1、TD SECURITIES(USA)LLCSECTOR NOTEOctober 25,2024 SoftwareWOODYS SOFTWARE HAPPY HOUR:MSFT&ANTHROPIC ANNOUNCE AI AGENTSDerrick Wood,CFA415 646 Andrew Sherman,CFA617 946 Cole Erskine646 562 Jared Jungjohann646 562 THE TD COWEN INSIGHTHighlights include:1)MSFT Brings AI Agents to Copilot Studio&Dynamics

2、365;2)U.S.Army to migrate its IPPS-A to Oracle U.S.Defense Cloud;3)Anthropic Releases Claude AIAgent,Upgrades Models;4)Dialpad Reaches$300m in ARR;5)Perplexity Aims To DoubleValuation In Potential$500m Funding Round,Releases Internal Knowledge Search;and 6)Mira Murati Raising Funds For New AI Startu

3、p.Coverage News HighlightsAPPN Appoints Americo Mazzotta as VP of EMEA SalesCRM-StarboardValue Investor SummitIOT Releases Drowsiness Detection Into GAMSFT Brings AI Agents to Copilot Studio&Dynamics 365ORCL-U.S.Army to migrate its IPPS-A to Oracle U.S.Defense CloudTEAM Patches Bitbucket,Confluence&

4、Jira VulnerabilitiesPrivate and Uncovered News HighlightsAnthropic Releases Claude AI Agent,Upgrades ModelsCanva Releases GenAI ToolsDatabricks Expands AWS Partnership,Embracing Amazons New Trainium ChipsDialpad Reaches$300m in ARRPerplexity Aims To Double Valuation In Potential$500m Funding Round,R

5、eleasesInternal Knowledge SearchMira Murati Raising Funds For New AI StartupMistral Releases AI Models Targeted for Laptop&Phone UsexAI Launches APIPlease see pages 11 to 16 of this report for important disclosures.TDSECURITIES.COMTD COWENEQUITY RESEARCH October 25,2024Average Software EV/NTM Sales

6、Multiple vs.10-Year Treasury RateSource:TD Cowen,FactSet2TDSECURITIES.COMTD COWENEQUITY RESEARCH October 25,2024Coverage News HighlightsAPPN Appoints Americo Mazzotta as VP of EMEA SalesAPPN has appointed Americo Mazzotta as VP of EMEA Sales(link).Mr.Mazzotta willoversee the companys sales operation