PATH
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Regarding software stocks, the recent market consensus is clearly a suppression. Claude series products have challenged the enterprise SaaS business model, the performance of toc companies has not been realized, and the opportunities for toc are not great after the giants entered the market. Today's Microsoft earnings report seems to have added fuel to this consensus.
There are two logics for the development path of Agent: model-led or scenario-led. Model-led is a story where one Agent consumes all the enterprise SaaS budget; scenario-led is model + data layer that understands the scenario, which is the path Palantir is taking.
The current market seems to be a general sell-off of all software stocks, regardless of fundamentals, but whether it is a misjudgment needs to be judged based on individual stocks. Companies with solid performance realization will be corrected by the market after being misjudged.
$Microsoft(MSFT.US)
$Palantir Tech(PLTR.US)
$Snowflake(SNOW.US)
$UiPath(PATH.US)
$Figma(FIG.US)
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