harry stebbings

Pre-AI SaaS companies growing at single digits with no AI story are 'zombie' assets; the Intercom/Finn outcome proves that burning the boats to adopt outcome-based AI pricing is the only path to premium exits.

With only 4% float trading, options-driven gamma squeezes and index inclusion forced buying can inflate prices far above fundamental value until lockup expiry; shorting is prohibitively expensive due to high option implied volatility.

Companies now raise at 2x valuations within 4 weeks (e.g., unnamed company 10B to 21B in a month) on a single strong month's data, versus 3-4 months previously. Jane Street participation signals hedge fund crossover into venture. This speed reflects extreme capital availability for AI leaders but raises diligence concerns.