WATCH STEALTH CHURN

“Today, if it went public today, you would be fighting them off at a stick at a trillion dollars. You would have a fabulously successful IPO. My assumption is these guys are going to go public in the October Q4 time period, as soon as is humanly possible. Why even pause for breath? You raise a big slug of equity out of the gate, expand the capital base, and get access to convertible preferreds and debt structures.”

“Stealth churn is everywhere. I've paid for Netflix for years, but I watch so much YouTube, and on YouTube it’s becoming more and more AI generated content. I’ve stealth churned off Netflix; I’m still paying, but I may only pay for another year. As more folks stealth churn off Canva or Adobe because they're using AI tools, the usage declines faster than the revenue. If your usage is declining, you're hiding.”

“What Mark Benioff is really pitching is an agent fabric. It is the layer that manages all your agents—governance, security, and knowing what every single agent is doing in real time. Orchestration is the nerdy term, but how is an ordinary company without a team of deployment experts going to manage 300 agents running 24-7? They'll go rogue if you don't have a fabric you can trust.”

“This exposes the whole 'SaaS is dead' meme as bullshit. Low growth SaaS is bad, and high growth SaaS is good. If Rippling is growing at that rate, hitting a billion dollars growing at 78%, that’s amazing and compelling. What it really points out is that the real objection to these public SaaS companies is not the model, but that your market is now tapped out and your growth rate is only 10%.”

“This is a semiconductor company, potentially one of the very few startup semiconductor companies in the last decade and a half. The product they make is a big ass wafer scale chip that’s really good for inference because it’s really fast and obviously very optimized for AI. They've gone from niche to mainstream and clawed their way into the mix with AWS and OpenAI. I hope they make a ton of money.”

“It is an existential threat. It will maim and nibble at Figma more and more because normal people can design stuff and get into production much faster. We will bypass designers more and more. The meta question is that no one talked about it: it is an application. It comes up as a full application with sharing, users, hierarchy, and saved assets. We won't want to use grandpa software anymore.”

“It's one of those deals that makes sense for both sides... SpaceX has the most amazing data center, but they're not doing a very good job of selling them. They found this company that's in the mother load of all AI markets, which is coding, and the vertically integrated thing just looks a lot more attractive. You literally have a company that's making 3 billion in revenue and spending 3 billion on gross margin, and you have another company that's burning 18 billion; you put them together and the 3 billion gets canceled.”

“It's one of those deals that makes sense for both sides... SpaceX has the most amazing data center, but they're not doing a very good job of selling them. They found this company that's in the mother load of all AI markets, which is coding, and the vertically integrated thing just looks a lot more attractive. You literally have a company that's making 3 billion in revenue and spending 3 billion on gross margin, and you have another company that's burning 18 billion; you put them together and the 3 billion gets canceled.”

“It is an existential threat. It will maim and nibble at Figma more and more because normal people can design stuff and get into production much faster. We will bypass designers more and more. The meta question is that no one talked about it: it is an application. It comes up as a full application with sharing, users, hierarchy, and saved assets. We won't want to use grandpa software anymore.”

“This exposes the whole 'SaaS is dead' meme as bullshit. Low growth SaaS is bad, and high growth SaaS is good. If Rippling is growing at that rate, hitting a billion dollars growing at 78%, that’s amazing and compelling. What it really points out is that the real objection to these public SaaS companies is not the model, but that your market is now tapped out and your growth rate is only 10%.”

“There are six leaders with market caps above two trillion... Nvidia, Apple, Meta, Amazon, Alphabet, Microsoft, all can buy a startup for $100 billion. I think there’ll be a $100 billion deal in the next 12 months. In all of these boardrooms, they are saying, I want to buy something that is going to actually move the needle for us. If they identify the perfect target, like the LinkedIn of AI, they will do a hundred billion if they have it.”

“This is a semiconductor company, potentially one of the very few startup semiconductor companies in the last decade and a half. The product they make is a big ass wafer scale chip that’s really good for inference because it’s really fast and obviously very optimized for AI. They've gone from niche to mainstream and clawed their way into the mix with AWS and OpenAI. I hope they make a ton of money.”

“There are six leaders with market caps above two trillion... Nvidia, Apple, Meta, Amazon, Alphabet, Microsoft, all can buy a startup for $100 billion. I think there’ll be a $100 billion deal in the next 12 months. In all of these boardrooms, they are saying, I want to buy something that is going to actually move the needle for us. If they identify the perfect target, like the LinkedIn of AI, they will do a hundred billion if they have it.”

“Stealth churn is everywhere. I've paid for Netflix for years, but I watch so much YouTube, and on YouTube it’s becoming more and more AI generated content. I’ve stealth churned off Netflix; I’m still paying, but I may only pay for another year. As more folks stealth churn off Canva or Adobe because they're using AI tools, the usage declines faster than the revenue. If your usage is declining, you're hiding.”

“Today, if it went public today, you would be fighting them off at a stick at a trillion dollars. You would have a fabulously successful IPO. My assumption is these guys are going to go public in the October Q4 time period, as soon as is humanly possible. Why even pause for breath? You raise a big slug of equity out of the gate, expand the capital base, and get access to convertible preferreds and debt structures.”

“What Mark Benioff is really pitching is an agent fabric. It is the layer that manages all your agents—governance, security, and knowing what every single agent is doing in real time. Orchestration is the nerdy term, but how is an ordinary company without a team of deployment experts going to manage 300 agents running 24-7? They'll go rogue if you don't have a fabric you can trust.”