Software & Internet

63/100 46Buffett Watch Palantir Technologies Inc.: 93% Growth and a 47% GAAP Operating Margin, but $174.33 Already Equals the $172 Optimistic DCF Value Palantir Technologies builds data-integration and AI decision platforms for Western governments and large commercial enterprises, funded by about $9.2 billion of liquidity and essentially no conventional debt. The gap between an accelerating business and an already-optimistic price is the whole case: Q2 2026 revenue grew 93% to $1.935 billion at a 47% GAAP operating margin, with U.S. commercial revenue up 149% and U.S. commercial remaining deal value up 124% to $6.238 billion, yet the fully diluted $447.8 billion equity value works out to roughly 149x trailing earnings, 133x conventional free cash flow and 178x SBC-adjusted owner earnings. Rating Watch: $174.33 sits outside all three modelled bands, above the $94-126 acceptable-hold range but below the $190-215 clearly-overvalued line, and it already equals the roughly $172 optimistic DCF value, so the margin of safety is none and the ideal buy range is $33-41. Palantir Technologies Inc.·PLTR · США·Software & Internet·5 сентября 2026 г. 53/100 95Buffett Hold Manhattan Associates: 26% Cloud Growth Sits Inside 9.3% Total Revenue Growth, Existing Customers Supplied 75% of Q2 New Cloud Contract Value, and 40x SBC-Adjusted Owner Earnings Leaves No Margin of Safety Manhattan Associates sells cloud-native supply-chain execution software for warehouses, orders and transportation, with Q2 2026 revenue of USD 297.8 million and remaining performance obligations of USD 2.47 billion. The widely quoted 26% cloud-subscription growth sits inside a company growing 9.3% overall, where services are still 44.7% of revenue, existing customers supplied 75% of Q2 new cloud contract value, and stock compensation near 10% of revenue separates adjusted EPS from shareholder economics. Rating Hold: a genuinely high-quality franchise whose USD 197.39 price sits inside the USD 170 to USD 215 fair band and roughly 40 times SBC-adjusted owner earnings, leaving no margin of safety. Manhattan Associates, Inc.·MANH · США·Software & Internet·16 августа 2026 г. 51/100 64Buffett Hold Salesforce: Agentforce ARR Grew 205% to 1.2 Billion Dollars, but Growth Excluding Informatica Was 8.75% and 184.02 Dollars Leaves No Margin of Safety Salesforce is the largest CRM vendor, monetizing customer workflows through subscriptions while shifting toward AI consumption, data services and outcome-based pricing. Agentforce ARR reached 1.2 billion dollars and grew 205%, but fiscal Q1 growth excluding Informatica was only 8.75% and owner earnings stay flat near 10.9 billion dollars. Rating Hold: a dominant franchise at an adequate price, with seat cannibalization unresolved because Salesforce does not disclose net seats. Salesforce, Inc.·CRM · США·Software & Internet·1 августа 2026 г. 65/100 85Buffett Hold Alphabet: Search and Cloud Are Both Accelerating, but a 200 Billion Dollar Build Has Turned Free Cash Flow Negative and 333.68 Dollars Already Prices In the Base Case Alphabet is a global internet platform whose high-intent Search advertising funds YouTube, Google Cloud and a frontier AI infrastructure build; FY2025 revenue was 402.8 billion USD. Second-quarter 2026 revenue grew 24% to 119.8 billion USD and Cloud grew 82% to 24.8 billion USD at a 35.6% operating margin on a 514 billion USD backlog, yet capital expenditure of 44.9 billion USD exceeded operating cash flow and produced negative free cash flow of 5.9 billion USD, with FY2026 guidance raised to 195 to 205 billion USD. Rating Hold: on roughly 130 billion USD of estimated owner earnings the shares trade near 31 times rather than the reported 16.8 times, so 333.68 USD sits at the 335 USD base intrinsic value with no conservative margin of safety. Alphabet Inc.