Friedberg highlights Figma's strong financials — 40%+ revenue growth, 43% operating cash flow margin, 130% net revenue retention — as evidence of durable land-and-expand dynamics, though he acknowledges AI could overnight obsolete any software.
They ran a 43% operating cash flow margin in Q1. So in Q1 of this year, Figma generated $95 million of free cash flow. They've got net revenue retention of like 130%. So this land and expand is proven out and there's real durability.” ⚑
Chamath sees Figma as a strong business but with AI uncertainty; he would go long Figma and short an equivalent amount of Adobe to capture the spread, as Adobe would re-rate faster than Figma in any AI-driven valuation compression.
if I could get like $50 or $100 million of Figma, I would probably be long it and I would short an equivalent Quantum of Adobe, and I would just book the spread.” ⚑