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Feb 17, 2026
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AVOID
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"We do not uh have uh any offerings around Chinese models right now... we need to really be auditing um every model we look at." Enterprise software platforms (like Figma) act as gatekeepers. Due to security, auditability, and trust concerns, Western enterprise platforms will exclude Chinese AI models from their integrations. This limits the commercial reach of Chinese AI in the Western B2B market, regardless of model quality. Avoid Chinese AI plays expecting Western enterprise adoption; the "Trust Moat" favors US/European models (Anthropic, OpenAI, etc.). Chinese models become so superior in performance that companies bypass safety protocols to use them. |
CNBC
Figma CEO Dylan Field on the software reckoni...
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Feb 17, 2026
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LONG
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"If you're trying to build software, there will be exponentially more software in the world... It just happens to be going asmtoic now and vertical." The market fear is that AI reduces the number of human developers (selling fewer SaaS seats). The counter-thesis is that AI lowers the cost of creation, leading to an explosion in the *quantity* of software built. This increases the total addressable market for tools that manage, design, and deploy this massive influx of software. Long essential infrastructure software that benefits from *volume* of applications, regardless of whether humans or agents are writing the code. The "Per-Seat" pricing model collapses faster than companies can pivot to "Usage-Based" pricing. |
CNBC
Figma CEO Dylan Field on the software reckoni...
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Feb 17, 2026
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LONG
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Figma announced "Code to Canvas" with Anthropic, allowing users to import AI-generated code (Claude Code) directly into Figma for visual editing. Field states, "We're running toward AI... betting we can be a part of the new workflow." The market fear is that AI generates UI directly, skipping the design tool. By integrating the AI output *back* into the canvas, Figma secures its position as the "Editor" and "Source of Truth" for AI-generated products, preventing churn to pure-code workflows. LONG. Figma is successfully executing the "Unix philosophy" (start anywhere, go anywhere), turning AI into a feature rather than a competitor. "Dev teams shrinking" (fewer seats) could hurt revenue before the new AI features monetize. |
CNBC
Figma CEO Dylan Field On The Software Reckoni...
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Feb 17, 2026
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AVOID
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When asked if Figma would offer superior Chinese models to users, Field replied, "We do not have any offerings around Chinese models right now... we need to really be auditing every model." Despite performance breakthroughs (Sea Dance 2.0), US software platforms are erecting "Soft Sanctions" by refusing to integrate Chinese models due to security/trust issues. This limits the commercial TAM of Chinese AI tech in the Western enterprise stack. AVOID. Technology leadership does not equal market access in a bifurcated geopolitical environment. If Chinese models become undeniably superior, users may bypass platforms like Figma to use them directly. |
CNBC
Figma CEO Dylan Field On The Software Reckoni...
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