AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 19/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Operational integration and historical repeat demand support modest switching costs. Cross-host tools and contract-free payments limit lock-in; comparative switching costs are not quantified.
durability · 2/4 · Five years of historical retention, subsequent renewals and recurring-revenue growth support persistence. Current cohort data are absent, and AI could alter the workflows supporting customer dependence.
customer dependency · 3/4 · Daily email, commerce and inventory workflows, combined with approximately 92% historical mature-customer retention, demonstrate meaningful embedded use. Attribution specifically to switching costs remains inferential.
erosion resilience · 2/4 · Recurring-revenue growth and reported renewal improvements show resilience, but realized pricing sensitivity exposes limits. AI and alternative-channel substitution remain prospective threats, while ANS has not demonstrated a defensive network effect.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · June 2026 ARPU increased to $250 from $230 and ARR increased to $4,421.4 million from $4,181.0 million. These demonstrate monetization rather than isolated price realization; actual pricing-related customer or bookings pressure makes the evidence mixed.
retention · 3/4 · Approximately 85% customer retention in each of five years through 2023 and approximately 92% mature-customer retention in 2023 demonstrate repeat demand. Subsequent strong renewals and reported improvements support continuity, although current numerical retention is missing and ARR offers only indirect corroboration.
margin resilience · 3/4 · Operating income rose from $547.4 million in 2023 to $1,127.3 million in 2025; first-half operating margin rose from 21.3% in 2025 to 25.5% in 2026. This demonstrates resilience despite pricing sensitivity. Expense control, mix and lower depreciation contribute, preventing attribution solely to pricing power.
contractual freedom · 2/4 · Implemented pricing changes and discretion to impose service fees establish meaningful freedom. Subscription terms extending up to ten years, observed customer sensitivity and externally determined registry costs constrain its economic exercise.
Predictability98
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 1.64
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 4.06
Financial strength—
Missing required inputs: netDebtEbitGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 80.01
- interestCoverageGrade
- 58.78
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 2.40
- Interest coverage (x)
- 7.47
- Current ratio (x)
- 0.61
Capital allocation—
Missing required inputs: operatingReturn, dilution. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average SBC / revenue (%)
- 6.65
- cashConversionGrade
- 100.00
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Operating cash generation increased while capital expenditure declined, and completed repurchases retired shares. However, 2025 cash repurchases exceeded operating cash flow less capital expenditure, alongside $1,501.8 million of vendor commitments. First-half 2026 cash generation covered disclosed repurchases, but investment and buyback value creation remain unestablished.
incentive alignment · 3/4 · The actual 2025 executive program combines three-year relative-TSR PSUs with time-vesting RSUs, ownership guidelines, clawbacks and hedging restrictions. Subsequent disclosures confirm actual grants and vesting activity. Half the executive LTIP is service-based, short-term metrics use bookings and adjusted earnings, and actual ownership compliance is unavailable.
execution · 3/4 · Multi-year revenue, operating-income and operating-cash-flow growth continued into first-half 2026. These realized operating outcomes demonstrate execution; renewal improvements provide issuer-reported support. Management's exclusive causal contribution and future AI success are not established.
governance · 3/4 · An independent chair, independent committees, annual elections and majority voting provide substantive safeguards. Implemented declassification and removal of supermajority requirements support responsiveness. The tax-control weakness was reported remediated by December 2024, and June 2026 plan approval is subsequently confirmed rather than inferred from the April proposal. Exceptional sustained oversight is not established.
Evidence
In each of the five years ended December 31, 2023, our customer retention rate was approximately 85%, and in 2023, our retention rate for customers who had been with us for over three years was approximately 92%.
Business: five-year customer retention and 2023 mature-customer retention · Filed 29/02/2024
We have experienced growth in recent years, due in large part to sustained subscription growth and strong levels of subscription renewals, including customers who expand their use of our integrated platform over time.
Risk Factors: historical subscription growth, renewals and platform expansion · Filed 25/02/2026
Our Smart Terminal devices are modern, dual screen all-in-one POS systems that allow our customers to manage in-store inventory and product catalogs and accept payments.
Business: POS inventory, catalogs and payment workflows · Filed 25/02/2026
In addition, the Smart Terminal line seamlessly integrates with our Websites + Marketing Online Store to unify in-person and online sales so businesses can offer "Buy online, pick up in-store" experiences to their customers.
Business: integration of in-person and online commerce · Filed 25/02/2026
Our email offerings are a core component of many customers' productivity and daily operations and our ability to provide these services at scale depends, in significant part, on the continued availability, functionality and commercial terms of our partnerships, including with Microsoft and other email providers.
