Microsoft developer conference seen as positive for MongoDB, Elastic: Citi
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Microsoft's (NASDAQ:MSFT) recent Build developer conference is being seen as "incrementally positive" for MongoDB (NASDAQ:MDB) and to a lesser extent, Elastic (NYSE:ESTC), investment firm Citi said.
Analyst Tyler Radke said the expanded partnership between Microsoft (MSFT) and MongoDB (MDB) was a "significant improvement," which Radke said may have come from the tech giant's desire to elevate MongoDB as a "tier one partner" for its new Azure Native ISV program.

"Through the expanded agreement there is tighter integration of MDB Atlas and native Azure services, while on the [go-to-market] side there are dedicated MDB focused Azure reps and customers can retire Azure credits by consuming MDB Atlas," Radke wrote. "Conversations with [go-to-market] leaders pointed to significant growth potential particularly in [the second half of ] this year."
For Elastic, Radke said he learned of "incremental demand tailwinds" on generative AI and renewed interest in vector search, as the company demonstrated new ESRE search product capabilities.