BEAT AND NO RAISE?

Summary from the TLDR Founders newsletter

Despite flat estimates, software stocks saw a 6% median multiple expansion and 9% returns in 2024. Several factors could drive further multiple expansion in 2025: stabilizing macro conditions, AI revenue potential, low rate risk, and policy tailwinds. The risk leans to the upside, with more potential positives than negatives ahead. Software's "reversion to the mean" could be the next big trade, though Big Tech AI winners may still be underrated. Overall, it's an exciting time to invest in tech.