Risk Factors: daily email dependency and partnership reliance · Filed 25/02/2026
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 $ % of Total Revenue $ % of Total Revenue $ % of Total Revenue $ % of Total Revenue Revenue: Applications and Commerce $ 514.8 39.7 % $ 463.9 38.1 % $ 1,013.0 39.5 % $ 910.3 37.7 % Core Platform 783.2 60.3 % 753.7 61.9 % 1,551.9 60.5 % 1,501.6 62.3 % Total revenue 1,298.0 100.0 % 1,217.6 100.0 % 2,564.9 100.0 % 2,411.9 100.0 % Costs and operating expenses: Cost of revenue (excluding depreciation and amortization) 469.8 36.2 % 442.3 36.3 % 928.9 36.2 % 882.8 36.6 % Technology and development 211.4 16.3 % 214.3 17.6 % 424.6 16.6 % 419.6 17.4 % Marketing and advertising 89.0 6.9 % 93.4 7.7 % 181.3 7.1 % 193.5 8.0 % Customer care 72.8 5.6 % 73.5 6.0 % 147.2 5.7 % 144.6 6.0 % General and administrative 90.5 7.0 % 96.9 8.0 % 181.5 7.1 % 194.0 8.0 % Restructuring and other 8.7 0.6 % 0.3 — % 10.9 0.4 % 2.4 0.2 % Depreciation and amortization 13.3 1.0 % 30.6 2.5 % 37.5 1.4 % 61.4 2.5 % Total costs and operating expenses 955.5 73.6 % 951.3 78.1 % 1,911.9 74.5 % 1,898.3 78.7 % Operating income 342.5 26.4 % 266.3 21.9 % 653.0 25.5 % 513.6 21.3 % Interest expense (37.4) (2.9) % (38.3) (3.1) % (75.2) (2.9) % (75.5) (3.1) % Other income (expense), net 11.9 0.9 % 11.1 0.8 % 21.1 0.7 % 21.0 0.8 % Income before income taxes 317.0 24.4 % 239.1 19.6 % 598.9 23.3 % 459.1 19.0 % Provision for income taxes (76.9) (5.9) % (39.2) (3.2) % (144.2) (5.6) % (39.7) (1.6) % Net income $ 240.1 18.5 % $ 199.9 16.4 % $ 454.7 17.7 % $ 419.4 17.4 % 22 Table of Contents Non-GAAP Financial Measures, Operating Metrics and Business Metrics In addition to our results determined in accordance with GAAP, we believe that the following non-GAAP financial measures, operating metrics and business metrics may be useful as supplements in evaluating our ongoing operational performance: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Normalized EBITDA $ 434.1 $ 381.7 $ 847.6 $ 746.1 Annualized recurring revenue $ 4,421.4 $ 4,181.0 $ 4,421.4 $ 4,181.0 Total bookings $ 1,422.1 $ 1,345.3 $ 2,877.4 $ 2,762.3 ARPU $ 250 $ 230 $ 250 $ 230 June 30, 2026 December 31, 2025 Total customers at period end (in thousands) 20,457 20,422 Domains under management (in thousands) 81,985 80,793 Normalized EBITDA (NEBITDA).
MD&A: operating margins, ARR, bookings, ARPU and customer metrics · Filed 31/07/2026
However, no assurance can be given that any new pricing model or price points will be optimal and changes in our price points or pricing model have and could result in a loss, decrease or slowing of our total customers or total bookings.
Risk Factors: realized customer or bookings pressure from pricing changes · Filed 31/07/2026
Individuals as well as small- and medium-sized businesses have been and could be sensitive to price increases or swayed by different price points offered by our competitors.
Risk Factors: observed customer price sensitivity · Filed 31/07/2026
We offer these customers client management applications that aim to make it easier for them to manage their clients' websites on GoDaddy products such as Managed WordPress, or on another host.
Business: client management applications supporting another host · Filed 25/02/2026
and Canada to accept all major forms of payment, including Visa, MasterCard, American Express, Discover and contactless payments, including Apple Pay and Google Pay, with no long-term contracts or monthly minimums.
Business: payments without long-term contracts or monthly minimums · Filed 25/02/2026
In addition, advances in AI, including tools that enable customers to create, modify, and deploy websites, applications or digital experiences using AI-powered platforms, including those that utilize natural language or other high-level inputs rather than traditional development workflows, may alter customer expectations and behavior with respect to website creation, hosting and management.