·GOOG · США·Software & Internet·31 июля 2026 г. 50/100 Hold Procore Technologies: Operating Leverage Finally Shows, but a 16%-of-Revenue Stock-Compensation Bill Leaves 48.82 USD Fairly Priced Rather Than Cheap Procore is the leading construction-management SaaS platform, pricing subscriptions by product mix and annual construction volume rather than by seat. Q2 2026 revenue rose 15.8% to 375.2 million USD with a 21.5% non-GAAP operating margin, yet stock compensation at 16.1% of revenue holds GAAP operating margin at just 1.2%. Rating Hold: real operating leverage arriving at a fair price, with the ideal buy band at 34–36 USD. Procore Technologies, Inc.·PCOR · США·Software & Internet·30 июля 2026 г. 67/100 91Buffett Hold Microsoft: Azure Demand Is Real and the Moat Is Intact, but 393 USD Already Prices a Clean Conversion of the 190 Billion USD Capex Wave Microsoft is a cash-rich enterprise software and cloud platform whose profit pool sits in Productivity and Intelligent Cloud, and it is now funding an unprecedented AI infrastructure build. Fiscal 2025 produced 281.7 billion USD of revenue and 136.2 billion USD of operating cash flow, yet calendar-2026 capex is guided at roughly 190 billion USD and trailing free cash flow falls from 72.9 billion to 41.7 billion USD once finance leases are counted. Rating Hold: the moat and the Azure demand are real, but 393 USD already assumes that capex wave converts cleanly into owner earnings. Microsoft Corporation·MSFT · США·Software & Internet·29 июля 2026 г. 52/100 65Buffett Hold Oracle Corporation Oracle is an enterprise software and cloud infrastructure vendor whose database and applications cash engine is now funding a massive AI data-center build-out. Fiscal 2026 revenue reached 67.4 billion USD and remaining performance obligations hit 638 billion USD, but capex of 55.7 billion USD drove free cash flow to negative 23.7 billion USD, and S&P cut the credit rating to BBB- in July. Rating Hold: the 34% fall from the previous report's 181 USD reference point has absorbed much of the financing anxiety, but at 119.90 USD there is still no meaningful margin of safety for new money. Oracle Corporation·ORCL · США·Software & Internet·28 июля 2026 г. 61/100 Watch Figma: The Platform Role Is Real, but Dilution and the Last Unlock Leave No Margin of Safety Figma is a browser-native collaborative design platform that monetizes Full, Dev, and Collab seats across Professional, Organization, and Enterprise plans, with governance add-ons and, since March 2026, paid AI credits layered on top. Q1 2026 revenue rose 46% to $333.4 million and net dollar retention reached 139%, yet GAAP gross margin fell to 79% from 91% a year earlier as AI hosting costs jumped, and roughly $1.96 billion of unrecognized stock-based compensation still sits on the books. Rating Watch: the platform role looks more durable than the market's AI-obsolescence narrative implies, but dilution, margin pressure, and a final 77.7 million-share lock-up release leave no margin of safety at $22.94. Figma, Inc.·FIG · США·Software & Internet·28 июля 2026 г. 49/100 85Buffett Hold Bentley Systems: Durable Infrastructure Compounder, Thin Margin of Safety Bentley Systems is a specialized infrastructure-engineering software vendor whose economic engine is a recurring estate embedded in civil, utility, and owner-operator workflows, with $1.495 billion ARR, 93% recurring revenue, 99% account retention, and 109% net retention. Full-year 2025 revenue rose 11.0% to $1.502 billion and free cash flow reached $520.2 million, yet a dual-class structure leaves the Bentley Control Group with about 62.8% of voting power and the $30 price sits roughly at conservative fair value. Rating Hold: a high-quality, sticky compounder whose cash conversion the headline P/E understates, but founder control and a thin margin of safety make a fresh buy more attractive below $25. Bentley Systems, Incorporated·BSY · США·Software & Internet·28 июня 2026 г. 48/100 Наблюдать Asana: внешне дешёвая, стратегически не доказанная Asana — средняя по капитализации SaaS-компания для управления работой с оплатой за места, которая поверх зрелой модели land-and-expand добавляет потребляемый AI-слой; почти вся её выручка FY2026 в размере $790.8 миллиона всё ещё связана с флагманской платформой. Сюжет 2026 года — чёткое противостояние быков и медведей: маржа развернулась к $56.7 миллиона non-GAAP операционной прибыли FY2026, а AI-продукты уже дали 17% net-new ARR в Q1 FY2027, но рост выручки замедлился до высоких однозначных темпов, и менеджмент по-прежнему указывает на примерно двухпунктовое давление PLG. Рейтинг Наблюдать: акция выглядит дешёвой при примерно 1.5x forward EV/revenue, но для закрытия дисконта нужны более твёрдые доказательства, что AI способен компенсировать зрелость роста мест. Asana, Inc.