Core Investment Thesis - Figma and CoreWeave are positioned to benefit from the expanding artificial intelligence (AI) market, making them attractive long-term investment opportunities [1][3]. Figma Overview - Figma is a developer of cloud-based user interface (UI) and user experience (UX) design tools, experiencing significant growth with a 45% year-over-year increase in customers generating at least $10,000 in annual recurring revenue (ARR), reaching 10,517 customers [5]. - The company's total revenue rose by 48% to $749 million, with a net dollar retention rate of 134%, indicating strong customer loyalty and growth potential [5][9]. - Figma's tools are lightweight and scalable, operating natively in web browsers, which enhances collaboration among users [6]. - The market capitalization of Figma is currently $19 billion, with a valuation of 15 times its projected 2026 sales [8]. - Analysts project Figma's revenue to grow at a compound annual growth rate (CAGR) of 27% from 2024 to 2027, reaching $1.53 billion, while narrowing its net loss from $732 million to $331 million [9]. CoreWeave Overview - CoreWeave transitioned from an Ethereum mining company to a provider of cloud-based GPU services for AI and machine learning tasks, operating 33 data centers across the U.S. and Europe [10]. - The company offers a cost-effective solution for AI software companies, processing tasks approximately 35 times faster and 80% more cost-effectively than larger cloud platforms [11]. - CoreWeave's revenue surged by 738% in 2024, reaching $1.92 billion, with expectations of a CAGR of 116% from 2024 to 2027, potentially reaching $19.2 billion [13]. - The market capitalization of CoreWeave is $38 billion, with a valuation of three times its projected 2026 sales, indicating a potentially attractive investment despite concerns over rising debt and dilution [14].