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579 Atlassian and Figma Lead the R&D Arms Race

The Information
Laura Bratton @ The Information · 04/12/2026 11:00 EDT

Atlassian and Figma Lead the R&D Arms Race

Wall Street’s sell-off of enterprise software stocks resumed in earnest late last week, sending stocks such as ServiceNow and Snowflake down around 8% or so on Friday, as jitters over the impact of new AI tools on older software firms intensified. But the panic may be too indiscriminate.

One way of sorting out which software firms may have more of a future is to look at their spending on research and development as a percentage of revenue, a sign of how deeply they’re investing in new products. On that met

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