GitLab & The AI Shuffle

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GitLab & The AI Shuffle

Right. So, February 13th, 2026. Another day, another SEC filing. It’s all just numbers, isn’t it? But numbers tell stories, and this one… well, it’s about Whetstone Capital Advisors, LLC. They’ve, shall we say, unsubscribed from GitLab (GTLB +6.68%). All 192,532 shares. Gone. Poof. Approximately $8.68 million worth of ‘gone’. It feels… decisive. Like a particularly brutal decluttering session. I mean, who doesn’t have a few unwanted tech stocks lurking in the portfolio shadows?

Units of GitLab shares sold: 192,532. Hours spent staring at the trading screen today: 7. Number of times I questioned my life choices: immeasurable.

As of December 31st, 2025, GitLab apparently represented 0% of Whetstone’s 13F reportable AUM. Zero. It’s a bit like realizing you’ve accidentally deleted all your holiday photos. A clean break, perhaps? Or a sign of… things to come?

Portfolio Musings (as of February 12th, 2026)

Just checking. Whetstone still seems rather fond of DAVE ($60.21 million, 18.8% of AUM). And NET ($57.77 million, 18.0% of AUM). GOOGL ($41.29 million, 12.9% of AUM) is hanging in there. Amazon ($21.49 million, 6.7% of AUM) and OPRX ($18.49 million, 5.8% of AUM) are, well, existing. It’s all so… stable. Unlike GitLab, which, as of February 12th, 2026, was trading at $29.58 – down 57.6% year-on-year. Ouch. And lagging the S&P 500 by a rather alarming 70.5 percentage points. It’s like watching a slow-motion financial car crash. I should probably look away, but I can’t.

GitLab: The Stats (because, numbers)

Metric Value
Price (as of market close February 12, 2026) $29.58
Market capitalization $4.98 billion
Revenue (TTM) $906.25 million
Net income (TTM) $-46.47 million

So, GitLab. DevOps lifecycle software. Sounds… efficient. They streamline and secure software development. Which, let’s be honest, sounds like a desperately needed service in this chaotic world. Subscription-based model. Recurring revenue. Good. Enterprise adoption. Also good. Global market reach. Excellent. They’re basically trying to be the Switzerland of software development – neutral, reliable, and hopefully, profitable.

The AI Factor (and Why I’m Slightly Panicked)

This is where it gets interesting. Or terrifying, depending on your perspective. The software development landscape is being… reshaped by AI. AI-assisted coding. Growing pressure on enterprises to simplify their tech stacks. It’s all very… disruptive. Companies are rethinking everything. Do they consolidate vendors? Do they add AI layers to existing systems? It’s a bit like trying to assemble flat-pack furniture after three glasses of wine. You think you know what you’re doing, but…

GitLab is positioning itself as a unified platform. One application for code creation, security, and deployment. A noble goal. But can they actually achieve it? Their growth depends on enterprises standardizing on their platform. Increasing adoption across engineering teams. They’re talking about rising SaaS activity and investing in GitLab Duo – their AI solution for managing and validating AI-generated code. Which sounds… complicated. And slightly ominous. They’re also expanding their sales team. Good. But they’re also noting weaker demand in the public sector and among smaller customers. Hmm. Not ideal.

The key question, I think, is whether GitLab can become a core development platform. Or just another replaceable tool in a crowded market. Can they turn increased engagement and AI integration into sustained enterprise growth? And can they maintain their operating leverage while doing it? It’s a lot to ask. A lot. I’m starting to feel a headache coming on. Perhaps I need another cup of tea. And maybe a new career. Something involving less risk. Like competitive flower arranging.

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2026-02-26 23:22