1、 BofA Securities does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making the

2、ir investment decision.Refer to important disclosures on page 14 to 16.Analyst Certification on page 11.Price Objective Basis/Risk on page 11.12843800 HubSpot,Inc.Taking a deep dive into the Breeze AI Agent Platform Maintain Rating:BUY|PO:740.00 USD|Price:534.51 USD Breeze AI revenue is not a questi

3、on of if,but when In this report,we take a deep dive into the key components of HubSpots emerging Breeze AI platform.While we dont expect material revenue from Breeze until FY27,we believe its a useful exercise to take a bottoms-up approach to model incremental revenue from Breeze.The point of the m

4、odelling exercise is not to predict the timing of revenue,but to illustrate that Breeze AI can move the needle on growth,without heroic assumptions,given the value of the offerings and scale of HubSpots installed base.Use case most compelling in sale&marketing categories Like Salesforce,we believe t

5、hat the use case for AI is most compelling in HubSpots sales and marketing categories,given the promise of sales productivity and potential revenue uplift.However,in HubSpots SMB end market,3rd party agentic tools like ChatGPT could serve as a substitute for agents.Channel feedback suggests HubSpot

6、customers do not have the same restriction on 3rd party tools that enterprises do and are in fact running these tools for basic generative use cases such as marketing content.Breeze agents run on a proprietary,robust data set Therefore,Breeze agents will need to solve more sophisticated workflows to