Tomasz Tunguz, MD @ Theory
Despite SaaS multiple compression since 2021, category leaders—CrowdStrike, Cloudflare, Shopify, Samsara, ServiceNow, Figma, Twilio, Salesforce—trade at steep premiums by capturing AI-driven revenue streams (endpoints, network traffic, agents, training data, governance) that unlock durable competitive moats.
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Topics: Enterprise Software · AI (Horizontal)
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