Software seat counts and net revenue retention. AI agents threaten per-seat software; retention tells whether customers are shrinking headcount.
What to watch: NRR; seat-based versus usage-based pricing. It arrives quarterly, and the effect typically lasts months.
It sits in tier 4 — Stock and sector specific: Moves one company or one group, not the market. Any factor here becomes tier one if it gets large enough — a bank failure and a pandemic both started as somebody's sector news.
Its neighbourhood
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Sectors it moves most
Also in Corporate fundamentals
- Aggregate earnings and guidance
- Corporate profit margins
- Analyst earnings revisions
- Capital expenditure plans
- Share buybacks
- Dividends and payout policy
- Hyperscaler capex, depreciation, and AI monetisation
- Healthcare cost inflation
- Hyperscaler cloud growth and backlog
- App downloads, time spent, and ad load
- Advertising spend and ad prices
- Patent expirations and loss of exclusivity
- Box office, concert grosses, and ticket prices
- Sports betting handle and casino win
- Senior-living occupancy and care wages
- Death rates and cremation share
- Net equity supply
- Earnings dispersion between AI and non-AI cohorts