WIX - Wix.com Ltd.

The host questions Wix's future relevance as AI agents allow people to build websites/apps without coding, even though Wix still reports billions in quarterly sales. There is existential disruption risk for legacy SaaS platforms.

Host says Wix should have been 'a goner already' and he avoided it due to uncertainty about its future. They note lower-end software is 'screwed' while top-end enterprise software is more defensible. (Also noted it more than doubled since, which he 'missed.')

Wix hit $200M ARR for base (44) after just $100M a few months ago, growing at blitz scale. Stock has more than doubled from bottom to ~$80.

Sees Wix as an AI loser; premium subscription growth stalled/declining; doesn't want to buy but won't short.

Favorite software name.

Host sold position to buy CoreWeave but acknowledges strong fundamentals: 45% FCF margin, Base44 growth, trading under 1x price/sales.

14% revenue growth, $2B ARR, market cap ~$1.94B (less than cash), forward P/E of 7.5x, free cash flow margin 21%, Rule of 40 at 43%. Base44 acquisition adds agentic website building with fast growth.

Host notes Wix is very cheap (forward PE 7.6x, <1x price-to-sales, 40%+ FCF margins) but the guidance cut could be a thesis breaker. He owns zero shares and is watching to see if the demise is already priced in.

Down 6.6% after lowering bookings by $50M and revenue by $25M. Real concern is future bookings — will they lower again? AI website builders (ChatGPT, Anthropic, OpenAI Codex) are competitive threats. Host says if there's a warning sign to stay away, this is it.

Could be interested. $2.3B market cap, $2B revenue, $550M free cash flow, expanding margins. Potential target for private acquisition. Base 44 could expand business but also cannibalistic. Being sold off on AI replacement fears.