Risk Factors: potential AI changes to website creation and management · Filed 31/07/2026
•Improved conversion, attach rates and renewal rates by applying our large-scale experimentation engine
Business highlights: issuer-reported improvements in conversion, attachment and renewals · Filed 24/04/2026
Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period.
MD&A: ARPU definition · Filed 25/02/2026
Consolidated Statements of Operations (In millions, except shares in thousands and per share amounts) Year Ended December 31, 2025 2024 2023 Revenue: Applications and commerce $ 1,889.0 $ 1,653.0 $ 1,430.4 Core platform 3,062.1 2,920.2 2,823.7 Total revenue 4,951.1 4,573.2 4,254.1 Costs and operating expenses(1): Cost of revenue (excluding depreciation and amortization) 1,801.5 1,652.0 1,573.6 Technology and development 841.5 814.4 839.6 Marketing and advertising 375.1 356.9 352.9 Customer care 289.1 287.5 304.5 General and administrative 388.9 394.2 374.0 Restructuring and other 11.1 39.4 90.8 Depreciation and amortization 116.6 135.3 171.3 Total costs and operating expenses 3,823.8 3,679.7 3,706.7 Operating income 1,127.3 893.5 547.4 Interest expense (151.0) (158.3) (179.0) Gain (loss) on debt extinguishment 1.4 (4.6) (1.5) Other income (expense), net 42.3 34.8 36.9 Income before income taxes 1,020.0 765.4 403.8 Benefit (provision) for income taxes (145.0) 171.5 971.8 Net income 875.0 936.9 1,375.6 Less: net income attributable to non-controlling interests — — 0.8 Net income attributable to GoDaddy Inc.
Consolidated Statements of Operations: 2023–2025 results · Filed 25/02/2026
Our subscriptions can range from monthly terms to multi-annual terms of up to ten years, depending on the product.
Risk Factors: subscription terms · Filed 31/07/2026
While we do not currently do so, we have the discretion to impose service fees on our customers in the future.
Risk Factors: discretion to impose service fees · Filed 31/07/2026
We have no control over ICANN, Verisign or other domain name registries and cannot predict their future fee structures.
Risk Factors: lack of control over registry fee structures · Filed 31/07/2026
The increase in these fees with respect to any new gTLD either must be included in the prices we charge to our customers, imposed as a surcharge or absorbed by us.
Risk Factors: alternatives for handling registry fee increases · Filed 31/07/2026
Consolidated Statements of Cash Flows (In millions) Year Ended December 31, 2025 2024 2023 Operating activities Net income $ 875.0 $ 936.9 $ 1,375.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 116.6 135.3 171.3 Equity-based compensation 317.8 299.9 296.3 Deferred taxes 157.4 (189.7) (993.2) Other 29.6 44.1 67.1 Changes in operating assets and liabilities: Prepaid domain name registry fees (35.1) (42.3) (41.9) Accounts payable (14.5) (65.5) 28.3 Accrued expenses and other current liabilities 2.8 0.3 56.2 Deferred revenue 206.8 235.4 149.2 Other operating assets and liabilities (57.0) (66.7) (61.3) Net cash provided by operating activities 1,599.4 1,287.7 1,047.6 Investing activities Maturities (purchases) of short-term investments — 40.0 (40.0) Purchases of intangible assets — — (35.4) Purchases of property and equipment (23.9) (26.6) (42.0) Other investing activities, net (1.2) 8.1 15.0 Net cash provided by (used in) investing activities (25.1) 21.5 (102.4) Financing activities Proceeds received from: Issuance of term loans — 4,214.8 1,759.9 Issuance of Class A common stock under employee stock purchase plan 30.5 31.8 30.0 Payments made for: Repurchases of Class A common stock (1,601.9) (676.5) (1,270.2) Repayment of term loans (24.6) (4,237.1) (1,786.3) Other financing activities 8.9 (10.4) 4.9 Net cash used in financing activities (1,587.1) (677.4) (1,261.7) Effect of exchange rate changes on cash and cash equivalents 4.7 (1.6) 1.3 Net increase (decrease) in cash and cash equivalents (8.1) 630.2 (315.2) Cash and cash equivalents, beginning of period 1,089.0 458.8 774.0 Cash and cash equivalents, end of period $ 1,080.9 $ 1,089.0 $ 458.8 Cash paid during the period for: Interest on long-term debt, including impact of interest rate swaps $ 139.5 $ 150.2 $ 169.8 Amounts included in the measurement of operating lease liabilities $ 34.5 $ 39.7 $ 44.4 Supplemental disclosure of non-cash transactions Operating lease assets obtained in exchange for operating lease obligations $ 2.1 $ 11.5 $ 8.3 See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows: cash generation, capital expenditure and repurchases · Filed 25/02/2026
Future minimum obligations under these non-cancelable agreements with initial terms in excess of one year at December 31, 2025 are as follows: Year Ending December 31: 2026 $ 529.0 2027 546.1 2028 406.6 2029 14.0 2030 2.3 Thereafter 3.8 $ 1,501.8 Litigation From time-to-time, we are a party to litigation and subject to claims, suits, regulatory and government investigations, other proceedings and consent decrees in the ordinary course of business, including intellectual property claims, putative and certified class actions, commercial and consumer protection claims, labor and employment claims, breach of contract claims and other asserted and unasserted claims.
