1. A method comprising: storing, in persistent storage, graph data that includes a first graph that comprises a first plurality of nodes and a first plurality of edges between the first plurality of nodes; storing, in volatile memory, a first instance of the first graph; while storing the first instance in the volatile memory, receiving a first set of updates to the first graph; in response to receiving the first set of updates, storing the first set of updates in the persistent storage; after storing the first set of updates in the persistent storage and without updating the first instance, performing one or more first graph analysis operations on the first instance; wherein the method is performed by one or more computing devices.