New York, Feb 10, 2026, 10:46 ET — Regular session
- MongoDB shares bounced around at the open, then moved higher in early Nasdaq trading.
- Wall Street commentary zeroes in on cloud spending patterns, with AI disruption jitters also in play.
- All eyes now turn to March 2, as investors await clues on revenue and Atlas usage from the results.
MongoDB (MDB) jumped 6.3% to $380.32 in morning trading Tuesday, shrugging off an early slide. The stock bounced back along with other cloud software laggards, moving between $354.03 and $385.87 during the session.
MongoDB’s slide comes amid a wave of selling in cloud names, as concerns about generative AI’s impact on software pricing and purchasing have spooked some investors. Morgan Stanley isn’t backing off, though. The bank pointed to increased spending from hyperscalers—those giant cloud operators—as a reason to stay bullish on database demand, and kept its overweight call on the stock. Its analysts noted shares are off roughly 12% over the last month, but forecast about 6% “top-line” upside for the quarter, suggesting revenue could beat consensus. 1
Morgan Stanley’s Keith Weiss wrote in a separate note Monday that “peak uncertainty has severely impacted Software multiples,” putting the sector’s average valuation at around 4.4 times enterprise value-to-sales—a measure lining up company value with yearly revenue. As for the GenAI bear case, Weiss argued it gives “too little credence” to how much established vendors can actually participate this cycle. 2
Goldman Sachs pushed back against the idea of major disruption. The firm said it used what it terms a “clear, repeatable AI Impact Framework” when assessing MongoDB as well as Rubrik, Nutanix, and Procore. In the bank’s view, these companies’ “mission-critical platform roles” and “tangible AI product innovation” could help buffer them, even with spending patterns uncertain. 3
Snowflake climbed 4.5%, with Datadog surging close to 15%. The iShares Expanded Tech-Software ETF added around 2.2% as other cloud stocks moved up in sympathy.
MongoDB offers a document-based database favored by developers and operates Atlas, its managed cloud service. Part of the company’s growth depends on customer usage, so any swings in consumption can show up in its results.
This uncertainty keeps rattling the market, which can’t stop circling back to the same question: are usage levels finally steady, or are clients still cutting back on workloads? Investors want to see whether AI-driven projects are actually generating fresh database demand—or if it’s just a case of budgets being shuffled.
Still, those bullish forecasts aren’t without pitfalls. Should enterprise clients pull back further on cloud spending, or if the big cloud players start squeezing standalone vendors by rolling database tools into their own packages, usage growth could stall fast—and outlooks might turn negative in a hurry.
MongoDB plans to release its fourth-quarter and full-year financials—covering the three months to Jan. 31—after the U.S. session wraps up on March 2. The earnings call kicks off at 5 p.m. ET. Market participants are zeroed in on the revenue figure and what guidance comes next, with any hints on Atlas usage and customer spending likely to determine if shares can hang onto this week’s rebound. 4
