A green open, with the sleeves almost tied

A green open, with the sleeves almost tied

The hundred largest application and infrastructure software names are indicated +0.68% equal-weight. Breadth is 79 up, 19 down, and 2 unchanged. Application is +0.71% across 56 names. Infrastructure is +0.64% across 44. That is a broad tape, not a one-name story.

Qualys leads infrastructure at +4.96%. Toast is the laggard at −5.06%, also infrastructure. Synopsys is the standout among the larger names at about +3%. ServiceNow is indicated roughly +2%. Automatic Data Processing is one of the clearer soft spots near the top of the book, indicated about −1.6%. Oracle and Palo Alto Networks sit in the stronger half of the megacaps. Microsoft is up less than a percent.

IGV is +1.29% and QQQ is +0.72%. The equal-weight hundred is still behind the software ETF on the morning book. The point of the open is not a single catalyst. It is participation: nearly four names up for every one down, with the sleeves finishing within a tenth of a point of each other.

Oracle’s print was cloud infrastructure, not software support

Oracle (ORCL), rank 3, infrastructure, reported first-quarter fiscal 2027 results on 10 September. Total revenue was $19.3 billion, up 30%. Cloud revenue was $11.6 billion, up 62%. Cloud Infrastructure (IaaS) was $7.4 billion, up 121% in U.S. dollars. Cloud Applications (SaaS) was $4.2 billion, up 10%. Remaining performance obligations rose to $664 billion, up $209 billion year over year. The company said it booked more than $30 billion of additional AI cloud contracts in the quarter and delivered more than 300,000 GPUs to AI cloud customers. Software revenue was $5.5 billion, down 3%, which management tied to customers moving from on-premises software to the cloud. The story in the release is capacity and contracted cloud demand, with software support still the slower line.

Snowflake raised the year after a third straight acceleration

Snowflake (SNOW), rank 13, application, reported second-quarter fiscal 2027 results on 2 September for the period ended 31 July. Product revenue was $1.49 billion, up 37%. Total revenue was $1.55 billion, up 35%. Net revenue retention was 126%. Remaining performance obligations were $9.00 billion, up 30%. The company said it was the third consecutive quarter of product-revenue growth acceleration and raised full-year product revenue guidance to $6.07 billion, or 36% year-over-year growth, from prior guidance of $5.84 billion, or 31%. Non-GAAP operating margin guidance for the year moved to 14.5% from 13.5%. What changed is the full-year consumption path, not a one-quarter beat alone.

Adobe put a record quarter and a higher year on the same page

Adobe (ADBE), rank 16, application, reported third-quarter fiscal 2026 results on 10 September for the period ended 28 August. Revenue was a record $6.76 billion, up 13%, or 12% in constant currency. GAAP diluted earnings per share were $4.62; non-GAAP diluted earnings per share were $6.13. Total Adobe annualized recurring revenue exiting the quarter was $27.50 billion. Operating cash flow was a record $2.52 billion for the quarter. The company raised full-year fiscal 2026 revenue targets to $26.576–$26.626 billion and non-GAAP diluted earnings per share to $24.45–$24.50. The release also said Adobe AI-first ARR grew more than 150% year over year and that the company reached one billion monthly active users across creativity and productivity solutions. The change is a higher full-year print after a double-digit quarter.

MongoDB’s growth rate, and the raise that followed

MongoDB (MDB), rank 32, infrastructure, reported second-quarter fiscal 2027 results on 1 September for the period ended 31 July. Total revenue was $771.8 million, up 30%—the company called that the highest growth rate in several years. Atlas revenue was up about 29%. Remaining performance obligations were $1.52 billion, up 91%. Free cash flow was $137.6 million. Management raised full-year fiscal 2027 revenue guidance to $2.99–$3.03 billion. Non-GAAP operating margin in the quarter was 24%, against 15% a year earlier. The idea is a re-acceleration in the print plus a higher year, with Atlas still the center of the story.

Application led by a hair, and the book still trails IGV

Application finished +0.71% across 56 names. Infrastructure finished +0.64% across 44. Application led by 0.07 points. The hundred is +0.68% equal-weight, 0.61 points behind IGV at +1.29% and 0.04 points behind QQQ at +0.72%. Breadth is 79 up, 19 down, and 2 unchanged.

The sleeves did not diverge. The cleaner gap is versus the ETF: a green equal-weight book that still sits more than half a point behind IGV. Qualys and Toast bookend the infrastructure sleeve; the megacap infrastructure names are mostly green and quieter than those two. Automatic Data Processing is a soft application name near the top of the list, without a new earnings release this morning—its next scheduled print is 28 October for the quarter ending 30 September.

Four prints that are not the ideas above

• Qualys (QLYS), rank 83, raised full-year 2026 revenue guidance to $732.0–$738.0 million on 4 August after second-quarter revenue of $182.2 million, up 11%.
• Synopsys (SNPS), rank 18, reported third-quarter fiscal 2026 revenue of $2.477 billion on 26 August and raised full-year revenue expectations to $9.690–$9.740 billion.
• Zscaler (ZS), rank 31, reported fourth-quarter fiscal 2026 revenue of $898.2 million on 3 September, up 25%, with ARR of $3.771 billion, also up 25%.
• Toast (TOST), rank 46, reported annualized recurring run-rate of $2.409 billion as of 30 June, up 25%, in its 4 August second-quarter release—still the last company print behind this morning’s laggard tape.