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ed

T3 · host / generalist

Ed Ludlow hosts Bloomberg Tech from San Francisco, covering major tech earnings and AI spending trends.

5 calls·5 names·40% bull·last heard 2 months ago·20VC
track record

no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY

top calls

highest conviction · one per company
1sthigh conviction
$ADBEAdobe

Ed: Adobe has every bad SaaS attribute at 8x FCF – only share to lose, replicable product, wrong model

Adobe's 80% market share means only share loss ahead; generative AI makes its product increasingly replicable, its seat-based model is outdated, and it lacks usage-based revenue or internal AI talent to capture inference demand.

20VC2026-06→
2ndhigh conviction
$WIXWix

Ed: Wix bears outweigh bulls on replicability, incumbent risk, lame product

Wix faces massive replicability from AI coding agents, incumbent share loss, business model exposure, and a relatively lame product vs. AI-native competitors; its Base acquisition and usage-based component are insufficient to offset.

20VC2026-06→
3rdhigh conviction
$NVDANvidia

Ed: Nvidia at 16x earnings is the AI poster child with 80% compute share vs. Adobe at 8x FCF

Hedge funds prefer Nvidia because it captures every AI tailwind (compute demand, inference scaling, sovereign chip buys) with dominant market share, while Adobe's cheapness is a value trap with structural headwinds.

20VC2026-06→

most discussed · click a bar to filter

recurring themes

5 total
$ADBE
···
Adobe
HIGHed·20VC·2 months ago
Ed: Adobe has every bad SaaS attribute at 8x FCF – only share to lose, replicable product, wrong model
Adobe's 80% market share means only share loss ahead; generative AI makes its product increasingly replicable, its seat-based model is outdated, and it lacks usage-based revenue or internal AI talent to capture inference demand.
"they have they have basically every single one of the bad attributes. They're already like the 80% share winner in all of their markets that they compete in. Um they only have sha…"
67:25
$WIX
···
Wix
HIGHed·20VC·2 months ago
Ed: Wix bears outweigh bulls on replicability, incumbent risk, lame product
Wix faces massive replicability from AI coding agents, incumbent share loss, business model exposure, and a relatively lame product vs. AI-native competitors; its Base acquisition and usage-based component are insufficient to offset.
"massive replicability problem. Um they were an incumbent that perceived uh that is perceived to to have a lot of share to lose to AI um players that are that are um coming up in i…"
58:24
$NVDA
···
Nvidia
HIGHed·20VC·2 months ago
Ed: Nvidia at 16x earnings is the AI poster child with 80% compute share vs. Adobe at 8x FCF
Hedge funds prefer Nvidia because it captures every AI tailwind (compute demand, inference scaling, sovereign chip buys) with dominant market share, while Adobe's cheapness is a value trap with structural headwinds.
"I can yeah I can go buy Adobe for eight times free cash flow with all of these problems that we don't know how they're going to resolve or I can go buy Nvidia for 16 times earning…"
68:10
$INTU
···
Intuit
MEDed·20VC·2 months ago
Ed: Intuit's TurboTax profit at risk from AI replication
A significant portion of Intuit's profit comes from TurboTax, which is perceived as highly replicable by AI coding agents, creating a structural threat to its core revenue.
"Obviously, Intuit as well. I think a ton of Intuit's um profit comes from TurboTax, and everyone's scared now that TurboTax um you know, will become um extremely easily replicable…"
60:26
$CRM
···
Salesforce
MEDed·20VC·2 months ago
Ed: Salesforce acquisition of Intercom is smart template for AI transition
Intercom's successful pivot from seat-based to outcome-based pricing (per resolution) makes it a canonical example for Salesforce to reignite growth via Agentforce; the deal brings the needed cultural and product DNA.
"Yeah, it's exactly what you said. I think smart deal. Smart deal for Salesforce. Because these guys became the canonical example of a old school SaaS company that made the transit…"
48:05