HUBSPOT, INC. Goldman Sachs Communacopia + Technology Conference 2026

Thank you, Gabriela. It's a great conference, and thanks for having me again.

Okay. Yeah. There's a big wide gap between what is happening on X and what is happening on social posts, as well as what is happening from an AI perspective. I think the fundamental shift that's happening within software is that the prior generation of software, everything that we did was about delivering features that companies then implemented, and then they got their users to adopt it after the training period, and then they got value from software. With AI, you fundamentally shifted that to delivering work for those users. The work could be either a support ticket that you're doing for them, or you are driving pipeline for them by setting up meetings, and that's the quality of the work. So there's a big shift that is happening.

In order to do that, fundamentally, the platform and the product that HubSpot is delivering has transformed, right? It used to be that as a CRM, we had a structured database, and that structured database had companies, contacts, tickets, deals, all of that that we knew before. But now with AI, you can also process all of the unstructured information. This conversation that we're having, emails, texts, Slack, all of that can be in that unstructured conversation. The fundamental thing that we're doing is to build an intelligence layer, and we call that as context. Of course, context is a word that is being used across the industry, but context actually means what is the business information about the business, about the customers within your business, about your pipeline, about your teams? What is that information? That is what is context.

Why is that important with AI? Well, it's important because AI models are trained on everything that is available publicly. Loads and loads of vast amounts of information that's available publicly. The only thing it's not trained on is what's happening within a business, and that is the context of the business. So for us, we're building the context layer and the context graph. What that enables from an AI perspective is to drive the right kinds of outcomes. Of course, HubSpot is focused on go-to-market, marketing, sales, and service outcomes. So we take that context, and we've built a set of domain-specific agents. Our Customer Agent resolves support tickets, Prospecting Agent qualifies the pipeline, our Data Agent enriches contacts and gets an audience ready.

So we take the context that we have built through that intelligence layer, and we enable it through HubSpot agents, as well as custom agents that you can build based on our platform. That is the action layer. So that's the second part of what we deliver. Then the third is really the interface to software, which is, in our case, Breeze Assistant. It is an interaction layer. The pattern here is that you don't have to click on software. You can just have a conversation and have the software. So I think fundamentally, what is happening within software is that you're not delivering features, you're delivering outcomes. In order to do that, we have an agentic customer platform that does that.

Yeah. I think there is a broader change that's happening within marketing. If you looked five years ago, there was a very clear playbook, especially for B2B marketing. It started with your content being searchable on the net. When your content was searchable, you clicked on someone's blue links, and then that brought you to a website. When it got to the website, you captured the email, and then you nurtured it through email campaigns. Those emails were not necessarily personalized. They were much more generic emails that you would sequence, and that's B2B marketing of the last decade. What is specifically changing is that, of course, nobody is clicking bluelinks because AI overviews, AI mode, LLMs have actually replaced all of that by giving answers. First of all, you've lost a pretty big top-of-funnel source, which is just content marketing.

Now, that is replaced by omnichannel marketing. The big shift that's happening in B2B market is that it's not just about the content that you generate. You got to show up in social. YouTube is one of the fastest-growing sources for B2B marketing. Same with TikTok, and same with a lot of these social channels. You have to be now present across social channels. In addition, there is a new source, which is AEO, which is how do you show up in the answers that LLMs are actually generating, and where do you have the share of voice there, and then how do you expand on that? The big playbook change that's happening right now is you've got to be able to enable omnichannel marketing. Within that, there is personalization that you asked.

The question that you were specific about is how can you use personalization? Look, what is happening is that if you use an LLM to generate a generic email and send it to the set of contacts you have, the click rates and the open rates are just going down. There is no room for just AI that is generating emails that is not personalized. It becomes really important to get the intent signals of your buyer, to know what they are interested in, what they are researching, what would actually drive conversion, and use the context that I talked about earlier to generate an email that is very specific to what they are looking to do. That is what drives much better marketing campaigns.

Broadly, to step back, playbooks are changing pretty significantly, and you really have to be omni-channel marketing, and that is the vision that HubSpot has. We want to drive and be the platform for omni-channel marketing for B2B.