Figma: Design Tool Or Product-Intent Layer?

It seems that the street feels there is an easy bear case for Figma. AI (tools), and the leading labs that develop these products put out new “use case” tools at what seems like a weekly cadence.

Each time a lab releases a tool aimed at solving designs and creative work, the Figma stock takes a blow.

I’m not worried about whether AI can generate an interface or a design, I know this to be true. It can. I view this thesis from that lens. Every company, team, founder, PM, marketer, analyst, and agent can generate design and interfaces (relatively) cheaply… and so, what happens next?