In short: His infra example (and he flags the bias — he used to work there): AI is causing "a proliferation of software," vibe-coded apps and faster enterprise development, and "every software application has a database line underneath it" — an explosion in the end market should be an explosion in database software. Open question: model-selected databases could shift the mix.
MongoDB sells the database — the filing cabinet every piece of software stores its information in. Keller used to work there, and says so up front. His argument is simple arithmetic: AI is making it far cheaper and faster to create software, both for amateurs writing "vibe-coded" apps and for engineers inside big companies. "Every software application has a database line underneath it," so if the number of applications in the world explodes, the amount of database software sold should explode too.
The honest caveat he adds: databases used to be chosen by human developers, and increasingly they're chosen by a large language model writing the code. Nobody knows yet which vendors the models will favour, so the market-share picture is genuinely open. His bet is on the rising tide rather than on the share shift.
6:53MongoDB where I used to work so I'm biased but AI is clearly leading to a proliferation of software. People are creating either vibe-coded apps or they're just able to develop more efficiently within large organizations. And every software application has a database line underneath it.
In short: One of Citi's software top picks today (with Snowflake and Palantir). No committee stance.
In short: Atlas carries it, the Q4 sell-off looks overblown. Q1 rev +25% to $688M ($24M beat), non-GAAP EPS +32% to $1.32 ($0.14 beat). Atlas +29% (~75% of rev, +$117M record quarterly dollar growth), NRR 121%, RPO +88% to $1.46B, $100K+ customers +16% to 2,900. MCP server usage growing; Voyage AI customers >2x Q/Q; Zomato 15M monthly AI conversations (−55% support cost). Guide raised. Watch: Enterprise Advanced slowed to 13%; sub gross margin −60bps.
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