·ASAN · США·Software & Internet·20 июня 2026 г. 51/100 Держать JFrog: цепочка поставок ПО, оценённая под успех JFrog продаёт платформу управления цепочкой поставок программного обеспечения, выстроенную вокруг управления артефактами Artifactory; облако теперь составляет 51% выручки, а сверху наслоены безопасность и управление AI-моделями. Выручка за 2025 год составила 531.8 миллиона долларов, рост 24%, а в Q1 2026 рост достиг 26% при удержании в денежном выражении (NDR) 120%, однако прогноз на весь 2026 год в 628–632 миллиона долларов подразумевает рост лишь около 18.5%, а компенсация акциями в 156.7 миллиона долларов превышает свободный денежный поток, поэтому доход собственника отстаёт от заголовочного денежного потока. При примерно 15.4x EV/выручка против 4.7x у GitLab цена уже закладывает значительную часть будущего успеха. Рейтинг Держать: облако и безопасность — это реальные драйверы второй кривой роста, но при цене 78.48 доллара акция уже учитывает большую часть этого успеха без запаса прочности. JFrog Ltd.·FROG · США·Software & Internet·17 июня 2026 г. 53/100 Осторожно покупать monday.com: прибыльная Work OS, оценённая как сломанная monday.com — это поставщик low-code-платформы Work OS по модели SaaS, чьи клиенты строят операционные рабочие процессы в управлении проектами, CRM, сервисе и разработке, и который теперь переходит от ценообразования по числу мест к модели «места плюс AI-кредиты». Ключевое противостояние быков и медведей — устойчивость монетизации: выручка в первом квартале 2026 года выросла на 24% до 351.3 миллиона долларов при валовой марже 89% и скорректированном свободном денежном потоке 102.8 миллиона долларов, однако менеджмент прогнозирует рост лишь на 19–20% в 2026 году и признаёт, что всё ещё не может смоделировать выручку от агентов и токенов, поэтому акции торгуются около 1.6x форвардного EV/выручка против гораздо более дорогих аналогов. Рейтинг «Осторожно покупать»: всё ещё прибыльную, богатую денежными средствами платформу рабочих процессов оценивают так, словно её двигатель роста уже сломался, хотя рекордная динамика крупных клиентов говорит об обратном. monday.com Ltd.·MNDY · США·Software & Internet·17 июня 2026 г. 52/100 Держать Constellation Software: машина сложного роста по полной цене Constellation Software — это децентрализованная машина распределения капитала, которая покупает и удерживает без срока более 1100 автономных компаний вертикального программного обеспечения, превращая устойчивый повторяющийся денежный поток от технической поддержки в новые нишевые приобретения через девять операционных групп. Сейчас инвестиционный спор идёт о цене и преемственности, а не о качестве: выручка в Q1 2026 выросла на 20% до 3.181 миллиарда долларов США при 6% органического роста и свободном денежном потоке, доступном акционерам, в размере 733 миллионов долларов США, однако при цене 2882.02 канадского доллара акция торгуется около 58.7 прибыли за последние двенадцать месяцев и 22.9 этого денежного потока, тогда как уход основателя Марка Леонарда в 2025 году и опасения вокруг ИИ омрачают перспективы. Рейтинг Держать: редкая машина сложного роста в софте, но сегодняшняя цена по-прежнему закладывает столько преемственности, что запас прочности тонок. Constellation Software Inc.