Investment Performance
The Valuation Gap: Wrapper vs. Native
The AI Wrapper
Low Defensibility
Public training data, side-car integration, and linear cost structure. High churn and low switching costs.
1.0x Baseline Valuation
The AI Native
Structural Moat
Proprietary data silos, embedded workflow agents, and optimized SLM margins. 2% monthly churn.
5.4x Valuation Premium
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