Weekly|SNOW Data Flywheel & CoCo, Optics Scale-In, BE Delivery Debate, Enterprise AI Vol.2, CRDO/MDB/PANW The software vs semi split that defined last week finally started to rebalance. Software that printed what the channel had been pointing to kept working through most of the week, while the semi tape spent the first half getting tagged by rates — the 10-year pushed to 4.8% on Tuesday, the highest since January 2025, after Warsh’s hawkish Jackson Hole turn had traders pricing hikes rather than cuts. By Friday the setup flipped: semis clearly outperformed, and memory names broke out. Near-term software short cover looks largely done, the outperformance looks stretched, and the momentum unwind in semis has already gone to an extreme — which leaves less of that particular overhang in the names that got hit hardest. On the software prints, SNOW was the cleanest expression of the channel read. We went into the print cautious on 2Q because of tough comps and more constructive on 3Q, and the flywheel was stronger than even that. Product revenue grew 37% year over year, a 5.2% beat that matched last quarter, and the full-year product-revenue guide jumped from 31% to 36%, one of the largest annual raises in the company’s history. CoCo is no longer a product call. Accounts passed 9,100 with more than 2,000 net adds in the quarter, CoWork is at 5,800, and customers are consolidating transactional data onto the platform. Our preview had CoCo adding about two points this quarter; the print confirmed the direction and then some. The data flywheel is what we think the multiple should be underwriting, not a single SKU. Optics is the other narrative that actually moved, and it moved inward. Scale-in, as Lumentum’s CEO put it, is the thing to watch over the next 12 to 18 months: optical links inside the tray, targeting memory-class bandwidth, roughly 10x scale-up per GPU. NVIDIA has already written $2bn checks into Lumentum and Coherent; Marvell’s Celestial AI deal and the Google warrant, which discloses memory interface controllers and near-memory compute, are the capital trail. CRDO’s print sits in the same stack from the other end: a record quarter, Q2 guide above the Street, optics still a 2H ramp. On power, the AIDC demand debate is over. Bloom’s multiple has already reset from about 85x to 42x forward EV/EBITDA after the July shorts, and the stock has not re-rated on the 2Q beat-and-raise. We think the question is now whether Bloom can convert booked slots into shippable MW. We model about 2.7GW of year-end 2027 manufacturing capacity and 2.2GW of 2027 deliveries against 2.0GW consensus. Scandium looks manageable; service capacity is the overlooked constraint. Enterprise AI is splitting the same way the tape is: Vol.2 went out on Substack this week, spend is still growing, and the samples have diverged. Production-tied use cases keep adding; per-head allowances are getting cut. The increment is in APIs and production workflows, and ROI only converts into a budget when hours saved cross a threshold large enough to reallocate a person, about 30%, which is why some CFOs are already holding the total IT envelope flat. This Week’s Reports Optics — scale-in puts optical links inside the tray, and the bandwidth it targets is roughly 10x scale-up per GPU. Lumentum’s CEO called it the thing to watch over the next 12 to 18 months; NVIDIA’s $2bn checks into Lumentum and Coherent, and Marvell’s Google warrant covering memory interface controllers, are the capital already moving. Preview & Review | SNOW FY27Q2: Beyond a Single Product, a Data Flywheel That Merits a Longer Horizon. Product revenue grew 37% YoY and beat sell-side by 5.2%, with the full-year product-revenue guide raised from 31% to 36%. Our preview had CoCo still very strong and called 35% growth, a 4-point beat versus guidance; the print confirmed the CoCo-to-flywheel read, with CoCo accounts above 9,100 and CoWork at 5,800. Bloom — the AIDC demand debate is over; delivery execution is the rerating variable. Production slots look booked through 2028, we model about 2.7GW of YE27 manufacturing capacity and 2.2GW of 2027 deliveries against 2.0GW consensus, and forward EV/EBITDA has already reset from about 85x to 42x after the July shorts. Enterprise AI Vol.2 — spend is still growing, but the increment is in production workflows and ROI is gated by hours saved. A second set of seven enterprises independently corroborated Vol.1: seats are maturing, APIs and production workflows take the increment, and scattered 5-10% time savings do not cut cost until effort on a class of work falls by about 30%. Premium Report Snapshot Below is a snapshot of what Premium subscribers received this week beyond the Substack feed. Review | CRDO FY27Q1: Record Quarterly Revenue, Q2 Guide Above Street; Optics Ramp 2H Review | PANW FY26Q4: Organic Growth Modest Re-Accel, but vs Raised Buy-Side Bar Not a Clean Beat Deep | Delta Electronics ( 2H26 Re-Acceleration; VPD Overlooked Weekly Expert Interviews Summary A snapshot of the expert interviews we conducted during the past week is below; full transcripts and takeaways are available on the FUNDA platform. MongoDB — AI Production Scaling and Agentic Usage Growth (MDB, SNOW, GOOGL) Marvell — DSP Competitiveness and Optical-Engine Scale Bottlenecks (MRVL, AVGO, NVDA, SMTC) NVIDIA — Co-Packaged Optics Ramp and Supply Bottlenecks (NVDA, LITE, TSM) AWS — Track-Optimized Networking and Active Cables (AMZN, CRDO, NVDA) AI Data Centers — Gas Turbine Supply Constraints and Service Economics Palo Alto — Platform Consolidation and Growth Acceleration (PANW, CYBR) Zurich Insurance — Enterprise AI Spend and Adoption Economics (MSFT, GOOGL) Top Logistic Firm — Governance-Driven AI Spend Expansion (MSFT) Detailed Report