Software stocks trade at their lowest forward P/E ever, so every software company showing improving, let alone accelerating, earnings should fly. x.com 

Intuitive Surgical is worth 30 times earnings at most, below where it trades. Judged purely on its financials, without knowing what the company does, even 30 times would be too high. x.com 

Tenable's push into AI-driven exposure management is gaining momentum, which short reports from @BearCaveEmail and @citrini miss by treating it as a legacy vulnerability scanner. Tenable One reached 50% of new business, up from 41% last quarter and 40% a year ago, with larger deals and a big installed base to upsell. The shorts lean on dated sales-type experts; Tenable engineers describe a company moving fast to lead AI exposure management. It trades near 5x EV/sales, cyber majors at 20x+. x.com 

Okta's valuation is hard to justify at over 100x trailing GAAP earnings for a company growing about 11%. It has $296M of trailing GAAP net income against a $30B market cap, so its bottom line must outgrow revenue for years just to support today's price, which already prices that in. x.com 

Palo Alto Networks is too expensive at 21x sales and 79x forward earnings for a company expected to grow only about 20% over the next few years. Cybersecurity matters more as AI advances, but even a good company has to be bought at the right price, which is why the stock fell even after a big earnings beat. x.com 

CrowdStrike at 30x sales for a $170 billion software company is hard to see ending well. x.com 

Paycom, Phreesia, Intuit, MNTN, MediaAlpha and Radcom are the most attractive software names if software rerates over the next quarter, because all are rather cheap on GAAP earnings, below 20x 2027 earnings, and AI should be neutral for them. x.com