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    Zoom Communications (ZM) Eyes An Anthropic Windfall, Is The Stock Still Cheap?

    Simply Wall St·07/10/2026 13:40:11
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    Zoom Communications (ZM) is back in the spotlight after two AI stories converged: a projected $1.2b windfall from its early Anthropic investment and the launch of its standalone Zoom Virtual Agent Receptionist product.

    See our latest analysis for Zoom Communications.

    At a share price of $89.88, Zoom Communications has a 1-year total shareholder return of 19.76%, while the share price return is up 13.43% over 90 days but down 7.18% over 30 days, suggesting recent momentum has cooled slightly after a stronger run.

    If the AI angle of Zoom has caught your attention, it may be a good time to see what else is moving in this space with the 32 AI small caps.

    Zoom Communications now has an AI heavy product story and a projected Anthropic windfall, yet the stock has cooled in recent weeks after a stronger stretch. Is that gap between business progress and share price giving you value today?

    Most Popular Narrative: 21.8% Undervalued

    With Zoom Communications closing at $89.88 against a widely followed fair value of $115.00, the current price sits well below that narrative anchor, putting a spotlight on whether the AI and platform story is fully reflected.

    Strong enterprise adoption of AI-driven collaboration tools and unified communications is broadening Zoom's market reach, leading to more stable, recurring, and diversified revenue streams.

    Rapid innovation, customer stickiness, and effective capital allocation enhance Zoom's pricing power, support margin expansion, and provide ongoing flexibility for further investment in digital transformation.

    Read the complete narrative.

    Curious what underpins that $115.00 fair value for Zoom Communications? The narrative leans on measured revenue growth, slimmer margins, and a richer future earnings multiple that has to clear a high bar. The tension between softer profit forecasts and a higher valuation anchor is where the story gets interesting.

    Result: Fair Value of $115.00 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, the Zoom Communications story also carries clear risks, including intense competition from bundled platforms and uncertainty around how quickly AI features can be fully monetized.

    Find out about the key risks to this Zoom Communications narrative.

    Next Steps

    Given the mix of optimism around Zoom Communications' AI push and concern about its risks, now is a good time to review the details yourself and decide how you feel about the stock's balance of potential and pressure. You can start with the 4 key rewards and 2 important warning signs.

    Looking for more investment ideas beyond Zoom Communications?

    If Zoom Communications has sharpened your interest in AI and recurring revenue, do not stop here. Broaden your watchlist with a few more focused ideas.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.