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Theodor Thun

Research Analyst at Morgan Stanley

Theodor Johann Thun is an Equity Research Analyst at Morgan Stanley, specializing in the technology sector with a focus on software and automation. He actively covers publicly traded companies including MongoDB, Couchbase, HCP, and UiPath, and participates in high-profile earnings calls and client discussions with industry leaders. Thun began his career at Oppenheimer & Co. as a Research Analyst before joining Morgan Stanley, and holds both undergraduate and graduate degrees from Boston University’s Questrom School of Business. He is professionally credentialed as an analyst with Morgan Stanley & Co. LLC, a FINRA-registered broker-dealer, and participates in advanced research initiatives aimed at identifying top-performing business models.

Theodor Thun's questions to MongoDB (MDB) leadership

Theodor Thun's questions to MongoDB (MDB) leadership • Q4 2025

Question

Theodor Thun, on for Sanjit Singh, asked for the specific reasons behind the Voyage AI acquisition and what new capabilities it provides. He also questioned what changed in the last 90 days to prompt incremental investments beyond the previously discussed reallocations.

Answer

CEO Dev Ittycheria stated that Voyage AI was acquired to solve the critical issue of AI 'hallucinations' by providing top-rated embedding and reranking models, thereby increasing the trustworthiness of AI applications. CFO Serge Tanjga clarified that the plan was always to invest aggressively to capture the 'once-in-a-lifetime' AI opportunity, and the company's strong margin track record provides the confidence to do so.

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Theodor Thun's questions to Couchbase (BASE) leadership

Theodor Thun's questions to Couchbase (BASE) leadership • Q3 2025

Question

Theodor Thun, on for Sanjit Singh, asked about the key differentiators of Couchbase's new AI Services and vector search, and which use cases are showing early adoption. He also sought to qualify the Q4 net new ARR mix between precontracted ARR and the renewal pool, and whether potential Q1 pull-ins are included in the guidance.

Answer

CEO Matthew Cain highlighted the platform's holistic approach as a key differentiator, combining operational/analytical capabilities, cloud-to-edge architecture, and native JSON support, all enhanced by the new AI services. CFO Gregory Henry clarified that the Q4 forecast layers the 'several million' in precontracted ARR on top of the standard forecast built from renewals and new business. He confirmed a minimal amount of potential Q1 pull-ins is assumed in the guidance, as is typical, but more could materialize.

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Theodor Thun's questions to HCP leadership

Theodor Thun's questions to HCP leadership • Q2 2024

Question

Asked about the rationale and impact of the Terraform Cloud pricing changes, the potential for future pricing adjustments, and early customer feedback.

Answer

The Terraform Cloud pricing and packaging changes are designed to simplify onboarding by unifying the free and standard tiers, which has led to a substantial increase in sign-ups. The company's general pricing philosophy is to align with customer value and consumption growth, allowing them to land small and expand.

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