软件、互联网与人工智能会议回顾电话会议回放

USA | Software Replay for Software, Internet and AI ConferenceRecap Call We hosted a call with Jefferies Tech Team to recap our 2026 Software, Internetand AI Conference. Please see the video below for the recording, and see insidefor a 20+ page deck for our key takes from the event. Key Takes from Pelican Hill Key takes: •It's all about that AI bump.This was the overarching theme from public cos, privates, VC, and other industry experts. Winners are thosethat are on the ramping "token path," which you saw recently in SNOW & DDOG earnings. •Longhyperscalers.Construction expert noted data center backlog is very strong through '27. Many cos are building AI apps usingAnthropic via AWS, while Google Antigravity is emerging as a sleeper hit for agentic IDE & harness for developers. •Stay long cyber & infra software.The surge in frontier AI model use is increasing the need for observability (DDOG), security (espec.agents), and crucial components like data lakes (SNOW) & databases. •Be very selective in apps.Apps overall remain in a tough spot, with unanswered questions about pricing models, need for disruptivepivots, and disadvantage in fighting for AI talent. But there are small pockets of positivity-verticals (PCOR) and mainstreaming of coders(TEAM). CRM Day 1 CRWV, U, TEAM, PCOR, WIX, NOW,CHKP, GEN, SONO Expert Key Takes: Aviatrix–Security Read-Through Hosted: Doug Merritt, CEO Key Takes •Agent-driven attack vector is real and underpriced:Many of the recent security breaches (last 5-6 months) are occurring via LLM-enabled credentialing, whichsuggests an increase in threat complexity and potentially supports elevated security budgets. •Hyperscalernative tooling gaps provide an opportunity for third-party security.Weak networking constructs and permissive default agent architecture couldsupport the durability of select cyber vendors’ growth. •0-day exploit frequency could shift spend behavior.As breaches become inevitable/undetectable at entry, spend shifts to containment/segmentation, whichcould create new incremental budget spend. CRWV-Leader In AI Compute With Margin Inflection Incoming Hosted: Nitin Agrawal, CFO Key Takes •Inference demand will support durable growth.Majority of demand coming to CRWV is now for inference workloads, which gives the firm confidence thatcustomers are seeing massive returns on AI projects.This ultimately supports the longevity of CRWV’s infrastructure, and explains the rising prices for H100s,A100s, and L40s, etc. •Self build data centers.CRWV expects their first-self build data center to come online in the next few quarters in 2026, and another to come online in 2027.Mgmtexpects these types of data centers to represent a growing share of their portfolio moving forward, as that gives them more operational /strategic control overtheir infrastructure. •Stable contribution margins.CRWV effectively locks in both revenue and a large portion of its cost structure at contract signing. They are issuing POs astheysign customer contracts for infrastructure and securing data center leases, which drives highly predictable and stable contribution margins once capacity isdeployed. Each new contract is priced based on current capacity costs, allowing CRWV to pass through input cost changes and keepmargins consistent acrossdeals. Upside Opportunities Challenges •Supply / powered shell constraints.Mgmtnotes that there is enoughpower/electricity but not enough PP&E currently, which will be a keyconstraint moving forward. Eventually the constraints are expected to shift toother components like DRAM overtime. •Margin inflection point expected to occur from Q2 to Q3.EBIT Margins areexpected to reach low double digits by the end of 2026 as revenue ramps. •Growth in storage and software ARR.Three of CRWV’s new business lines(networking, CPU, software) each are expected to exceed $100M ARR byend of 2026, albeit very small vs guide to exit at $18 to 19B in rev run rate. •Cost of capital improvements.CRWV has reduced WACC by ~600bps overthe past few years and, with A-rated facilities for IG customers by 3 ratingagencies, has materially narrowed its cost of capital differential vs.hyperscalers. U–Vector Driving Growth and Margin Expansion Expected in 2H Hosted: JarrodYahes, CFO Key Takes •Mgmthad a constructive tone, with revenue and margins both inflecting positively, and further margin upside expected into 2H.Margins should expand fromcurrent 25-27% range despite near-term GM volatility and R&D investments (similar headcount decline in 2026 as 2025). •Vector remains the key driver.Vector revenue grew 80% y/y (approaching $1B run rate) with multiple incremental levers including runtime data integration(seeing encouraging signal in closed environment tests with rollout in Q2), D28 ROAS, and expansion into non-gaming UA, supporting a long runway forperformance gains. •Secular tailwinds remain intact,including low ad loads, strong mobile engagement, and a growing developer