u/ekonixlab

AppLovin grew revenue 59% YoY, is profitable, and trades at ~30x 2026E / 23x 2027E earnings. High growth combined with operating leverage makes the forward multiple look reasonable, especially if growth persists. Long AppLovin as a growth-at-a-reasonable-price play in digital advertising. Apple/Google platform changes could disrupt ad targeting; competition from larger ad platforms.

Reddit grew revenue 69% YoY, profitable, and trades at similar forward multiples (~30x 2026E / 23x 2027E). Reddit is still early in ad monetization; operating leverage should expand as user base scales. Long Reddit as an under-monetized social media platform with accelerating revenue. Ad scaling may degrade user experience; competition from TikTok, Meta, etc.

Salesforce's growth is decelerating to 7-8% organically, but key metrics like cRPO (+14-16%), AI-related ARR (>$2.9B), and capital returns ($50B buyback) remain strong, indicating business health, not disruption. The market is overreacting to the growth slowdown and the "AI disruption" narrative, pricing the stock as if its business is structurally broken, which creates a valuation disconnect from its actual performance and future potential. The author sees an opportunity to buy a durable, cash-generative business with a growing AI segment at a compressed multiple, as the negative sentiment is not supported by the company's financial data. A true acceleration in customer churn, a collapse in cRPO growth, or failure to effectively monetize AI products could validate the bear case and invalidate this thesis.