Wafer-scale technology could deliver 100X the performance while using 90% less energy...
Dear Fellow Investor,
While everyone’s fighting over AI scraps...
Trump just triggered what I believe is the biggest tech disruption since the internet.
I’m George Gilder. I’ve been calling tech revolutions for 40+ years.
When I predicted cell phones would change everything in 1991, people laughed.
When I said streaming video would kill Blockbuster in 1994, Wall Street ignored me.
When I called Amazon’s dominance in 1996, investors shrugged.
Those “crazy” predictions were followed by insane returns:
- Apple: 249,900% since IPO
- Netflix: 112,700% from going public
- Amazon: 216,100% since IPO
Now I see something even BIGGER brewing…
I see the death of big data centers coming. And My research suggests three companies are making it happen: building what I call the “Trillion Dollar Triangle”:
- Wafer-scale chips 100X faster than current systems
- 90% energy reduction
- Technology that makes AI data centers unnecessary
Make no mistake... This could be one of the biggest opportunities I’ve seen in over four decades.
>> Get the three company names before Wall Street catches on <<
To the future,
George Gilder
Editor, Gilder’s Technology Report
Can Waystar Still Stand Up to Rising Competition?
Author: Nathan Reiff. Date Posted: 2/4/2026.
Key Points
- As Waystar's shares have fallen by 40% over the last year, investors may be questioning how the company stacks up against rivals like Phreesia and Doximity.
- All three companies have faced share price challenges recently, but each has a case for future growth based on acquisitions, product expansion, and other factors.
- Waystar may stand out for its successful integration of AI through its AltitudeAI system and its recent agentic AI launch.
At the intersection of healthcare and cloud computing, Waystar Holding Corp. (NASDAQ: WAY) has built a reputation for powerful SaaS that integrates payer networks with electronic health records. But as AI and cloud computing have become increasingly crowded, Waystar faces rising competition from companies offering similar or adjacent tools, including Phreesia Inc. (NYSE: PHR) and Doximity Inc. (NYSE: DOCS).
Waystar shares are down roughly 40% over the past 12 months, yet analysts still expect growth across several metrics, including earnings and share price. A closer look at Waystar versus these rivals—one larger and one smaller by market capitalization—can help investors evaluate how best to play the move to bring AI and cloud technology into healthcare software.
Waystar's AI Developments and Growth Are Exciting, But Balance Sheet Risks Linger
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Get the full story on this opportunity now.Fresh off a January agentic AI update to its AltitudeAI system—which already helps prevent billions in denials annually—Waystar has leaned into AI across its product suite. The company has used AI to accelerate adoption, expand capabilities, and improve pricing, illustrating how AI can enhance a business rather than displace it.
AI has also supported customer retention and network growth. Waystar reported net revenue retention of 113% for the most recent quarter and has more than 1,300 clients generating at least $100,000 in revenue over the prior 12 months. Revenue for the quarter rose 12% year-over-year to $269 million, and adjusted EBITDA margin reached 42%.
Waystar has expanded through acquisitions as well, including its purchase of Iodine Software in fall 2025, a deal that should increase its addressable market by about 15%. Still, investors may be cautious about the company's leverage: at the end of the third quarter of 2025, Waystar held $421 million in cash versus $1.2 billion in gross debt. That balance-sheet profile likely contributed to the recent share decline.
Phreesia Reaches a Pivotal Growth Milestone
Phreesia's patient intake management system addresses a different part of the healthcare workflow than Waystar's platform, but it similarly leverages cloud technology to improve efficiency and accuracy. Like Waystar, Phreesia shares have tumbled over the last year—by roughly 55%—but the smaller company (market cap about $768 million) recently reported GAAP profitability, with earnings per share of $0.11 in the latest quarter.
New product initiatives and the November acquisition of AccessOne are helping Phreesia expand its footprint. AccessOne is expected to contribute roughly $7.5 million in revenue through the end of Phreesia's 2026 fiscal year (ending January 31) by enabling provider financing within Phreesia's offerings.
Analysts appear bullish on Phreesia's trajectory: 17 of 19 covering the stock rate it positively, and Wall Street projects nearly 134% upside from current levels if the company executes on its growth plan.
Doximity's Balance Sheet and Revenue Performance Stand Out, But Broader Sector Concerns Weigh On Shares
Doximity occupies a distinct niche as a secure professional network for healthcare providers. The company posted strong revenue growth of 23% year-over-year in the most recent quarter, driven in part by high adoption tied to its AI features.
Doximity also generates attractive adjusted EBITDA and free cash flow margins, which support a healthy cash position. Still, investors worry whether healthcare customers will sustain spending on Doximity's services amid large-scale policy and budget changes—a concern that may have pressured the stock, which is down about 41% over the past year.
Overall, analysts are generally positive on DOCS shares, assigning a Moderate Buy rating and projecting roughly 89% upside over the next year if macro and policy conditions become more favorable.
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