Note 12: non-cancelable vendor commitments · Filed 25/02/2026
During the six months ended June 30, 2026, we repurchased a total of approximately 9.6 million shares of our Class A common stock, which were retired upon repurchase, for an aggregate purchase price of $833.6 million.
Note 4: completed first-half 2026 repurchases and retirement · Filed 31/07/2026
Net cash provided by operating activities
914.0
784.6
Net cash used in investing activities
(9.7)
(10.0)
Net cash used in financing activities
(828.5)
(781.7)
Effect of exchange rate changes on cash and cash equivalents
(1.2)
Net increase (decrease) in cash and cash equivalents
74.6
(2.3)
Operating Activities
Our primary source of cash from operating activities has been cash collections from our customers.
MD&A: first-half cash flows · Filed 31/07/2026
The following list highlights our compensation practices: WHAT WE DO WHAT WE DON’T DO Annual “Say-on-Pay” vote Cap on maximum payouts for each NEO under our short-term incentive plan Independent compensation consultant engaged by the Compensation Committee Equity ownership guidelines for our CEO (6X annual base), other executive officers (2X annual base) and non-employee directors (5X annual cash retainer) Clawback policies on incentive compensation Ongoing engagement with our stockholders regarding our compensation practices Annual compensation review and risk assessment No hedging of shares by officers or directors under any circumstances No pledging of shares by officers, directors or employees No tax gross-ups to cover excise taxes No resetting of performance targets No “single trigger” change in control payments No excessive perquisites No evergreen provisions in our equity plan Given the positive Say-on-Pay result at our 2024 annual meeting and perspectives from stockholder engagement, the Compensation Committee approved a 2025 compensation program with similar core design features as the 2024 program, with one important change to the short-term incentive plan.
Executive Compensation: ownership guidelines, clawbacks and hedging restrictions · Filed 24/04/2026
CEO Other NEOs (average) 6 About GoDaddy Proxy Summary Board and Governance Matters Executive Compensation Audit Matters Other Management Proposals Other Information Compensation Program Elements Base Salary (Fixed) Establishes competitive pay that properly incentivizes executive officers’ day-to-day responsibilities Targeted at competitive levels and based on past experience and expected future contributions 2025 Short-Term Incentive Plan (Variable) Provides appropriate incentives for our executive officers to work collaboratively as a team to achieve important financial, business and strategic goals in our operating plan and to reward individual contributions; for the 2025 STIP, the Compensation Committee chose to move from four to two corporate performance metrics, utilizing NEBITDA and Bookings, weighted equally, and discontinuing the use of revenue and unlevered free cash flow 80% - Corporate Performance Goal •50% NEBITDA •50% Bookings 20% - Individual Performance Goal 2025 Long-Term Incentive Plan (Variable) Strengthens the alignment between the interests of our executive officers and those of our stockholders by tying vesting of awards to achievement of relative total stockholder return (“rTSR”), which incentivizes driving long-term stockholder value and promotes executive officer retention by linking vesting to continued employment 50% Performance Stock Units (“PSUs”) •100% rTSR performance metric measured against the Nasdaq Internet Index •Cliff vest after a 3-year performance period 50% Restricted Stock Units (“RSUs”) •Vest quarterly over 3-years For more information about our compensation program, please review our Compensation Discussion and Analysis beginning on page 33.
Executive Compensation: adopted 2025 short-term and long-term incentive design · Filed 24/04/2026
The following table summarizes stock award activity: Number of Shares of Class A Common Stock (#) Outstanding at December 31, 2025 3,064 Granted: RSUs 2,722 Granted: TSR-based PSUs 255 TSR-based PSU achievement above target 47 Vested (1,390) Forfeited (242) Outstanding at June 30, 2026(1) 4,456 _________________________________ (1)The balance of outstanding awards consisted of the following: Number of Shares of Class A Common Stock (#) Weighted- Average Grant- Date Fair Value Per Share ($) RSUs 3,885 110.71 TSR-based PSUs 571 163.71 Outstanding at June 30, 2026 4,456 11 Table of Contents As of June 30, 2026, total unrecognized compensation expense related to non-vested equity grants was $400.1 million with an expected remaining weighted-average recognition period of 2.2 years.
