The article looks at three founder-led businesses as AI spending draws scrutiny after Alphabet reported negative free cash flow of US$9.07 billion and raised its AI infrastructure capex guidance. Sansan, a Japanese SaaS group founded by Chika Terada, generates about ¥48.9 billion from its Sansan and Bill One segment, with a market value near ¥273.9 billion. Spotify Technology, where Daniel Ek still shapes the long-term vision, earns about €18.8 billion in revenue, mostly from Premium subscriptions, and is valued near US$114.2 billion. China Medical System Holdings, controlled by Treasure Sea Limited, generates about CN¥7.3 billion from its Integrated Business and is valued near HK$24 billion. The article argues founder leadership may encourage more careful capital protection and highlights capital allocation and AI strategy as key questions for these companies.
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