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Investing.com -- According to Bank of America’s Cloud Views note on Wednesday, Snowflake and Datadog posted standout results in July, while MongoDB showed signs of stabilization.
The bank stated that the BofA Cloud View analysis, which is considered an indicative metric only, showed average engaged visits for the cloud consumption group rose 10.5% year over year in July, up from 6.5% in June.
The group consists of Datadog, MongoDB , and Snowflake. The desktop group comprises Adobe Creative Cloud and Firefly, Autodesk, Intuit QuickBooks, Mailchimp, and Microsoft 365.
Month over month, growth of 10.8% was “well above normal seasonality,” which the bank calculated using a trailing three-year average.
While noting that “one month of seasonal outperformance does not represent a trend,” BofA said the scale of the improvement “suggests that better consumption trends are taking hold.”
Datadog’s engaged visits rose 1.5% year over year in July, reversing a 6.0% drop in June, said BofA.
Month over month, growth of 18.2% was “well above +0.1% seasonality,” which BofA said could indicate improving demand beyond its largest AI-native customer, OpenAI.
MongoDB’s Atlas platform posted a 4.2% annual gain in July, little changed from June’s 4.4%. Monthly growth of 0.5% was modestly above typical seasonal declines, marking the third straight month of above-seasonal performance.
Snowflake saw the sharpest acceleration, with total page views up 50.3% year over year in July, compared with 38.0% in June.
Month over month, growth of 23.5% was “well above” the 3.3% seasonal average, suggesting that “the softer April and May are in the past,” BofA wrote.
In the desktop group, which BofA views as a proxy for small business spending, July engaged visits fell 1.7% year over year but grew 2.9% month over month, the second straight month of better trends.
However, Microsoft 365 and Intuit QuickBooks both posted seasonally softer results, raising some concern.