Bullfight Cap

Long term tech bull but sometimes cynical bear

[Bullfight Cap @BullfightCap]

The phrase "software is eating the world" is about to become a teenager: https://t.co/H751Gf52bP

[Bullfight Cap @BullfightCap]

@edi_sf @amir IPO? No, YouPO!

[Bullfight Cap @BullfightCap]

@jukan05

[Bullfight Cap @BullfightCap]

@ContrarianCurse What happens to the market if they’re both linear?

[Bullfight Cap @BullfightCap]

SBF walked so Leopold could run

[Bullfight Cap @BullfightCap]

Nice try IGV

[Bullfight Cap @BullfightCap]

Hyperscalers knowing they need to rip debt and capex after seeing Google

[Bullfight Cap @BullfightCap]

A game that has no winners

>> who will hire the most Salesforce execs and employees in 3 months?

[Ann Bordetsky @annbordetsky]

Another Anthropic vs OpenAI 🍿showdown happening right now…

who will hire the most Salesforce execs and employees in 3 months?

will Enterprise sales then outnumber the research teams at the frontier labs?

And how will that change their company cultures?

Just asking questions

[Bullfight Cap @BullfightCap]

@TheStalwart @MarysRoommate @citrini San Junipero dot AI

[Bullfight Cap @BullfightCap]

@viggy_krishnan Alt data providers rn:

[Bullfight Cap @BullfightCap]

@viggy_krishnan Not helping that these companies seem to be leaking ARR on a bi-weekly basis

[Bullfight Cap @BullfightCap]

Is tokenmaxxing already becoming tokenminning?

[Hedgie @HedgieMarkets]

🦔Uber's COO Andrew Macdonald said on Saturday that the company is having a harder time justifying its AI spend. After CTO Praveen Neppalli Naga went viral in April for admitting Uber burned through its 2026 Claude Code budget in four months, senior engineering leaders concluded higher token usage was not translating into proportionally more useful product.
Macdonald said the link between AI consumption and shipped features is "not there yet." CEO Dara Khosrowshahi confirmed on the earnings call that Uber is slowing hiring to fund its AI spend. Duolingo also walked back its decision to include AI usage in performance reviews last month.

My Take
Uber is the first major enterprise where the C-suite has publicly admitted, on the record, that the AI productivity story is not closing for them. That matters because Uber is not a skeptic. The company went all-in on AI tooling, set internal targets, and burned through its annual research and development budget in four months trying to make it work. The conclusion from the people running the experiment is that tokens consumed and value shipped are not the same number, and management is finally noticing.

Duolingo's reversal lands in the same week for a reason. CEO Luis von Ahn said employees were asking whether they needed to use AI just to use AI, which is Goodhart's Law showing up in a performance review system. When usage becomes the metric, employees optimize for usage, not output. Microsoft canceled internal Claude Code licenses, Google AI Pro stripped credits from paid subscribers, and now Uber is admitting the ROI does not close at scale.
The narrative has shifted in the last 30 days from "AI productivity is here" to "AI productivity is harder to measure than we thought." The companies pushing tokenmaxxing internally are now the same companies signaling cost pressure externally. The IPO calendar for OpenAI and Anthropic is going to get a lot more complicated if the largest enterprise customers keep saying this out loud.

Hedgie🤗

[Bullfight Cap @BullfightCap]

@dalibali2 Think that’s working much better for fund managers than SaaS cos

[Bullfight Cap @BullfightCap]

Growth mode evolves with each SW generation:

Originally was Sales Led Growth (SLG)
Then Product Led Growth (PLG)
Now it’s Token Led Growth (TLG)

[Bullfight Cap @BullfightCap]

$50b by end of next month means only adding $6b in May + June combined after >$10b or more last few months?

Impressive… but still

[Bullfight Cap @BullfightCap]

Cabinet members dropping faster than SaaS analysts… already lost one Kash, seems destined to lose another

[*Walter Bloomberg @DeItaone]

TULSI GABBARD RESIGNS -FOX NEWS

[Bullfight Cap @BullfightCap]

@no_peru10381 Hah… Marks move might suggest the bottom is nigh

[Bullfight Cap @BullfightCap]

Kash, Keith and now Mark… dropping like flies

[Toad Capital @rich_toad]

J.P. Morgan software equity research analyst Mark Murphy is leaving the firm. He is joining Salesforce as Head of Investor Relations, according to my sources.

This is second high-profile sell-side analyst departure for the software sector this year after the departure of Keith Weiss from Morgan Stanley.

[Bullfight Cap @BullfightCap]

@rich_toad Now he can finally cover HUBS

[Bullfight Cap @BullfightCap]

@Srasgon Niche banger

[Bullfight Cap @BullfightCap]

Probably starts by not thinking about friends as “net new” or “non-transactional”

[Vega Shah @dr_alphalyrae]

but seriously has anyone in the bay area figured out how to make net new, non-transactional friendships as an adult?