ServiceNow's unexpected expense surge makes its rich valuation more vulnerable in a struggling software sector. Revenue rose 21%, but spending drove an EPS miss and one quarter of guided cRPO deceleration; wider market conditions could hurt near term. The 20% selloff looks excessive, and few software companies should benefit as much from AI. Management could deliver over 3-5 years, though the stock is only close to a buy again now; below $100 looks good for the long term. x.com  x.com  x.com  x.com 

Salesforce's $25 billion accelerated buyback leans on debt in a way that risks leveraging its future, as happened at Fiserv. Fiserv cut its share count 21.5% with debt-funded buybacks averaging $167 a share, and now trades under $60 as growth fell. Salesforce can afford this round with $14 billion of free cash flow, but growth is slowing to single digits, AI isn't yet transforming its ecosystem, and its goodwill-heavy book limits deals. The risk is that multiples compress and it doubles down. … Show more

Paycom is showing what a foundational software business looks like at scale, with a record 44.2% adjusted EBITDA margin in Q2 2026. Automation from Beti and GONE keeps compressing its operating cost per client. x.com 

Workday at 3x sales is a travesty for a business of its quality, implying the market expects management to destroy value through poor capital allocation on top of AI fears. It could likely raise margins toward 30% without much customer impact, given bloat and complacency; the same factors that make it easy to catch up also make it easy to run more profitably. Venture valuations like Rippling's make more sense with Workday at 6-8x sales. x.com  x.com  x.com 

Intuit risks becoming the example of AI commoditizing software, as AI and agents increasingly answer tax and bookkeeping questions instantly, cheaply or for free, removing the need for a costly middle layer. Its large paying base means AI probably won't crush it immediately, but pricing power and users could get squeezed. Its lofty multiples are likely over; it won't go to zero and could still be decent, but it is down 54% this year in a nasty stage-4 downtrend below its 200-day average. x.com  … Show more

Atlassian is far less cash-rich than it looks once stock-based compensation is treated as a real cost. About $1.3 billion of operating cash flow and only $50 million of capex look strong, but roughly $1.5 billion of SBC is the real spend, $165 million more than operating cash flow. Paying employees in stock flatters cash flow while diluting shareholders, and buybacks only partially offset SBC rather than reducing the share count. x.com  x.com 

AmpliTech's termination of its untapped ATM is a rare capital-allocation signal for a microcap: removing the dilution overhang while the order book grows shows the balance sheet can fund growth on its own. The board also authorized a $10M buyback over 24 months, backed by no debt and record revenue, though killing the ATM matters more than buybacks for a growth company. Having cooled from last month's highs, the stock looks like a great entry. x.com  x.com