Bernstein 将 Datadog 上调至跑赢大盘，目标价 350，理由是 AI 原生需求强于预期：头部 AI 实验室的 token 使用量每季度至少增长 50%，短期增长预期上调约 7 个百分点；此前因一份 1 亿美元合同下滑引发的 ARR 担忧已被打消；Jefferies 则将目标价下调至 280。
逐段跳播
我们来谈谈 Datadog。这大约是6%的上调。是的。这是分析师群体的积极展望。这来自 Bernstein。Bernstein 将 DataDog 的评级从“market perform”上调至“outperform”。
Let's talk about Datadog. That's an increase of about 6%. Yes. This is a positive outlook from the analyst community. This comes from Bernstein. Bernstein upgraded DataDog from 'market perform' to 'outperform'.
所以，尽管从年初至今的表现来看，他们此前基本上一直回避这只股票。但话说回来，这波涨幅的很大一部分来自过去6个月。同比来看，这只股票已经上涨超过50%。
So, despite the stock's performance on a year-to-date basis, they were largely staying away from this stock. But again, a large portion of that gain has come in the last 6 months.
Year-over-year, the stock has risen more than 50%.
他们再次将 DataDog 的评级从“Market Perform”上调至“Outperform”。他们把目标价上调至350。所以，他们认为从这里还有进一步改善的空间，尽管在今天之前，该股股价自年初以来已经上涨超过80%。
They upgraded DataDog from 'Market Perform' to 'Outperform' again. They raised their price target to 350. So, they see potential for further improvement from here, even though the share price has risen more than 80% since the beginning of the year before today.
分析师表示，来自 AI 原生客户的需求，也就是围绕人工智能构建业务的企业，比预期强劲得多。分析师表示，AI 的使用情况正带来积极的惊喜。
Analysts say demand from AI-native customers , that is, businesses built around artificial intelligence, is much stronger than expected. Analysts say the use of AI is showing positive surprises from here.
他们的数据和渠道调研显示，最大的几家 AI 实验室的 token 使用率环比至少增长了50%。所以，这里存在潜力，而且他们相信，在规模较小的 AI 原生客户中，这一使用率还能增长得更快，Nicole 说。
Their data and channel checks show that token usage rates in the largest AI labs have increased by at least 50% on a quarterly basis. So, there is potential there and they believe that this usage rate can grow even faster among smaller AI-native customers , Nicole said.
他们把短期增长预期上调了约7个百分点。他们希望这种强劲增长能够持续下去。他们此前态度谨慎，因为他们表示，由于最大的一家 AI 原生客户合同减少，其年度经常性收入（ARR）下降了约1亿美元。
但看起来这些担忧现在已经被打消，他们当前的客户基础表明他们会予以谅解。
They raised their short-term growth expectations by about 7 percentage points. They hope this strong growth will last. They were cautious earlier, as they said their annual recurring revenue (ARR) had fallen by about $ 100 million due to a contract decline at their largest AI-native customer.
But it seems that those concerns have now been dispelled and their current customer base is showing that they will forgive.
抱歉，Nicole，好日子要来了。是的，我想补充一点，我看到 Jefferies 把目标价从300下调到了280。不过，在其他机构中，Bernstein 给出了350，Mizuho 给出330。
所以，现在有很多分析师发表看法，你确实抓住了分析师心态的本质，以及他们为什么稍微更乐观一些，除了第一个把目标价略微下调的那位。
Sorry, Nicole, better times are coming. Yes, I would like to add , I saw Jefferies cut their target from 300 to 280. However, among others, Bernstein has set 350, Mizuho 330. So, there are a lot of calls coming in from analysts now and you've really captured the essence of the analyst mindset and why they're a little bit more optimistic, except for the first one, who lowered the target a little bit.