On August 31, Figma fell 5.23% in regular trading, trading at $27.37/share, with turnover of $83.25 million. The decline reflects continued pressure from elevated AI inference costs and widening institutional disagreement on the stock's outlook.

Figma's Q2 revenue costs surged 117% year-over-year, with GAAP operating losses expanding to $117.3 million, as the company's traditional per-seat pricing model struggles to absorb rising AI inference expenses. This stands in stark contrast to Salesforce, whose AI product revenue grew 210% year-over-year, demonstrating a more viable monetization path. The divergence has intensified sector-level differentiation, with enterprise-grade AI software companies capturing re-rating momentum while consumer-facing SaaS names like Figma remain under pressure.

Adding to uncertainty, analyst views are split. Bank of America recently raised its Figma price target from $30 to $33 with a buy rating, citing broader software valuation expansion. However, Morgan Stanley had previously cut its target to $33 from $38 while maintaining an equal-weight rating, citing delayed profitability from continued AI reinvestment.

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