MDB Morgan Stanley TMT 2026

All right. Good morning. I'm Sanjit Singh. I cover the infrastructure software space on the Morgan Stanley research team.

We are super thrilled to have the management team from Mongo DB, CEO, CJ Desai; and Chief Financial Officer, Mike Berry. CJ, Mike, thank you for joining us. You guys reported earnings this week. So thank you for coming down and joining us at the TMT conference.

Thanks for having us.

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So before we get into the conversation, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. Today is like a special day, like a great lineup, and I think you guys have a great story. And so I want to dive in and tackle the debates on the story around AI. We'll talk about the quarter.

So a lot to get through. But maybe to start off, CJ, investors are sort of getting back to basics in terms of thinking about these software companies, what's the value they create for their customers. So maybe you can walk us through that. What problems does Mongo DB solve for customers today?

And how will Mongo DB create value for customers going forward?

Sanjit, I have been in the software industry for a long time. And one of the things that I would say is I constantly speak to customers on this question, why are you using us? If you're not using us, why not? And what value do you get out of it, okay?

Very simple 3 questions, and you'll be amazed on the great answers you get from customers as they think it through. So we are software, but we are infrastructure software. And I know you know that, but we are infrastructure software and infrastructure software is extremely hard to create, as in to create and then innovate on. And as you add R&D to it over a number of years, it becomes a massive moat that you cannot just cloud code your way to it, okay?

So when I'm having conversations with customers specific to Mongo DB, in my first 100 days, what is super encouraging is mission-critical applications at financial services, health care companies, insurance agencies or government, whether it's AI native company or a Saa S company that is now pivoting with AI agents and using Mongo DB. So Mongo DB becomes this layer of infrastructure software where the data needs to