Spotify: almost a goodbye after a +450% love story

The author sold 90% of his position in Spotify after a 450% gain. The original thesis has played out, with gross margins reaching 32.5%. However, the risk-reward has changed, and other opportunities have emerged. The author is concerned about the de-prioritization of the multi-vertical playbook, the slow ramp-up of the ad exchange, and the emergence of new competitors in the AI-generated music space.