Snowflake (NYSE:SNOW) and Elastic (NYSE:ESTC) were in focus on Monday as Wedbush Securities upgraded the software companies on the belief that the artificial intelligence revolution is "hitting the next phase.

Wedbush Securities analyst Daniel Ives has significantly increased his optimism on the next phase of the AI revolution, focusing on its transformative impact on the software sector. The analyst projects a monumental shift driven by generative AI adoption,

Investing.com-- Wedbush upgraded its rating on software firms Snowflake and Elastic , citing increased optimism over their exposure to the rapidly growing artificial intelligence industry, especially on an enterprise level.