Samsara’s (IOT) industry-leading valuation defies all logic and its shares benefitted from the recent A.I.-induced rally, notes Ben Axler of Spruce Point Capital Management. He discusses how Samara is one of Spruce Point’s latest short positions. He also talks about how Samsara has a material hardware business that gives it a uniquely poor business model subject to numerous serious risks. He believes its improving profitability is a mirage as its accounting policies have resulted in a massive overstatement of gross EBITDA margins. Ben also touches on Xylem (XYL) which is another one of Spruce Point’s shorts. Tune in to find out more about the stock market today.