Research Feed
Fair Isaac (FICO) — SaaS AI Survival V-Score: 3.57
FICO is two businesses stapled together. The first is a regulatory standard masquerading as a product — the FICO Score, embedded in LLPA grids, GSE requirements, MBS ratings, Basel capital models, and securitization documentation across the entire U.S. mortgage infrastructure. The second is an enter
iShares Expanded Tech-Software Sector ETF (IGV) — SaaS AI Survival V-Score: 3.45
IGV is a cap-weighted ETF holding 119 software companies. Top 10 holdings = 59.5% of AUM: MSFT (9.6%), PLTR (8.3%), ORCL (7.7%), CRM (7.3%), PANW (5.0%), APP (4.7%), ADBE (4.6%), INTU (4.4%), CRWD (4.1%), NOW (3.7%). The ETF is a proxy for the entire enterprise software sector. The market is treatin
ServiceNow (NOW) — SaaS AI Survival V-Score: 4.30
ServiceNow is the enterprise workflow orchestration platform. $13.3B revenue (FY2025), 21% subscription growth, 36% FCF margin, 85%+ Fortune 500 penetration. The platform is the system of record for how work gets done across IT, HR, customer service, security, legal, and facilities — cross-functiona
ADBE: The Creative AI Doorway — V-Score Workup
PASS at current levels. ~2% idio alpha doesn't justify company-specific risk. Mostly a leveraged beta position. Adobe is the critical test case in SaaS AI survival. Creative Cloud ($17.65B, 74% of revenue) faces the most direct AI substitution of any major software category — Midjourney, DALL-E, Sor
TTD: SaaS AI Survival V-Score — Infrastructure or Intermediation?
TTD survives AI. That was the question and the answer is yes. V-Score 2.79/5, AI augmentation score 4/5. The DSP is where AI gets deployed, not what AI replaces. Kokai delivers 26% better CPA, 94% better CTR vs prior version. Every "agentic advertising" product launched in 2025-2026 operates WITHIN