In short: Bought "from the lows" and has rallied — the AI-disruption fear is overdone because "the subscription price is so low… it doesn't make sense for people to replace their web subscriptions with AI."
Wix lets people build and host websites for a small monthly fee. The bear case is that AI will let anyone generate a site for free. Singh's counter is about price, not capability: the subscription is so cheap that switching isn't worth anyone's time — "it doesn't make sense for people to replace their web subscriptions with AI." He bought it near the lows and it has rallied.
8:08And some of the other names that we bought were names like Wix from the lows, which have also rallied given the subscription price is so low. It doesn't make sense for people to replace their web subscriptions with AI. We also bought ServiceNow and Snowflake and some companies that we think have some moats.
In short: Owned ("which we own both of," with ServiceNow). It "rebounded nicely" as the long-semis/short-software pair covered — but the reason shorts could hit it in the first place is that "they use too much of their cash to buy back stock."
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