An example that there are always trades in the market. $NAVN +12% in a ~couple weeks while sentiment & flows for semis/bottlenecks has fallen off. If anyone wants a Navan investment thesis: Navan is a corporate travel and expense platform. I believed that the market punished the stock (-22%) after Q2 earnings for no good reason. Plus, I also heard some pretty big investors bought the dip aggressively. It makes sense to follow the flows sometimes when fundamentals align. - Total GBV rose 45% to >$3B driven by new customers, ramping cohorts, and expansion of installed base. - Enterprise customers: Continued momentum in the enterprise market. - AI platform adoption: Over 50% of AI calls now run on Navan's proprietary models, with its AI support agent handling about 60% of customer interactions. Ultimately, investors were disappointed because they reported rising op. costs and expanded op. losses. But the market completely overlooked the fact that corporate traven demand has skyrocketed w/ business travel in the US generating $624B in GDP (Global Business Travel Association). Going forwards, I believe that enterprises will look for AI-native solutions that save them time and money while also resulting in better outcomes for the customer. From what I hear, Navan's AI is pretty sweet. ***I have taken profits to bolster my cash piles. Also, $IOT is flat over the same period.