When I was a teenager in Florida, I thought surfing looked easy. Just paddle out, pop up, and ride the wave like a pro. Then I actually tried it. Two seconds in, a wave body-slammed me so hard my board ended up in another zip code. Yeah, that's basically every tech company trying to ride the AI wave right now... except Atlassian (+15%) is actually killing it.

The Aussie software maker just posted earnings so impressive that analysts were revising their spreadsheets faster than my kids can trash the basement… pure chaos. 

Revenue hit $1.29 billion. Earnings landed at 96 cents per share, leaving the expected 76 cents in the dust. Cloud growth saw a fast 26.5% jump, proving Atlassian is doing far more than dabbling in AI… it’s carving through the wave like a seasoned pro while others are still figuring out which way to paddle (similar to my surf story). In fact, Atlassian has 1 million monthly active users on their AI tools.

Wall Street is losing its collective sh*t. Analysts are hiking price targets and claiming to be the first one who predicted this success. We're talking 14 different firms saying "our bad, this thing's worth WAY more than we thought." Jefferies went full send, slapping a $400 target on this bad boy (up from $325, for those keeping score at home).

Here's the thing about Atlassian, unlike most AI companies… they've got actual customers (you know, the kind that pay money) using this stuff. More than 500 customers are dropping seven figures annually.

Their new Chief Revenue Officer (poached from SAP like a Silicon Valley version of the NBA trade deadline (how did the Lakers get Luka?) hasn't even gotten his feet wet yet. My man Brian Duffy just started January 1st, and they're already crushing it. And there’s still plenty of room to grow. In fact, 85% of Fortune 500 companies are already using Atlassian's tools. But, there’s still $14B worth of potential revenue just sitting there, waiting to be converted.

The stock's already up 77% in six months, but unlike your secret crypto portfolio, this rally actually has fundamentals behind it. They're hiring like crazy (249 new employees last quarter), mostly in sales. 

While everyone else is pretending to know how to surf the AI wave, Atlassian's out here actually hanging ten. And Wall Street's finally noticing that these Aussies might actually know what they're doing. Just don't expect me to try surfing again. I've still got sand in places I'd rather not discuss.​​

Stocks.News has positions in SAP and Atlassian mentioned in article.