In February, Carl Eschenbach, a former VMware operating chief and Sequoia Capital investor, became Workday's sole CEO after being co-CEO since late 2022, alongside co-founder Aneel Bhusri. Workday will release an artificial intelligence agent for creating and submitting expense reports this year, and an agent for identifying inefficiencies in business processes will arrive in 2025, Eschenbach told analysts on a November conference call.

Stocks often rally when they're added to a major index, as fund managers need to rebalance their portfolios to reflect the changes.