Travis Hoium

Jason, what did we learn from Cloudflare?

And maybe first, what in the world does Cloudflare do?

And I guess- Yeah, it's everywhere, but we don't necessarily see it.

Cloudflare is one of these companies that, if you go back to 2021, this is the first one of those high-flying stocks that I remember trading for 100X sales, and then suddenly crashing in 2022.

We're back to the point where they're trading for 30X sales, which is still a very high number.

Five-year growth rate is 38%.

Is valuation ever a concern for Cloudflare?

Or is this just one of those, hey, this is a utility on the internet, and so they're not going anywhere, that's why the market pays a premium for them?

Lou, what did we learn from Airbnb?

That was supposed to be their thing that they launched about a year ago.

The interesting thing for them is they did actually start to, like you said, accelerate in the quarter.

And so it seems like some of those, hey, this is going to kind of be a commodity.

You're going to have booking.com come in.

Maybe that isn't the huge fear.

And I think they talked about that a little bit on the conference call.

You've got this community of trust with Airbnb and in a world of AI and you don't know who you're going to be able to trust when you're doing something like planning a trip.

Maybe that's an okay place to be.

We'll see.

I'm always interested to hear Brian Chesky's digs at AI on the conference calls, too, because he always seems to have an interesting take or two.

Jason, what did we learn from Shopify?