Clear Secure: Retention Weakens, But New Bookings Are Strong (Upgrade) (NYSE:YOU)

Core Insights - The Q3 earnings season indicates a challenging investment landscape for 2026, with signs of investor fatigue regarding AI growth and historically high valuation multiples [1] Industry Analysis - Investors are showing fatigue around the AI growth trade, suggesting a potential shift in market sentiment [1] - Valuation multiples are at historic highs, indicating that the market may be overvalued [1] Analyst Background - Gary Alexander has extensive experience covering technology companies and advising startups, providing insights into current industry themes [1]