Ratrekt Labs@RatrektLabs
The AI industry is quietly shifting from chatbots to autonomous agents that do actual work. Snowflake is betting on this. Stratechery reports the zero marginal cost assumption is breaking down. Compute is the new bottleneck. Here is what is changing and why it matters.
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Ricky Ho@rickyho_1989
The chart makes one point clear. Most software companies are far earlier in their penetration curve than their valuations imply. Even the largest names are still at single-digit penetration of their estimated TAM. ServiceNow, Workday, and Snowflake, despite scale and premium multiples, remain below 10%. That confirms the growth runway exists, but it also shows how much of that future is already priced into today’s valuations.
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