·CSU · Токио·Software & Internet·17 июня 2026 г. 50/100 Держать Углубленное исследование HubSpot HubSpot — интегрированная CRM-платформа для малого и среднего бизнеса и среднего рынка: на конец 2025 года у компании было 288700 платящих клиентов, а сама она переходит от маркетингового инструмента к AI-агентам и seat-based SaaS. Выручка 2025 года составила $3.13 миллиардов, рост 19%, операционная прибыль по GAAP стала положительной, а свободный денежный поток достиг $595 миллионов; при этом оценка все еще около 99x TTM P/E, а реконструкция ценообразования на базе AI пока не доказана. Рейтинг исследования Держать: фундаментальные показатели устойчивы, но для входа лучше дождаться отката в идеальную зону покупки $135-$145. HubSpot, Inc.·HUBS · США·Software & Internet·15 июня 2026 г. 48/100 76Buffett Hold Kingsoft Office In-Depth Research Kingsoft Office is China's leading office software company, with revenue supported by WPS personal subscriptions, institutional licensing, and collaboration SaaS. In 2025, revenue reached 5.929 billion yuan, WPS AI MAU climbed to 80.13 million, and annual paying personal users approached 49 million, but the surge in Q1 2026 net profit was mainly driven by investment income while operating PE still sits around 55x. Rating Hold: AI has truly moved into the conversion layer, but reported profit is distorted and valuation remains expensive. Beijing Kingsoft Office Software, Inc.·688111 · Шанхай·Software & Internet·14 июня 2026 г. 49/100 83Buffett Watch Dassault Systèmes: A Zen Horizon Framework Deep-Dive Research Report Dassault Systèmes is a global leader in industrial software, built around the 3DEXPERIENCE platform and a virtual-twin portfolio spanning CATIA, SOLIDWORKS, SIMULIA, DELMIA, and Medidata. FY2025 revenue was €6.24 billion (+4% cc), recurring revenue was 82% of software revenue, non-IFRS operating margin was 32%, and the company held net cash, making it a very high-quality subscription software franchise. Rating Watch: a durable compounder whose valuation has de-rated sharply, but whose growth has not yet stabilized enough to create a clear margin of safety. Dassault Systèmes SE·DSY · Париж·Software & Internet·4 июня 2026 г. 47/100 58Buffett Cautious Buy GoDaddy Long-Term Value Investment Research GoDaddy is an SMB digital platform that starts with domains and extends into websites, email, marketing, payments, and commerce tools. At about $85.83, the stock has fallen back into a researchable range, with a conservative owner-earnings multiple of roughly 9-11 times and a 20%-30% discount to neutral intrinsic value, though the margin of safety is not thick; the ideal buy range is $70-$80. Research rating Cautious Buy: a durable cash-flow compounder with real platform value, but not enough downside protection for an aggressive position. GoDaddy Inc.·GDDY · США·Software & Internet·31 мая 2026 г. 46/100 Watch Tyler Technologies Deep Value Investment Research Tyler Technologies is the leading U.S. vertical software provider for local governments, spanning courts, public safety, tax, ERP, and payments, with recurring revenue at 87%, client retention at 98%, and very high switching costs. The core thesis is that this is a high-quality, durable business, but the current share price of about $313 already embeds a premium for quality software and leaves limited margin of safety. Report rating Watch: a compounder worth tracking, with an ideal buy range of $220 to $260. Tyler Technologies, Inc.·TYL · США·Software & Internet·30 мая 2026 г. 45/100 Watch Trimble Deep Value Investment Research Trimble is an industrial software, positioning/field systems, and logistics platform company that is shifting from hardware toward subscription and recurring revenue. Its moat is a stack of moderate advantages, cash-flow quality is improving, but governance still carries blemishes. Research rating Watch: at about USD 56, the stock looks closer to fair value than cheap, with insufficient margin of safety and an ideal buy range of USD 38-45. Trimble Inc.