Workday Inc (WDAY) — the peer cohort

Long reads

• The Agentic Winners 25Dossier · $49 · 31 Mar 2026Workday holds the human capital management record: payroll, benefits, compliance, org structure.
• Agentic Application Software: The SaaSpocalypse MapDossier · $39 · 27 Feb 2026Workday owns years of HR and payroll data that agents need.

Dailies

• Chips — one day of bounce, then Asia sells it: Kospi −4.3%, SK Hynix −5.3%, Nasdaq futures lowerMorning 10 · 20 Oct 2026Workday gained 2.3%, the AI cloud provider Nebius 2.9%.
• Chips — memory and optics sold again: Lumentum −7.7%, SanDisk −6.5%, chip fund −2.6%; Meta +3.8%Midday 10 · 12 Oct 2026Salesforce and Workday rise, but the software funds slip too — the money is leaving the chips more than it is going into software.
• Nasdaq — a record print at 27,272, chips extend, software sold from its highs; AMD joins the trillion clubMidday 10 · 22 Sept 2026Intuit is −5.1% after opening at $310.50 and trading at $288.58; Adobe −3.8% from a $254.67 high; Salesforce −2.6%; Workday −1.9%; ServiceNow −1.5%; Microsoft −1.3% from a $508.50 high.
• Oil knocks on $100 and Wall Street sells everything but the AI pipe: Intel +9%, Lumentum +11%, Dow −1.2% — Seoul buys the dip and the Kospi is back above 7,000Morning 10 · 9 Sept 2026On the other side, the iShares software ETF fell 1.8%: Shopify −7.6%, UiPath −7.8%, Atlassian −6.9%, ServiceNow −5.0%, Workday −4.9%, Zscaler −4.6%, Intuit −4.1%, Adobe −3.5%.
• Chips up again, software down again — Friday's split is turning into a trendMidday 10 · 8 Sept 2026Second session of the same trade, and it is widening: the optical and hardware names are up 7% to 12%, Intel 9%, AMD through $500, while Shopify falls 7%, Intuit, Workday and Booking 6%, and ServiceNow, Salesforce and Adobe 3% to 4%.
• From Silicon Scarcity to Software Scarcity: The Next AI Bottleneck Is Permission to Act, and the Market Graded It This WeekDaily Pulse · 3 Sept 2026Snowflake and Databricks are strongest on governed context; MongoDB on live state; SAP, Salesforce, Workday and Oracle own the authoritative objects.
• Great numbers, falling stocks — the market has stopped rewarding even record earningsMorning 10 · 2 Sept 2026Marvell, Autodesk and IREN fell too; only Elastic was rewarded, and Workday finished a dollar short.
• The bar moves overnight: three beat-and-raise prints get sold after hours.Morning 10 · 28 Aug 2026Rubrik, Autodesk and Marvell are all punished despite beating or raising, Elastic is paid +20.9% and Workday shrugs, and Friday stacks the Warsh keynote onto IEF's weekly close at 93.04.