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The Most Hated Name In the Market Right Now Is Starting To Move

Couch Investor•May 28, 2026

Summary

Couch Investor provides a comprehensive analysis of the current state of the technology and software sectors, emphasizing the divergence between different business models. He observes a 'SAS apocalypse' where seat-based models are being devalued in favor of consumption-based models used by companies like Snowflake and DataDog. He highlights that the market is increasingly headline-driven, leading to irrational price movements in stocks like Nebius based on stake disclosures rather than fundamental shifts.

SNOW: Couch Investor notes the stock has surged over 30% to $240 following a massive earnings beat across product revenue, EBIT, and EPS. He argues that Snowflake has successfully countered the bear thesis by proving that AI is an accelerator for their business rather than a disruptor. The stock has effectively doubled from its mid-April lows of roughly $120.
META: Couch Investor maintains that Meta is significantly undervalued, comparing its potential to Google's historical trajectory. He emphasizes that the market is overly concerned with CAPEX while ignoring the massive high-margin revenue potential of new subscription plans like 'Meta 1' and the possibility of renting out compute power. His DCF analysis suggests a base case upside of 35.1%, with a bull case reaching nearly 80%.
CRM: Couch Investor characterizes Salesforce as a 'broken stock' but not a 'broken company,' pointing out that even $27.2 billion in quarterly share buybacks failed to move the needle. He notes that while the 'Agentforce' AI segment is growing rapidly, it is currently too small a portion of total revenue to change market sentiment. He suggests the stock is fundamentally 'not expensive' at a forward PE of 12.7, but requires a trust shift from investors.
NBIS: Couch Investor addresses the recent 10% jump in Nebius, which he attributes to a 13G filing disclosing a 5.6% stake by a prominent investor. While he maintains a large position due to the company's strong execution, he expresses concern that such massive price moves based solely on investor followership are unhealthy for the market. He mentions the stock recently reached new all-time highs of $240.

Mentioned Stocks

META
Sentiment: BUYAction: RECOMMENDED

Reasoning: Couch Investor views Meta as an 'insanely profitable' and undervalued business with significant upside (35%-80% based on DCF). He highlights new subscription revenue streams and the untapped potential of renting out their massive compute power as major catalysts that the market currently ignores. He considers the stock to be similar to Google in 2025—cheap and growing fast.

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CRM
Sentiment: HOLDAction: RECOMMENDED

Reasoning: While the company is fundamentally sound and aggressive with buybacks, Couch Investor calls it a 'broken stock' because it lacks market trust. He notes the valuation is not expensive (12.7 forward PE), but the AI-driven 'Agentforce' revenue is currently too small to trigger a significant recovery. He suggests it is an opportunity only if one believes the market's negative trajectory is wrong.

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SNOW
Sentiment: BUYAction: RECOMMENDED

Reasoning: Snowflake reported a strong beat on revenue, EBIT, and EPS, proving the resilience of its consumption-based model. Couch Investor notes the stock has doubled from its $120 lows and believes the company has successfully debunked the 'AI disruption' thesis by showing AI acts as an accelerator for their platform.

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NBIS
Sentiment: BUY

Reasoning: Couch Investor holds a 'huge position' in Nebius and praises its execution. However, he finds the recent 10% price spike purely due to a 13G filing irrational. He remains bullish on the company's long-term path but warns about the headline-driven nature of the current bull cycle. He mentions the stock hit $240 recently.

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