Hailed as the data cloud's "Switzerland," its neutrality moat is ironically becoming its greatest vulnerability under siege, exposing the fundamental paradox and valuation trap behind its high-growth narrative.
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.
