18 names are moving together; 89% are participating in the current session.
Observed member paths adjusted against SPY. Shading marks the latest observation window.
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| BOX | Box, Inc. | Technology | -4.1% | Group member |
| QTWO | Q2 Holdings, Inc. | Technology | -2.4% | 1/6 observed active sessions |
| VERX | Vertex, Inc. | Technology | -5.5% | Group member |
| APPF | AppFolio, Inc. | Technology | -5.7% | 2/6 observed active sessions |
| BSY | Bentley Systems, Incorporated | Technology | -4.7% | Group member |
| FRSH | Freshworks Inc. | Technology | -2.9% | 4/6 observed active sessions |
| ADSK | Autodesk, Inc. | Technology | -4.2% | 1/6 observed active sessions |
| DSGX | The Descartes Systems Group Inc | Technology | -4.4% | 2/6 observed active sessions |
| INTA | Intapp, Inc. | Technology | +1.2% | 2/6 observed active sessions |
| BL | BlackLine, Inc. | Technology | -5.7% | Group member |
| GWRE | Guidewire Software, Inc. | Technology | -8.3% | 3/6 observed active sessions |
| SPSC | SPS Commerce, Inc. | Technology | -4.9% | 4/6 observed active sessions |
| PEGA | Pegasystems Inc. | Technology | -3.0% | Group member |
| PCOR | Procore Technologies, Inc. | Technology | +7.3% | 3/6 observed active sessions |
| TTAN | ServiceTitan, Inc. | Technology | -5.0% | Group member |
| MSFT | Microsoft Corporation | Technology | +15.5% | 1/6 observed active sessions |
| PTC | PTC Inc. | Technology | +2.8% | 1/6 observed active sessions |
| DUOL | Duolingo, Inc. | Technology | -4.7% | Group member |
Cohort
18 namesParticipation
89% this sessionObserved history
6 daily buildsFiling coverage
17/18 membersproduct pipeline / R&D affecting expense
“Operating expenses increased $2.5 billion or 9% driven by continued investments in research and development compute capacity, AI talent, and data to support product development that benefits the entire portfolio, as well as investments in commercial sales and higher Copilot advertising expenses.”
MSFT 10-K
restructuring affecting expense
“Operating expenses increased $4.9 billion or 7% driven by continued investments in research and development compute capacity, AI talent, and data to support product development that benefits the entire portfolio, impairment and other related expenses in our XBOX business, investments in commercial sales, and higher Copilot advertising expenses.”
MSFT 10-K
credit / rates affecting interest expense
“Interest expense increased primarily due to higher finance lease interest expense, offset in part by higher capitalization of debt interest expense.”
MSFT 10-K
This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.
VERXpartner · Not moving with the group now
Filing receipt · CRM / VERX
“These partners include Adobe/Magento, Coupa, Kintsugi AI, Inc., Microsoft Dynamics, NetSuite, Oracle, Salesforce, SAP, SAP Ariba, Shopify, Workday and Zuora.”
VERX · partner
MSFTcustomer · Not moving with the group now
Filing receipt · TTWO / MSFT
“Sales to our five largest customers during the fiscal year ended March 31, 2026, accounted for 80.6% of our net revenue, with Apple, Sony, Google, and Microsoft each acc…”
MSFT · customer
MSFTsupplier · Not moving with the group now
Filing receipt · NSIT / MSFT
“Purchases from Microsoft and TD Synnex accounted for approximately 32% and 12%, respectively, of our aggregate purchases in 2025.”
MSFT · supplier
MSFTpartner · Not moving with the group now
Filing receipt · ZM / MSFT
“Zoom Meetings integrates with tools created by companies such as Atlassian, Box, Dropbox, Google, LinkedIn, Microsoft, Salesforce, ServiceNow, and Slack.”
MSFT · partner
BOXpartner · Not moving with the group now
Filing receipt · NOW / BOX
“We offer more than 1,500 pre-built integrations with leading enterprise technology providers, including Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microso…”
BOX · partner