Figma Beat Every Number Yet Fell 16%: Why Claude Won't Kill Your SaaS but Your Multiple
sharpeye_wnl · x · 2026-09-22
The piece argues AI is crushing SaaS valuations even when fundamentals hold: Figma's Q2 revenue grew 48%, net dollar retention hit 136 (two-year best), and over 80% of its highest-paying customers bought AI credits — yet the stock still fell 16% overnight. Chegg lost $14B in market cap to a free chatbot. The author's take: Claude won't kill your SaaS in three years, but it will kill your growth story and multiple; only three kinds of moats survive.
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