The Senate Banking Committee (SBC) will markup CLARITY Act this week (Thursday, May 14). If Democrats vote for the bill in markup, likelihood of ultimate passage on the Senate floor increases significantly. Here’s our overview of SBC Democrats and their views on crypto.

Read Robert Sassoon's recap from his recent podcast with Stephen R., Head of Global Planning and Strategy at SBC Medical Group Holdings_Global. Those interested can listen to this podcast on all platforms or on our website. Links are accessible in our full report! $SBC #SBCMedicalGroup# #Healthcare# #Aesthetics# #Longevity# #Wellness# #MedSpa# #HealthcareInnovation# #ArtificialIntelligence# #MedicalServices# #PreventiveHealthcare# #GlobalExpansion# #Biomarkers# #ConsumerHealth# #SmallCapStocks# #InvestorInsights# #WaterTowerResearch# @SBCmedical @sbcmedical_hd

Stock based comp only matters for valuation when the perceived enterprise value has shifted to the next 5-7 years FCF instead of end state terminal value. The shift from one to the other is the major consideration. Not the SBC itself.

On last week’s 20VC pod, @jasonlk articulated a simple product-level insight that can provide the clearest lens I've heard for thinking about the future of all these public SaaS companies. Every one of them will ship some sort of agent feature and that feature will fall into one of two buckets. 1. If the AI agent is “100% good” to quote Jason; i.e. good enough to charge for independently, revenue will re-accelerate and stocks go up 2. If the AI agent is “60% good” and bundled in with the existing product, then the best these companies can hope for is slow revenue growth with declining gross margins. That makes them IBM. And I don't even know the price of IBM. Why would I? What I like about this test is that it cuts through all the SBC/Terminal Value noise and lets you think like a venture investor. Is the agent product good enough that someone will actually pay for it? If a customer is already paying you for “tracking the workflow,” you can only get paid additional money for “doing the work.” Agent revenue is the canary in the coal mine for the future trajectory of all these companies.

The weird thing right now is the public markets don't have access to the growth side of software. Right now the trade is to sell SaaS and buy semis (the raw material of AI). What you don’t have yet in the public markets are the AI native software companies and therefore, you’re comparing the practical values of owning say a Salesforce vs the mythical value of owning a company that’s growing 10x (without having seen the actual financials). And everyone is always going to want the myth. These SaaS stocks aren’t going to trade in a sane fashion until the next generation of AI companies go public and investors can decide how to price a 10% revenue growth company with 30% cash flow vs 300% revenue growth company with negative 100% cash flow and SBC that will blow your mind. Until then, you’re walking hand in hand with your significant other looking over your shoulder. You know the meme.