MongoDB shares just posted their best weekly performance in history, leading enterprise technology stocks higher as these companies benefit from the AI boom's development dividends.

Beyond MongoDB's 44% surge, Pure Storage soared 33% (marking the company's second-largest weekly gain in history), Snowflake climbed 21%, and Autodesk rose 8.4%.

Since OpenAI launched ChatGPT in late 2022 and generative AI began its rise, the biggest winners have consistently been cloud service providers like NVIDIA, Microsoft, Google, and Oracle, along with companies that package and sell GPUs such as Dell and AMD.

For many cloud software vendors and other enterprise tech companies, Wall Street has been closely watching whether AI will become a business accelerator or pose a substitution threat to their operations.

This week's quarterly earnings releases and executive commentary may have eased some of these concerns, indicating that AI's financial benefits are gradually flowing to downstream companies.

MongoDB CEO Dev Ittycheria said Wednesday that enterprise-level AI service deployment is progressing, albeit slowly.

"We're now seeing companies beginning to deploy AI agents for automating back-office processes, and potentially for automating sales and marketing work, but this hasn't been fully rolled out across enterprises yet," Ittycheria noted. "Companies want to see actual results before increasing their investments."

MongoDB operates cloud database services. According to London Stock Exchange Group (LSEG) data, the company's quarterly revenue grew 24% year-over-year to $591 million, far exceeding analysts' average expectation of $556 million. Its profitability and full-year profit and revenue guidance also surpassed market expectations.

MongoDB stated in its earnings report that the company has added over 5,000 new customers this year, "setting a record for new customer additions in the first half."

"We view this as a positive signal for future growth, as many of these new customers are AI-native companies that chose MongoDB to support their business operations," Ittycheria said.

Pure Storage shares hit a record gain Thursday, surging 32% and reaching an all-time high.

The data storage management provider reported quarterly results that exceeded expectations and raised its full-year guidance. However, what most excited investors was the initial returns from Pure's recent contract with Meta, where Pure will help the social media giant efficiently manage its massive data storage needs while meeting AI requirements.

Pure said it began recognizing revenue from Meta project deployments in the second quarter. Company CFO Tarek Robbiati stated on the earnings call that "more hyperscale tech companies are showing interest" in using Pure's technology to replace traditional storage solutions.

**"Tremendously Impactful Earnings"**

MongoDB and Pure's earnings releases coincided with NVIDIA's quarterly results, where NVIDIA's revenue surged 56% year-over-year, achieving its ninth consecutive quarter of revenue growth exceeding 50%.

By selling advanced AI processors to all infrastructure providers and model developers, NVIDIA has become one of the world's most valuable companies by market capitalization.

While NVIDIA's growth has slowed from the triple-digit levels of 2023 and 2024, its expansion pace still far exceeds other large tech peers, indicating that the massive AI infrastructure buildout currently shows no signs of ending.

"This is tremendously impactful earnings," said Altimeter Capital CEO Brad Gerstner Thursday. "This company is achieving scaled acceleration growth."

Data analytics provider Snowflake highlighted its Snowflake AI Data Cloud service in Wednesday's quarterly earnings.

With both earnings and revenue exceeding expectations, Snowflake shares rose 20%. The company also raised its full-year product revenue guidance and revealed that over 6,100 customers are now using Snowflake AI, up from 5,200 in the previous quarter.

"Our progress in AI is significant," Snowflake CEO Sridhar Ramaswamy said on the earnings call. "Today, AI has become one of the core reasons customers choose Snowflake. Nearly 50% of new customers won in the second quarter were influenced by AI factors in their decision-making."

Founded in 1982, Autodesk has a much longer operating history than MongoDB, Pure Storage, and Snowflake. The company is known for its AutoCAD software commonly used in architecture and engineering.

Recently, Autodesk has underperformed the broader tech sector. Last year, activist investor Starboard Value increased its stake in the company, pushing for improved operational and financial performance, including cost cuts. In February, Autodesk laid off 9% of its workforce. Two months later, the company reached a settlement with Starboard Value, adding two new board members.

Although Autodesk's stock performance this year still trails the Nasdaq index, shares rose 9.1% Friday after reporting results that exceeded Wall Street expectations and raising full-year revenue guidance.

Last year, Autodesk launched "Project Bernini," aimed at developing new AI models and creating what it calls an "AI-powered computer-aided design (CAD) engine."

During Thursday's earnings call, when asked which AI-related businesses in Autodesk's portfolio most excited CEO Andrew Anagnost, he emphasized Autodesk's ability to help customers streamline cross-product workflows and promoted "Autodesk Assistant" - a tool that can improve user productivity through simple commands.

He also directly addressed a core question: the existential threat from AI.

"AI might devour the software industry," he said, "but it won't devour Autodesk."