Cloud firms Microsoft, Oracle, Amazon benefit from AI agent adoption, Melius Research says

** Cloud operators such as Amazon.com AMZN, Microsoft MSFT, Google GOOG and Oracle ORCL are seeing renewed demand as they provide the computing backbone for AI agent workloads, Melius Research says

** Traditional software-as-a-service (SaaS) cos like Salesforce CRM, Adobe ADBE and Workday WDAY likely becoming less attractive - brokerage

** Brokerage recommends software cos that own and operate cloud infrastructures, citing their stronghold on top software engineers and advanced tools development that can replace or outperform traditional SaaS solutions

** Brokerage lifts PT on MSFT to $595 from $520; says co is well-positioned to secure substantial value from OpenAI partnership with shareholder benefit

** Raises PT on ORCL to $270 from $230; Oracle's Cloud Infrastructure should benefit from Stargate project

** Lifts PT on CoreWeave CRWV to $110; CRWV up 1.1% at $127.01 premarket

** In premarket trading, MSFT down 0.5% at $501.08; ORCL down 0.7% at $228.94; AMZN down 0.4% at $224.24; GOOGL down 0.6% at $179.20