated he expects it to accelerate. Regarding AI, he highlighted the 'done for you' strategy, citing the general availability of Intuit Assist for QuickBooks, which automates tasks like invoicing and accounting. For tax, he said to expect dramatically streamlined experiences this season.

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CEO Sridhar Ramaswamy explained that Snowflake embraces complex customer ecosystems and aims to reduce friction by providing an end-to-end solution for common use cases. EVP of Product Christian Kleinerman added that support for open formats like Apache Iceberg allows customers flexibility. Regarding buybacks, CFO Michael Scarpelli stated they are evaluated quarterly on an opportunistic basis, with the full intention of utilizing the current authorization by March 2027.

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President and CFO Gina Mastantuono explained that while they have consistently expected non-IT workflows to grow as a percentage of the total, AI is a platform-wide enhancement that will lift all workflows. President, CPO and COO Amit Zavery added that customers are also showing interest in the agentic platform itself for creating new solutions, beyond just existing workflows.

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CEO Bill McDermott stated that IT budgets are expected to grow significantly next year, with software and GenAI as top priorities. He believes ServiceNow will gain share from this growing IT budget, but also sees new money coming from other departmental line items to fund AI initiatives. Furthermore, he noted a consolidation effect where customers are replacing hundreds of point solutions with the ServiceNow platform, freeing up additional budget.

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