Global economic growth and IT spending: Slowdowns indicated by IMF downgrades and geopolitical conflicts like the Middle East conflict (driving oil prices higher) could lead to tighter enterprise IT budgets and reduced spending on SaaS platforms like Braze, impacting its subscription growth. [user_context]

AI integration and competitive landscape: Braze's focus on AI innovation is a key growth driver, with new AI tools being adopted by customers. However, the highly competitive customer engagement platform market, with both large established players and emerging AI-first platforms, requires continuous investment in R&D and product differentiation.

Interest rates and growth stock valuations: While not explicitly in the provided context, high interest rates generally lead to a re-evaluation of growth stock valuations, as future earnings are discounted more heavily. This can put pressure on stocks in the software sector like Braze.