C3.ai has turned out to be a scam for its shareholders, judging by how its stock-based compensation as a share of revenue has fared over the years against SaaS peers Snowflake, Palantir, GitLab and UiPath. x.com 

CrowdStrike's growth is too slow to justify its valuation. Its forward P/E has climbed to about 190, while stock-based compensation exceeds operating earnings, so reported free cash flow margins do not show what the business actually earns. x.com  x.com  x.com  x.com 

Opendoor, C3.ai and the robotics ETF BOT should get a bump tomorrow from Sam Altman's post that OpenAI Robotics is hiring engineers to program and manufacture robots. It sits on a list of incredibly dumb theses that might actually work, alongside retail buying C3.ai thinking it is OpenAI's ticker, or OpenAI or Anthropic acquiring C3.ai purely for its ticker. x.com 

C3.ai's revenue is down 50%, and founder Tom Siebel's return is the last thing the company needed. That outweighs a Q4 double beat reported by TrendSpider, with adjusted EPS of -$0.33 versus -$0.37 expected and revenue of $51.6M versus $50.2M. x.com 

Credo's upside looks capped as growth falls short of earlier expectations and large stock-based compensation, hidden behind GAAP financials, looks excessive. BofA cut its target to $275 from $340 and Evercore to $292 from $325 on deceleration worries, the 1.6T DSP is delayed, and operating cash flow fell to $90M. The stock is 43% off its high; at $164 it trades at 30-33x FY27 earnings and 13x forward sales, more reasonable but still not worth owning. x.com  x.com  x.com  x.com 

Snowflake's valuation looks full after more than doubling since May on an AI inflection story, given five years of promised inflections that didn't materialize. Stock-based compensation remains heavy at $1.6B against FY2026 revenue of $4.7B, though dilution has been kept in check lately. At about 23x EV/revenue, or 19x forward, it sits near the top of its 2-3 year range. A Databricks IPO could make investors see Snowflake as old relic tech. x.com  x.com