Should You Invest in Waystar Holding Corp. (WAY)?

Group 1: Artisan Small Cap Fund Overview - Artisan Small Cap Fund's third-quarter 2025 investor letter indicates a strong performance in global equities, with major US indices reaching record highs and double-digit year-to-date gains [1] - The fund's Investor Class fund ARTSX returned 8.69%, Advisor Class fund APDSX returned 8.75%, and Institutional Class fund APHSX returned 8.73%, compared to a 12.19% return for the Russell 2000 Growth Index [1] Group 2: Waystar Holding Corp. Analysis - Waystar Holding Corp. is highlighted as a key investment, being a cloud-based software solution developer for healthcare payments, with a one-month return of -8.61% and a 52-week gain of 9.80% [2] - As of November 17, 2025, Waystar's stock closed at $34.29 per share, with a market capitalization of $6.56 billion [2] - The fund initiated new positions in Waystar, viewing it as well-positioned to benefit from the fallout of a cyberattack on its largest competitor, Change Healthcare, and from integrating AI capabilities into its software [3] Group 3: Financial Performance of Waystar - In the third quarter of 2025, Waystar recorded revenue of $269 million, reflecting a 12% increase compared to the same period last year, with an adjusted EBITDA margin of 42% [4] - Despite acknowledging Waystar's potential, the fund suggests that certain AI stocks may offer greater upside potential and carry less downside risk [4]