Bearish on Figma; lacks long-term moat as users can easily switch to AI alternatives, plus concerns over CEO, stock-based comp, and diversification.

Figma uh, value today F 10ear value F. >> I I I you know, I think Figma is I don't want to understate them as a competitor to Adobe because

>> Um I would probably put them a little higher than Wix. um you know they are uh sort of in niche spaces like Figma is uh a niche part of the creative design world and um they've basically uh monopolized uh the space that they compete in and and kicked out Adobe and that's why Adobe wanted to acquire them because their alternative product uh complete completely failed to compete with uh with Figma.

um but their tools are not as sophisticated and as entrenched into commercial workflows which is to me fundamentally the difference between Adobe and Figma where you have Hollywood studios relying on Adobe the question is is that going to change because of AI uh I'd say it's less likely

uh Figma you have uh we use Figma you have companies like us and um I have no loyalty to Figma I think it's cool product. It's been helpful for me. Um, but I could just as easily switch to uh any alternative um product uh AI based uh product and I I don't think that that would be incredibly difficult.

So, I don't have a lot of confidence in the 10ear horizon and um I'm not super inspired by the CEO and the stockbased comp is sort of egregious and it's not really a diversified business. So, uh not a fan.

I mean the one that exists where people felt like this could be a competitor is Figma and it's down here in DGE right so I just don't think it exists