5/29/24 - vrockstar - 
AI - just don't think you can buy this with confidence anywhere near current levels given 1) decelerating growth (esp looking at the 2Y stack), 2) burns cash even considering massive stock comp (which isn't cash in a declining px) and worst perhaps of all is 3) when you look at gross profit YoY difference vs. opex spending (even take out sales!) there's negative operating leverage b/c of these revenue trends.
look, idk if there's some sort of LLM pivot/ change/ integration etc. but they're going to need to retool and compete w/ a lot of biz's that are ground-up on the new models. it can def'n be done, requires the right leadership. something i'd be more keen to look into if we were in a bull market for smid tech (we're not!) - and shorting is just so miserable generally - that i'm out and probably only return once we get a clearer rates picture and i see a few more EPS pitches thrown from this one.
Careful here.
AI - just don't think you can buy this with confidence anywhere near current levels given 1) decelerating growth (esp looking at the 2Y stack), 2) burns cash even considering massive stock comp (which isn't cash in a declining px) and worst perhaps of all is 3) when you look at gross profit YoY difference vs. opex spending (even take out sales!) there's negative operating leverage b/c of these revenue trends. look, idk if there's some sort of LLM pivot/ change/ integration etc. but they're going to need to retool and compete w/ a lot of biz's that are ground-up on the new models. it can def'n be done, requires the right leadership. something i'd be more keen to look into if we were in a bull market for smid tech (we're not!) - and shorting is just so miserable generally - that i'm out and probably only return once we get a clearer rates picture and i see a few more EPS pitches thrown from this one.
Careful here.
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