Note 6: actual equity grants, achievement and vesting activity · Filed 31/07/2026
The following list highlights our corporate governance practices: Independent Board Chair 100% independent committee members Annual election of directors Majority vote standard for director elections with director resignation policy No supermajority voting requirement Robust Board, committee and director self-evaluation process Board guidelines related to service on other public company boards and audit committees Disclosure of director skills matrix on an individual basis Responsive stockholder engagement program Robust and deliberate succession planning process Code of Business Conduct and Ethics for directors, officers and employees Annual review of committee charters and governance policies Regular meetings of independent directors without management Formalized Governance Committee oversight of sustainability matters Formalized Compensation Committee oversight of human capital management Formalized Audit Committee oversight of cybersecurity For more information about our Board, including their biographical information, please see the section “Director Nominees” beginning on page 10.
Governance Profile: board independence, elections and voting safeguards · Filed 24/04/2026
These changes include: Governance Proxy Disclosure •Declassified the Board with annual elections •Formalized Board-level oversight of human capital management with the Compensation Committee •Formalized Board-level oversight of sustainability matters with the Governance Committee •Removed the supermajority vote requirement to amend our charter and bylaws •Adopted majority vote standard for director elections •Expanded disclosures related to our Board skills, director onboarding and continuing director education •Expanded disclosures related to annual highlights of each committee •Enhanced disclosures regarding Board and committee self-assessment processes •Enhanced disclosure related to the Board’s oversight of cybersecurity and AI Executive Compensation Environmental and Social •Significantly increased disclosures in our CD&A in recent years, including disclosure of individual achievements and CEO compensation scorecard •Removed evergreen provisions beginning in 2023 from our 2015 equity and employee stock purchase plans and instituted new plans without evergreen provisions in 2024 •Updated our STIP metrics to align executive compensation with the Company’s business strategy •Achieved our first Scope 1 and 2 market-based emissions reduction target by 50% in 2023, from a 2019 baseline, and announced a new emissions reduction target in 2025 •Maintained an ~88% reduction in our Scope 1 and 2 market-based emissions from our 2019 baseline in 2025 •Joined the UN Global Compact to further drive commitment to sustainability •Published our EEO-1 data 26 About GoDaddy Proxy Summary Board and Governance Matters Executive Compensation Audit Matters Other Management Proposals Other Information Other Governance Policies Communications with the Board of Directors Stockholders or other interested parties may communicate directly with the Board, the Board Chair, any of the Company’s other non-management directors or the non-management directors as a group by mailing correspondence to the Company’s Corporate Secretary at GoDaddy Inc., 100 S.
Stockholder Engagement: implemented governance changes · Filed 24/04/2026
As part of our assessment of the effectiveness of our internal control over financial reporting as of December 31, 2024, management has performed adequate testing to conclude that the material weakness in the design of our controls related to the accounting for income taxes and related disclosures with regard to management review controls and the completeness and accuracy of information used in the execution of those controls identified in the prior fiscal year has been remediated as of December 31, 2024.
Controls and Procedures: remediation of tax-control material weakness · Filed 20/02/2025
Equity-Based Compensation Plans Equity Plans On June 3, 2026, our stockholders approved the adoption of the GoDaddy Inc.
Note 6: June 3, 2026 stockholder approval of incentive-plan adoption · Filed 31/07/2026
ANS is intended to extend GoDaddy's role in supporting the open internet, and over time may present opportunities to offer additional services and partnerships related to agent identity and management.
Business: prospective ANS services and partnerships · Filed 25/02/2026
Our competitors include providers of domain registration services, web-hosting solutions, website creation and management solutions, e-commerce enablement providers, payment facilitation providers, cloud computing service and online security providers, alternative web presence and marketing solutions providers and providers of productivity tools such as business-class email.
Risk Factors: generic competitor categories · Filed 31/07/2026
While VeriSign has not publicly announced whether it will become a registrar, if it were to do so, it would become one of our competitors in this space, which could have a negative impact on our business and industry.
Risk Factors: conditional potential entry by VeriSign · Filed 29/02/2024
As reliance on social media channels, applications and AI-powered tools increases, domain names, websites and online stores and marketplaces may become less prominent, and their value may decline.
Risk Factors: potential substitution by social channels, applications and AI · Filed 31/07/2026
