{"version":"market-claims.v1","claim":{"id":"mcl_877fbc91553907f516","url":"/trace/claims/mcl_877fbc91553907f516","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"SHORT","claimText":"Software-as-a-service stocks have massively underperformed because the cost of running AI is so high it completely breaks how these near-zero-incremental-cost business models used to mint money.","confidence":0.72,"expert":{"slug":"dwarkesh-sp","displayName":"Dwarkesh Podcast","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/c3263695-7","url":"/trace/experts/dwarkesh-sp","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"WCLD","name":"WCLD","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=8-boBsWcr5A&t=588s","sourceUrl":"https://youtube.com/watch?v=8-boBsWcr5A","timecode":"9:48","startMs":588000,"endMs":null,"excerpt":"Software as a service, incredibly low incremental cost per user... This is why not Microsoft, but the SaaS companies have underperformed massively in the markets because the COGS of AI is just so high and that just completely breaks how these business models work."},"performance":{"entryPrice":35.7799987793,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"},"resolutionStatus":"OPEN","ambiguityNotes":null,"horizon":"multi-year","isExplicitTrade":false,"notFinancialAdvice":true,"disclaimer":"AISO tracks public statements, not verified portfolio positions. This is not financial advice."},"expert":{"slug":"dwarkesh-sp","displayName":"Dwarkesh Podcast","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/c3263695-7","url":"/trace/experts/dwarkesh-sp","claimed":false},"source":{"platform":"YOUTUBE","title":"Satya Nadella – How Microsoft thinks about AGI","sourceUrl":"https://youtube.com/watch?v=8-boBsWcr5A","publishedAt":"2025-11-12T17:02:10.000Z"},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=8-boBsWcr5A&t=588s","sourceUrl":"https://youtube.com/watch?v=8-boBsWcr5A","timecode":"9:48","startMs":588000,"endMs":null,"excerpt":"Software as a service, incredibly low incremental cost per user... This is why not Microsoft, but the SaaS companies have underperformed massively in the markets because the COGS of AI is just so high and that just completely breaks how these business models work.","quote":"Software as a service, incredibly low incremental cost per user... This is why not Microsoft, but the SaaS companies have underperformed massively in the markets because the COGS of AI is just so high and that just completely breaks how these business models work.","speaker":"Dylan Patel"},"entities":[{"kind":"ASSET","assetClass":"EQUITY","symbol":"WCLD","name":"WCLD","exchange":null,"confidence":0.78}],"marketData":{"entry":{"price":35.7799987793,"currency":"USD","observedAt":"2025-11-12T17:02:10.000Z","method":"PASTE_AUTHOR_PRICE"},"current":null,"returnPct":null},"snapshots":[{"kind":"ENTRY","symbol":"WCLD","assetClass":"EQUITY","price":35.7799987793,"probability":null,"currency":"USD","provider":"paste.trade","providerSymbol":"WCLD","observedAt":"2025-11-12T17:02:10.000Z","method":"PASTE_AUTHOR_PRICE","returnPct":null,"relativePct":null}]}