AI Data Infrastructure
All research in AI Data Infrastructure — 3 reports.
Elastic is a subscription-led enterprise software company that sells its search foundation into search, observability, and security, while extending into vector retrieval and GenAI RAG. The improvement in contracts, cRPO, and cash flow has been demonstrated, but independent monetization of Search AI still needs several more quarters of proof. Research rating Hold: the current price of USD 60 sits in an acceptable holding zone, while a more attractive entry point is below USD 52.
MongoDB is a document database platform centered on its Atlas cloud service, which accounted for 75% of FY2026 revenue. Atlas growth has held near 29% over the past four quarters, but GAAP profitability remains negative, stock-based compensation is a heavy dilution drag, and the Postgres ecosystem is competing for default developer mindshare. Research rating Hold: a forward EV/Sales multiple of roughly 8.7x already reflects most of the growth case, leaving too little margin of safety.
The AI bottleneck is shifting from "compute" to "data supply, data movement, and data governance." The segments with the greatest direct revenue sensitivity: enterprise SSD / high-capacity HDD, AI storage systems, consumption-based lakehouse revenue, and search / retrieval / data streaming / governance subscriptions. Priority names to track: Microsoft / Oracle / Micron / Dell / MongoDB / Elastic / WD / Seagate / Palantir / Montage Technology; among private companies, watch Databricks / VAST Data / WEKA / MinIO / Qdrant. Rating Watch: a real, monetizable demand shift whose winners are concentrated in storage hardware under tight supply and platform software with sticky governance moats.