On August 3, Figma rose 5.63% in regular trading, trading at $25.57/share, with turnover of $170 million. The stock advanced alongside a broad rally in AI application software names, with ServiceNow up over 7% and Snowflake also gaining more than 6%.

On the news front, Figma is scheduled to report quarterly earnings after the market close on August 5. The Street consensus expects revenue of $352 million, representing 41.31% year-over-year growth, with EBIT projected to grow 41.62% year-over-year. Institutional bullish sentiment has intensified ahead of the report, with Citi initiating coverage at a Buy rating and a $36 price target, citing enterprise AI budgets increasingly concentrating on platform-type software companies. Bank of America also maintains a Buy rating with a $30 target price. Citi recently raised its forecast for total AI industry revenue from $2.8 trillion to $3.3 trillion for the period through 2030, while lifting capex estimates from $8.0 trillion to $8.9 trillion over the same horizon.

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