Sergey CYW
Analyst covering Big Data companies and AI infrastructure (e.g., Snowflake, Confluent, MongoDB) with valuation and growth analysis.
SaaS Valuations Split: Premium Leaders, Seat‑based Hits Record Low
SaaS valuation divergence is widening as top SaaS companies hold premium valuations while seat-based models hit new lows This week, the valuation divergence within the SaaS sector widened further. The median valuation for SaaS companies with seat-based subscription models continued to decline and reached a new all-time low. $CRM $ADBE $NOW Investing
AI Boosts SaaS Magic Number, Driving Growth Efficiency
The most efficient SaaS companies are turning AI into measurable growth. The SaaS Magic Number shows how effectively a company converts sales and marketing spend into incremental recurring revenue. A Magic Number above 0.75x usually signals strong sales efficiency. Between 0.5x...
Starlink Drives SpaceX Profit While AI Losses Loom
SpaceX, Starlink is the profit engine, but AI losses are becoming the biggest risk $SPCX SpaceX now trades around a $2.87T market cap, combining several very different businesses: Starlink, launch services, Starship optionality, xAI, X, and the emerging orbital AI compute...
Premium SaaS Stocks Command Higher Price for Growth Quality
SaaS valuations from another angle: Forward P/E vs NTM expected revenue growth. Instead of looking only at absolute multiples, this compares how much investors are paying for each unit of forecasted growth. Most notable premium names include $NET, $DOCN, $CRWD, $SNOW, $DDOG,...
Palantir Leads SaaS with 63% NTM Revenue Growth
Top 15 SaaS companies by estimated NTM revenue growth: $PLTR 63.1% $APP 42.9% $ORCL 33.0% $AXON 30.6% $DOCN 30.5% $ZETA 29.1% $FIG 29.0% $NET 28.4% $SNOW 28.3% $PANW 25.9% $DDOG 24.0% $SHOP 22.8% $FICO 22.7% $CRWD 22.6% $IOT 21.4% Forward revenue growth is one of the most important metrics for evaluating growth stocks. For SaaS companies, NTM...
MELI Dips 39% yet Latin America Growth Surges
$MELI is down -39% from highs, but growth is not slowing MercadoLibre business itself still looks structurally strong. MercadoLibre remains a dominant platform in Latin America, with e-commerce, payments, credit, logistics, and advertising reinforcing each other. This ecosystem creates stronger user engagement...
Forward EV/GP Reveals True SaaS Valuation Drivers
SaaS valuations through Forward EV/Gross Profit relative to NTM revenue growth estimates. This view is useful because it adjusts valuation for gross profit efficiency, not just revenue. For software companies, gross margin matters because it reflects scalability, pricing power, and product...
AI's Next Frontier: Power Infrastructure Over Chips
AI infrastructure is becoming a power trade, not only a chip trade The Defiance AI & Power Infrastructure ETF, $AIPO, focuses on companies building the physical backbone required for AI data centers: power generation, grid equipment, cooling systems, construction, utilities, nuclear...
SaaS Valuations Reset: Multiple Drops, Growth Stays Steady
SaaS valuations needed a reset — this week delivered one This week marked the beginning of a correction following the significant expansion in valuations, particularly among the top 10 SaaS companies, whose median valuation multiple had risen substantially, reaching 14.14x on...
RBRK’s Core Revenue Still Growing 43% YoY
My thoughts on $RBRK Q1 Reported revenue growth appears to show a significant slowdown, but it is important to account for Material Rights, which represent a meaningful portion of revenue and currently distort growth rates. Normalized Revenue excluding Material Rights grew +43%...
Cloudflare Emerges as Enterprise AI Infrastructure Leader
Cloudflare $NET is pushing deeper into enterprise AI infrastructure with Claude Managed Agents, secure agent sandboxes, and recognition as a Leader in the Forrester Wave for Edge Development Platforms Q1 2026. Cloudflare is building the infrastructure layer enterprises need to deploy...
Zscaler Launches AI-Guardian for Zero Trust AI Agents
Zscaler is building Zero Trust security for the AI-agent era $ZS is expanding its AI security platform as enterprises move from traditional apps to autonomous AI systems. AI agents create a different security problem. They access data, trigger actions, inherit permissions, and...
Space Infrastructure Booms; Investors Must Spot Real Value
Space Infrastructure Is Scaling Fast. But Investors Still Need to Separate Durable Platforms From Speculative Stories Fortune Business Insights estimates the global space infrastructure market at $160.97B in 2025, rising to $373.67B by 2034. Research and Markets also expects the market...
Profitability Now Trumps Growth in SaaS Valuations
SaaS Valuations: Growth Still Matters, But Profitability Matters More The chart compares SaaS companies by NTM revenue growth estimates and Forward EV/Gross Profit. It also separates companies by GAAP op. margin, which helps show how much the market is paying for...
Nvidia Beats Forecasts Yet Stock Slides
Is the “Saaspocalypse” Trade Starting to Break? This week, the key event was Nvidia’s quarterly report. Despite very strong results — analyst expectations for Q1 revenue were beaten by 4.0%, and expectations for Q2 guidance were beaten by 4.7%, which implies...