·TRMB · США·Software & Internet·30 мая 2026 г. 48/100 51Buffett Watch PTC Deep Value Investment Research PTC is an industrial software vendor whose CAD/PLM/ALM/SLM tools form a product-data backbone for manufacturing customers, with roughly 95% recurring revenue, high switching costs, and strong cash conversion. The business quality is sound, but at the current share price of about $138.73, the conservative owner-earnings yield is only around 4%, not generous relative to U.S. Treasuries, leaving an insufficient margin of safety. Research rating Watch: a durable compounder worth tracking, with a preferred entry range of $95 to $115. PTC Inc.·PTC · США·Software & Internet·30 мая 2026 г. 47/100 58Buffett Watch Gen Digital In-Depth Value Investment Research Gen Digital is a consumer digital-safety subscription platform built around Norton, Avast, LifeLock, and MoneyLion's financial-wellness capabilities. The core thesis is that the business is asset-light and highly cash-generative, but its moat is only moderate to weak given limited entry barriers, free platform bundling, and roughly $8.2 billion of debt. Research rating Watch: a reasonable cash-flow compounder, but the current price near $25.79 does not offer a clear margin of safety versus an ideal buy range of $20-23. Gen Digital Inc.·GEN · США·Software & Internet·30 мая 2026 г. 54/100 85Buffett Watch Veeva Systems: A Deep Value Investing Study The dominant vertical SaaS provider built solely for life sciences, with 1,552 customers, FY2026 revenue of $3.195 billion, net income of $909 million, and almost no interest-bearing debt. A great business at an unremarkable price, with an ideal buy range of $125-140. Rating Watch: a high-quality compounder worth tracking closely, but today's price leaves no clear margin of safety. Veeva Systems Inc.·VEEV · США·Software & Internet·28 мая 2026 г. 50/100 64Buffett Watch Salesforce: A Long-Term Owner's View Salesforce is the global CRM leader, with FY2026 revenue of $41.525 billion, free cash flow of $14.402 billion, subscriptions at 95% of revenue, and cRPO of $35.1 billion. At the current share price of $180.07, the stock trades at roughly 13.5 times conservative owner earnings, within a reasonable value band but without a clear margin of safety. Research rating Watch: a high-quality software platform whose cash-flow durability is evident, but whose current price leaves limited room for execution risk. Salesforce, Inc.·CRM · США·Software & Internet·25 мая 2026 г. 51/100 61Buffett Watch ServiceNow: A Value Investing Study The leading enterprise workflow operating-system platform (post-split share price $102.25), with strong subscription stickiness and high cash-flow quality, yet on a conservative Owner Earnings basis that treats stock-based compensation as a real cost, the roughly 41x multiple still looks tight; ideal buy range $70-85. Rating Watch: an excellent business, but at today's price you are buying the expectation of continued excellence rather than an obviously undervalued asset. ServiceNow, Inc.·NOW · США·Software & Internet·25 мая 2026 г. 53/100 Watch Zscaler: A Long-Term Owner's Perspective A high-quality, subscription-heavy cloud security platform: FY2026 Q2 subscription mix at 84%, steady ARR growth, and 3.5 billion in net cash. The catch is price: forward EV/S near 8.2x, P/FCF near 33x, GAAP still in the red, and heavy stock-based compensation that drags down true owner earnings, leaving today's roughly 180 dollars sitting at the low end of an optimistic scenario. Rating Watch: an excellent business at a price that offers conservative investors little margin of safety. Zscaler, Inc.·ZS · США·Software & Internet·23 мая 2026 г. 52/100 52Buffett Watch Workday: A Long-Term Owner's Perspective FY2026 subscription revenue is 92% of the total, subscription backlog stands at 28.1 billion dollars, and gross retention is 97%, so business quality is solid. But how you treat stock-based compensation directly determines real shareholder returns, buyback timing has been off (average price 226.62 dollars versus 128.14 today), and the stock looks cheap on P/FCF yet not cheap on a GAAP basis, leaving a thin margin of safety. Rating Watch: a high-quality operator that has not yet earned an unarguable margin of safety. Workday, Inc.