In this articleMDBPSTGSNOW your favorite stocksCREATE FREE ACCOUNTA banner for Snowflake Inc. is displayed at the New York Stock Exchange to celebrate the company's initial public offering on Sept.
16, 2020.Brendan McDermid | ReutersMongoDB's stock just closed out its best week on record, leading a rally in enterprise nology companies that are seeing tailwinds from the artificial intelligence boom.In addition to MongoDB's 44% rally, Pure Storage soared 33%, its second-sharpest gain ever, while Snowflake jumped 21%.
Autodesk rose 8.4%.Since generative AI started taking off in late 2022 ing the launch of OpenAI's ChatGPT, the big winners have been Nvidia, for its graphics cessing units, as well as the cloud vendors Microsoft, Google and Oracle, and companies packaging and selling GPUs, such as Dell and Super Micro Computer.
For many cloud software vendors and other enterprise companies, Wall Street has been waiting to see if AI will be a boon to their , or if it might displace it.Quarterly results this week and ary from company executives may have eased some of those concerns, showing that the financial benefits of AI are making their way down.
MongoDB CEO Dev Ittycheria told CNBC's "Squawk Box" on Wednesday that enterprise rollouts of AI services are happening, but slowly."You start to see deployments of agents to automate back office, maybe automate sales and marketing, but it's still not yet kind of full force in the enterprise," Ittycheria said.
"People want to see some wins before they deploy more investment."Revenue at MongoDB, which sells cloud database services, rose 24% from a year earlier to $591 million, sailing past the $556 million average analyst estimate, according to LSEG.
Earnings also exceeded expectations, as did the company's full-year forecast for fit and revenue.watch now7:1807:18MongoDB CEO Dev Ittycheria on Q2 results: The opportunity in front of us is massiveSquawk BoxMongoDB said in its earnings report that it's added more than 5,000 customers year-to-date, "the highest ever in the first half of the year.""We think that's a good sign of future growth because a lot of these companies are AI native companies who are coming to MongoDB to run their ," Ittycheria said.Pure Storage enjoyed a record pop on Thursday, when the stock jumped 32% to an all-time high.The data storage management vendor reported quarterly results that topped estimates and lifted its guidance for the year.
But what's exciting investors the most is early returns from Pure's recent contract with Meta.
Pure will help the social media company manage its massive storage needs efficiently with the demands of AI.Pure said it started recognizing revenue from its Meta deployments in the second quarter, and finance chief Tarek Robbiati said on the earnings call that the company is seeing "increased interest from other hyperscalers" looking to replace their traditional storage with Pure's nology.'Banger of a report'Reports from MongoDB and Pure landed the same week that Nvidia announced quarterly earnings, and said revenue soared 56% from a year earlier, marking a ninth-straight quarter of growth in excess of 50%.
Nvidia has emerged as the world's most-valuable company by selling advanced AI cessors to all of the infrastructure viders and model developers.While growth at Nvidia has slowed from its triple-digit rate in 2023 and 2024, it's still expanding at a much faster pace than its megacap peers, indicating that there's no end in sight when it comes to the expansive AI buildouts."It was a banger of a report," said Brad Gerstner CEO of Altimeter Capital, in an interview with CNBC's "Halftime Report" on Thursday.
"This company is accelerating at scale." Read more CNBC newsAlibaba is a new AI chip — here's what we know so farTesla FSD turns off more U.S.
consumers than it attracts, survey findsNvidia's top two mystery customers made up 39% of the chipmaker's Q2 revenueAI adoption linked to 13% decline in jobs for young U.S.
workers, Stanford study revealsData analytics vendor Snowflake talked up its Snowflake AI data cloud in its quarterly earnings report on Wednesday.Snowflake s popped 20% ing better-than-expected earnings and revenue.
The company also boosted its guidance for the year for duct revenue, and said it has more than 6,100 customers using Snowflake AI, up from 5,200 during the prior quarter."Our gress with AI has been remarkable," Snowflake CEO Sridhar Ramaswamy said on the earnings call.
"Today, AI is a core reason why customers are choosing Snowflake, influencing nearly 50% of new logos won in Q2."Autodesk, founded in 1982, has been around much longer than MongoDB, Pure Storage or Snowflake.
The company is known for its AutoCAD software used in architecture and construction.The company has underperformed the broader sector of late, and last year activist investor Starboard Value jumped into the stock to push for imvements in operations and financial performance, including cost cuts.
In February, Autodesk slashed 9% of its workforce, and two months later the company settled with Starboard, adding two newcomers to its board.The stock is still trailing the Nasdaq for the year, but climbed 9.1% on Friday after Autodesk reported results that exceeded Wall Street estimates and increased its full-year revenue guidance.Last year, Autodesk introduced ject Bernini to develop new AI models and create what it calls "AI‑driven CAD engines."On Thursday's earnings call, CEO Andrew Anagnost was asked what he's most excited across his company's duct portfolio when it comes to AI.Anagnost touted the ability of Autodesk to help customers simplify workflow across ducts and moted the Autodesk Assistant as a way to enhance ductivity through simple mpts.He also addressed the elephant in the room: The existential threat that AI presents."AI may eat software," he said, "but it's not gonna eat Autodesk."WATCH: Autodesk CEO on Q2 earningswatch now2:5502:55Autodesk CEO on Q2 earnings beat, M&A strategy and activist pressureMoney Movers