UiPath: Gears in the Machine

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They speak of “artificial intelligence” as if conjuring a god. But gods require priests, and priests require offerings. Here, the offering is not incense, but the quiet desperation of those whose labor is deemed… redundant. UiPath, they say, is a company to watch. A quiet engine, humming beneath the grand pronouncements of OpenAI and the like. The smart money, as always, follows the scent of efficiency, even if that scent carries a whiff of something less pleasant.

UiPath—the name itself feels… functional. Like a tool shed, not a temple. They build “agentic AI toolkits,” which is a polite way of saying they create machines to do the work of men and women. And Wall Street, predictably, is taking notice. Vanguard, BlackRock, Bank of America, Morgan Stanley – the usual congregation of capital – have been steadily increasing their stakes. Not a frenzy, mind you. A measured accumulation. Like vultures circling a field, not rushing the kill.

December saw Vanguard add 1.2 million shares, a 2.5% increase. BlackRock, not to be outdone, upped its position by 6.9% by September 30th. Bank of America and Morgan Stanley followed suit, adding 9.8% and 11.21% respectively. A chorus of approval, echoing through the halls of finance. But what are they truly investing in? Not intelligence, certainly. But the potential to extract more labor for less cost.

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The Automaton’s Promise

The ancients had their “Deus ex Machina”—a god lowered from the heavens to resolve a tangled plot. A convenient fiction. UiPath offers a similar convenience, but instead of a god, it offers a program. A program that promises to untangle the knots of inefficiency, to smooth the rough edges of human work. They call it automation. I call it a shifting of burdens.

This software doesn’t promise to replace workers, they claim. A convenient lie. It promises to relieve them of the “busywork,” the tedious tasks that no one enjoys. Invoice disputes, tariff forms – the endless, soul-crushing details that make up the bulk of many a working life. The bots will handle it, they say. The workers will be freed to pursue “essential” tasks. As if the dignity of labor lies only in the exceptional, not in the diligent performance of the everyday.

The company has forged alliances with the titans – International Business Machines, SAP, Infosys, Deloitte. A network of power, reinforcing itself. They’ve also secured partnerships with Microsoft, Alphabet, and Amazon – the new landlords of our digital lives. A comprehensive dominion, built on lines of code and the quiet acquiescence of the many.

Despite a share price that remains… modest, and a market cap of $6.7 billion, UiPath demonstrates a certain momentum. A large cash position, relative to its debts. The gears are turning, and the machine is gathering speed.

Authentic Money, Artificial Gains

In the third quarter of fiscal 2026, UiPath reported revenue of $411 million, up 16% year over year. More importantly, their annual recurring revenue reached $1.78 billion, up 11%. Numbers on a page. But behind those numbers are the stories of countless workers, whose contributions are being measured, optimized, and, increasingly, replaced.

They’ve also increased their customer base, those paying over $100,000 in ARR by 12%, reaching 2,506. And those paying over $1 million by 10%, totaling 333. A concentration of wealth, flowing upwards, as always. Free cash flow grew 8.2% to $25.11 million, net cash totaled $744.1 million, and total debt remained a comparatively modest $82 million. A fortress of capital, built on the backs of… well, you know.

They haven’t yet achieved net profitability. A minor detail, easily overlooked. The machine must be fed, after all. Wall Street sees potential, and I suspect UiPath is worth a look, if you have a taste for speculation. But remember, every gain requires a loss. Every efficiency comes at a price. And it is rarely the owners of the machine who pay it.

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2026-02-07 11:13