Why is AppLovin Not Talked About More?

If you’re a value investor you’re looking at SaaS shitcos, some of which are getting priced as if they will be obliterated by AI. If you look at what metric is king, you’d obviously want to see cash flow generated. But what about stock based compensation? That’s an expense too… Strip out stock based compensation as an expense (which it is and what SaaS bros try to shy you away from) and AppLovin looks really cheap. They are an AI winner being priced as an AI loser. They are also growing revenue at 50% YoY and REDUCING share count quarter over quarter. We are talking at least $4B in buybacks a year, eliminating 2-3% of float. Your favorite Mag7s like META, GOOGL, and AMZN are all negative on this multiple. Why invest in a company bleeding cash in the AI buildout when you can buy a company that spends 0 on CapEx and is a winner?