·WDAY · США·Software & Internet·23 мая 2026 г. 56/100 44Buffett Наблюдать Shopify: платформа торговой инфраструктуры Операционная система коммерции для независимых продавцов: GMV в 2025 году составил $378.4 миллиардов, выручка - $11.556 миллиардов, а заявленный FCF - $2.007 миллиардов. После вычета SBC и капитала, связанного с кредитованием, консервативная прибыль собственника составляет лишь $1.2 миллиардов, при идеальном диапазоне покупки $75-95. Рейтинг Наблюдать: качественный компаундер, чья текущая цена на консервативной основе пока не дает достаточного запаса прочности. Shopify Inc.·SHOP · США·Software & Internet·23 мая 2026 г. 48/100 66Buffett Cautious Buy Roper Technologies Research from a Long-Term Owner's Perspective Roper has largely completed its transition from an industrial acquisition platform into a vertical-software holding platform, with software at 77.6% of revenue and recurring plus highly repeatable revenue at 67.3%. The current price is attractive on a conservative owner-earnings basis, but high goodwill, elevated intangible assets, and net debt/EBITDA of about 3.1x mean the margin of safety is real but not thick. Research rating Cautious Buy: a durable compounder with valuation support, but execution and acquisition discipline still matter. Roper Technologies, Inc.·ROP · США·Software & Internet·23 мая 2026 г. 55/100 85Buffett Watch Alphabet Inc.: A Long-Term Business Owner's Study A top-tier platform cash machine whose 2025 revenue cleared $400 billion for the first time, with a Search cash cow layered on a Cloud/AI upcycle. At roughly $383.47 the shares already sit near the top of the optimistic case, leaving thin margin of safety. Conservative intrinsic value is $90-120, fair value $200-260, optimistic $340-390. Rating Watch: a superb business worth tracking, but wait for the price rather than chase it. Alphabet Inc.·GOOG · США·Software & Internet·22 мая 2026 г. 52/100 Watch Datadog: A Value Investing Deep Dive A high-quality cloud observability platform with 30% growth and strong cash flow, but at the current 218.04 dollars it trades 56%-129% above a fair intrinsic value of 95-140 dollars, leaving no margin of safety. Rating Watch: an excellent business whose price already prices in years of flawless execution. Datadog, Inc.·DDOG · США·Software & Internet·22 мая 2026 г. 48/100 96Buffett Cautious Buy Adobe Investment Research from a Long-Term Business Owner's Perspective Adobe is a high-quality subscription software platform across creative, document, and marketing workflows, with gross margins near 90%, very strong cash flow, and net leverage close to zero. The company is being repriced for AI risk, while the current price of $253.37 is roughly 10x free cash flow and the ideal buy range is $220-280. Research rating Cautious Buy: a durable compounder with improved odds, but not enough margin of safety for an indiscriminate large position. Adobe Inc.·ADBE · США·Software & Internet·21 мая 2026 г. 52/100 72Buffett Watch Autodesk: A Deep Value Investment Analysis A high-stickiness leader in professional design software, with FY2026 recurring revenue at 97% of total and free cash flow of 2.4 billion dollars. But at roughly 244 dollars the stock sits in the optimistic zone, SBC erodes true earnings, and the margin of safety is thin. Rating Watch: a high-quality compounder priced for optimism rather than safety; ideal buy range 140-180 dollars. Autodesk, Inc.