Three enterprise software giants just delivered their strongest earnings performances in years, signaling that artificial intelligence is finally paying dividends beyond the chip makers and cloud giants. MongoDB soared 44% in its best week ever, while Pure Storage jumped 33% and Snowflake gained 21% as companies reported surging AI-driven customer demand.
The enterprise software sector just had its moment. After months of uncertainty about whether AI would boost or disrupt traditional software companies, three major players delivered resounding answers through their earnings reports this week. MongoDB led the charge with a stunning 44% weekly rally—its best performance on record—as the database company reported that AI-native startups are flocking to its platform. CEO Dev Ittycheria told CNBC's Squawk Box that while enterprise AI rollouts remain cautious, the momentum is building. "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," he explained. "People want to see some wins before they deploy more investment." The numbers back up his optimism. MongoDB's revenue jumped 24% year-over-year to $591 million, crushing analyst estimates of $556 million, while the company added over 5,000 new customers in the first half alone—its highest six-month total ever. Pure Storage delivered an even more dramatic performance, rocketing 33% on Thursday to hit an all-time high after revealing early results from its Meta partnership. The data storage company is helping the social media giant manage the massive infrastructure demands of AI training and inference. Finance chief Tarek Robbiati disclosed on the earnings call that Pure has already started recognizing revenue from Meta deployments and is seeing "increased interest from other hyperscalers" looking to upgrade their storage infrastructure for AI workloads. This revelation sent investors scrambling to reassess Pure's position in the AI supply chain beyond just the chip makers. Snowflake rounded out the enterprise software surge with a 21% pop after reporting that AI has become central to its customer acquisition strategy. CEO Sridhar Ramaswamy revealed that AI influences nearly 50% of new customer wins, with over 6,100 companies now using Snowflake's AI services—up from 5,200 just one quarter earlier. "Our progress with AI has been remarkable," Ramaswamy said during the earnings call. "Today, AI is a core reason why customers are choosing Snowflake." The enterprise software rally comes as continues its dominance with another , reporting 56% revenue growth and maintaining its ninth consecutive quarter above 50% growth. Brad Gerstner, CEO of Altimeter Capital, called Nvidia's results "a banger of a report" on CNBC's Halftime Report, noting that "this company is accelerating at scale." But this week marked a turning point where the AI wealth began spreading beyond the infrastructure layer. Even , the 42-year-old CAD software pioneer, joined the party with an 8.4% gain after beating earnings estimates and raising guidance. CEO Andrew Anagnost directly addressed investor fears about AI displacement during the earnings call, declaring, "AI may eat software, but it's not gonna eat Autodesk." The company has been developing Project Bernini, its AI-driven CAD engine initiative, while promoting the Autodesk Assistant as a productivity enhancement tool. Wall Street had been waiting for proof that AI would benefit rather than cannibalize traditional software companies. This week's results suggest the enterprise software sector is successfully positioning itself as a crucial layer in the AI stack, rather than a casualty of automation.
