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u/Tornagh

2 theses · first seen May 25, 2026
WindowThesesResolvedWinsWin rateAvg returnMedian return
1d000———
3d211100%+0.9%+0.9%
1w211100%-0.5%-0.5%
1m211100%+20.2%+20.2%
3m000———
6m000———
1y000———

Past performance does not predict future results. Informational only, not investment advice.

Thesis history

$CRMDiscussionneutral
u/Tornagh · 40d ago1 prior · awaiting results

AI usage revenue is valued at lower multiples than subscription revenue

Salesforce's valuation has been pressured by its transition to usage-based licensing for AI use cases, which justifiably command lower revenue multiples than traditional subscription models. The author does not take a directional view on Salesforce recovery.

At post $183.82Now $170.92-7.0% since postedas of Jun 10, 4:59 PM ET
1d—
3d+0.9%
1w-1.1%
1m+4.0%
3m—
6m—
1y—
original post →
$NOWDiscussionbullish
u/Tornagh · 40d ago1 prior · awaiting results

AI usage revenue is valued at lower multiples than subscription revenue

ServiceNow's stock has been unfairly depressed due to market misunderstanding of usage-based AI licensing economics. While usage-based models deserve lower multiples than subscription revenue, the market has over-corrected, and ServiceNow is likely to recover as investors reassess the company's fundamentals.

At post $91.16Now $106.06+16.3% since postedas of Jun 10, 4:59 PM ET
1d—
3d+0.9%
1w+0.0%
1m+36.4%
3m—
6m—
1y—
original post →

End of results.