·ADSK · США·Software & Internet·21 мая 2026 г. 42/100 93Buffett Watch Infosys: In-Depth Value Investing Research A global IT services leader with solid cash flow, ample net cash, and steady governance; FY26 revenue of $20.2 billion, but with low industry growth and AI potentially compressing the billing model, the current price of $12.72 leaves a thin margin of safety. Rating: Watch. Infosys Limited·INFY · США·Software & Internet·20 мая 2026 г. 55/100 65Buffett Watch Oracle Corporation: A Long-Term Business Owner's Perspective A sticky database/ERP software cash cow layered with a capital-intensive AI/OCI expansion: an excellent business, but at roughly $181 the stock already sits near the top of the optimistic case. Rating Watch: a great company whose current price leaves little margin of safety. Oracle Corporation·ORCL · США·Software & Internet·20 мая 2026 г. 55/100 91Buffett Watch Microsoft: A Deep Value Investment Study A long-term, platform-monopoly stickiness machine with relentless cash generation and a front-row reinvestment seat into the AI era; at the current price the market cap sits near $3.15 trillion, putting it on roughly 28x conservative Owner Earnings and a strict 43x FCF. At $423.54 the stock is close to fair value but lacks a margin of safety, with a sensible buy range of $300–360 (fair value $390–470 at a 20–30% discount). Rating Watch: a superb business at a reasonable-to-slightly-rich price, worth following closely rather than chasing here. Microsoft Corporation·MSFT · США·Software & Internet·19 мая 2026 г. 57/100 44Buffett Наблюдать Amazon: взгляд долгосрочного собственника Первоклассная платформа-компаундер (розничная сеть + AWS + реклама + сторонние продавцы) с выручкой 716.9 миллиарда долларов и операционной прибылью 80.0 миллиарда долларов за 2025 год; однако капзатраты на ИИ взлетели до 128.3 миллиарда долларов, из-за чего свободный денежный поток за TTM составил всего 1.2 миллиарда долларов. По текущей цене 264.86 доллара акция находится у верхней границы оптимистичного сценария, и запас прочности тонок. Справедливая цена покупки 150-210 долларов, комфортный вход 120-155 долларов. Рейтинг Наблюдать: бизнес мирового класса, но оценённый как дорогое совершенство, а не как дешёвое величие. Amazon.com, Inc.·AMZN · США·Software & Internet·19 мая 2026 г. 61/100 46Buffett Наблюдать Palantir глазами долгосрочного владельца Palantir перешёл от модели "высокий рост при хронических убытках" к модели "высокий рост плюс сильный денежный поток": выручка за 2025 финансовый год составила 4.475 миллиарда (+56%), прибыль по GAAP, приходящаяся на акционеров, — 1.625 миллиарда, свободный денежный поток — 2.101 миллиарда; в Q1 2026 выручка выросла на 85%, а коммерческий сегмент США — на 133%. Тем не менее при текущей цене 133.99 рыночная капитализация в 344.5 миллиарда подразумевает скользящий PE около 150.6x, P/FCF около 128x и скорректированный на SBC P/OE около 176x. Это превосходная компания, оценённая почти под безупречность: ею стоит владеть в долгую, но не стоит приобретать по сегодняшней цене. Три сценария DCF дают 18-30 / 35-60 / 75-110, и текущая цена заметно выше даже оптимистичного диапазона. Рейтинг Наблюдать: качественный компаундер, в цену которого уже заложено десятилетие выдающегося успеха. Palantir Technologies Inc.·PLTR · США·Software & Internet·18 мая 2026 г. 51/100 Watch Cloudflare: A Long-Term Owner's Perspective A high-quality growth asset that is richly priced: DBNRR of 118% and 4,416 large customers spending $100K+ are still expanding, yet Q1 2026 gross margin slipped from 76% to 71%, and at $197.56 the market has already pulled forward a decade of high growth and margin expansion, with little evidence of high-quality owner earnings net of stock-based compensation. Rating Watch: an excellent business at a demanding price that leaves no margin of safety today. Cloudflare, Inc.·NET · США·Software & Internet·17 мая 2026 г. 49/100 83Buffett Watch Apple: A Long-Term Owner's View Apple is a world-class consumer technology platform with exceptional ecosystem depth, services monetization, and cash generation. The core thesis is that the business remains highly durable, but the current price already reflects much of the quality, buybacks, AI optionality, and services growth while leaving limited room for uncertainty around AI access points, EU antitrust economics, and Greater China. Report rating Watch: a high-quality compounder worth following closely, but not a clear margin-of-safety purchase at today's valuation. Apple Inc.·AAPL · США·Software & Internet·17 мая 2026 г.