Figma’s AI-Driven Margin Pressures Weigh on Rally as Volume Dips 21% Despite Strong Revenue Growth

On September 9, 2025, , , . The stock, , . , exceeding analyst estimates, but warned of margin pressure due to rising AI-related costs. Management revised gross margin guidance downward, citing increased expenses from AI model inference, . The company’s strategic acquisitions of Modyfi and Payload to enhance animation and content management capabilities underscore its growth ambitions, though analysts remain cautious about valuation metrics, .

Investor skepticism intensified after the earnings report, . , concerns persist over sustainability of high margins amid AI cost escalations. The firm’s enterprise adoption is accelerating, . However, competitors like Adobe and potential new entrants from larger tech firms, such as Microsoft, could challenge Figma’s market position. .

Back-testing analysis of Figma’s performance highlights limitations in evaluating multi-asset strategies with current tools. The engine supports single-ticker evaluations but cannot handle daily rebalancing of a 500-stock basket. Alternative approaches include synthetic index creation or narrowing focus to event-based tests. These constraints underscore the complexity of modeling Figma’s trajectory amid sector-specific risks and evolving market dynamics.