BNP highlights bullish takeaways on agentic AI, growth in meetings with Salesforce, Workday, Snowflake

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• If successful with new initiatives, second-half bookings should show improvement, potentially delivering revenue growth inflection in fiscal year 2027

  60% confidence

• AI is an opportunity to increase accessibility of Snowflake technologies to more business users beyond just business and data analysts by putting tools like CoCo in people's hands

  60% confidence

• Workday is returning to an organic product focus with a goal of delivering revenue growth acceleration, which may result in improved Bookings growth in H2 FY'27 and revenue growth acceleration in FY'28

  60% confidence

• Flex Credit revenues expected to start ramping up in fiscal year 2027 for new agentic offerings on outcome-based pricing

  60% confidence

• AI native revenue is likely less than 2% but may have already helped drive Q4 beat

  60% confidence

• Workday's integrated data model across HCM and Finance provides advantage as it increasingly sells the full suite

  60% confidence

• Companies are returning to Salesforce after testing solutions from AI startups like Sierra AI and Decagon AI, and after trying DIY AI using OpenAI and Anthropic LLMs

  60% confidence

• Workday prices initial contracts based on customer employee base size with three-year minimum commitment, with renewals reflecting business growth, CPI inflation, and new functionality

  60% confidence

• 27 years of operational CRM data embedded within systems of record provides advantage versus new competitors

  60% confidence

• Snowflake is committed to maintaining product gross margins at 75% this year despite AI products creating some gross margin headwind

  60% confidence

• Salesforce believes it is well-positioned to be a winner in the new agentic layer due to having customer context, systems of work, Atlas Reasoning Engine for agency, and engagement layer with Slack

  60% confidence

• Companies are coming back to Salesforce after testing solutions from AI startups like Sierra AI and Decagon AI, and after trying DIY AI

  60% confidence

• Data Cloud offering expected to ramp up in second half, charged on consumption basis based on amount of data

  60% confidence

• Snowflake is a key beneficiary of AI, as AI can help drive acceleration in demand for core platform and provides opportunities to extend use cases and reach through development simplification

  60% confidence

• New customer growth is slower as some industries have slowed, including SLED, Healthcare, and parts of retail

  60% confidence

• LLM costs will weigh on gross margins, but Salesforce can secure volume discounts and expects costs per token to come down over time

  60% confidence

• Salesforce benefits from customer data and metadata context, resulting in better and more accurate outcomes for agentic AI

  60% confidence

• AI is an opportunity to increase accessibility of technologies to more business users by putting tools such as CoCo in people's hands

  60% confidence

• Customers are finding value in using Snowflake's own coding tool for data operations because it is better at identifying patterns and context within Snowflake data while benefiting from Snowflake security and governance controls

  60% confidence

• Snowflake is committed to maintaining product gross margins at 75% this year despite AI product gross margin headwinds

  60% confidence

• Revenue growth acceleration expected in H2, potentially as early as Q3

  60% confidence

• Margin targets may be lowered as company focuses on accelerating top-line growth and ensuring product portfolio relevance in agentic AI world

  60% confidence

• LLM providers appear more focused on disrupting applications market than entering data platform market

  60% confidence

• Integrated data model across HCM and Finance provides advantage as company increasingly sells the full suite

  60% confidence

• AI native revenues are likely less than 2% of total revenues but may have already helped drive the Q4 beat

  60% confidence

• Data Cloud offering expected to ramp in second half, charged on consumption basis based on data amount

  60% confidence

• Salesforce has not seen any mass piping of data out of Salesforce to date

  60% confidence

• LLM companies appear more focused on disrupting the applications market rather than entering data platform market

  60% confidence

• Marketing business will stabilize with new product functionality ramping, but Commerce taking longer to demonstrate improvements due to competitive pressures and R&D resource allocation

  60% confidence

• Workday Data Cloud offering is expected to ramp up in the second half and will be charged on consumption basis based on amount of data

  60% confidence

Data points we hold from this source