Elevated AI risk makes GitLab a stock not worth being long at $60, despite a personal fair-value estimate at that level. A post by choblin29 reports that Anthropic replaced Git with its own version-control system and built Scion for code review. x.com  x.com 

GitLab is not going to become the new GitHub. As @endingwithali notes, GitLab's CEO previously ran New Relic, which was sold to private equity rather than becoming the alternative customers sought when they were annoyed at Datadog's prices. x.com 

OpenAI's open-source Codex Security CLI looks complementary to GitLab rather than a threat, and the market has moved past punishing GitLab on such news. Six months ago, a release that lets users scan repositories, verify fixes and add security checks to CI/CD would have sent the stock down 10%. x.com 

GitLab doesn't justify 65x forward earnings or a 17% post-earnings jump. Gross margin is compressing, possibly structurally, the quarter and guide show little operating leverage, it is still EBIT-negative at a $9.2bn market cap, and guidance appears to point to decelerating growth. x.com 

GitLab is not worth investing in because of competition from Microsoft's GitHub, even after a 75% drawdown. AI won't replace the tool, and it has strong switching-cost and brand moats. x.com 

GitLab's re-accelerating revenue would make a takeover lucrative, and Anthropic again looks like a credible buyer alongside IBM, OpenAI or Cursor/SpaceX. Growing 23% a year through 2027, then selling to a frontier lab for 8-10x revenue, would be a big return; even IBM as a distressed buyer at 5x would pay off, and IBM may need it to survive. The risk is that labs that don't buy will build their own and the Git duopoly is fading, so conviction is not extreme. x.com 

GitLab's results don't justify the stock's after-hours rise. Expense dollars grew far faster than revenue dollars, 117% net retention is unimpressive at this valuation, and stock-based compensation rose 50% year over year. x.com 

GitLab's restructuring plan earned it an analyst downgrade. x.com 

GitLab is badly undervalued, with the market ignoring over $1B of ARR, $1.26B of cash and almost no debt at a $3.77B market cap and a $21–22 share price. A market-cap-over-DCF model gives a P50 value of $46.83 even before last night's AWS deal, with a path to $74.50 in 3–5 years. The biggest bear point is that nothing in Silicon Valley would be disrupted if GitLab stopped existing tomorrow because of AI. x.com  x.com 

GitLab's revenue strength is not worth celebrating because it jammed sales and marketing spending to grab subscribers. x.com