The market sees AI, open-source, and usage billing as a triple threat to its fragile model. We argue these risks form an antifragile growth flywheel, creating a moat competitors can't cross.
They all look like AI software platforms, but DDOG, NOW, CRM, and SNOW sit at four very different profit layers. The real question is who owns the write-back layer, the pricing power, and where the new value actually stays.
Wall Street's favorite metric, 120%+ Net Revenue Retention, often masks a deep value trap. The real story lies in pricing misalignment, where "customer success" fails to translate into shareholder value.
