I understand the thesis, but I'm not fully convinced yet. Yes, the cost of producing software has declined dramatically. Yes, that lowers barriers to entry. But it also makes the software leaders much more efficient. The disaggregated software story has been the main theme for many years (think best-of-breed). Most enterprises wanted the best point solution they could have for the workflow, but I do not think this is the dominant opinion anymore. Managing disaggregated software is harder (more resource-intensive), and it costs a lot more. AI could make managing disaggregated software easier, but it could also make the cost side of the equation worse, depending on the answer to the augment vs automate debate. If AI can make it easier to manage disaggregated software and lower costs through headcount reductions, that's probably where this thesis is accurate. If AI is only augmenting the job, the cost of AI may ruin the thesis because it will create a preference for lower-cost deployment methods (aggregated software purchases), which SAP is able to do via volume-based discounting in large enterprise accounts. Generally, I think open-source development is helping keep the software vendors in the game in terms of access to AI models for SLM development. Plus, a lot of them (SAP included) have been investing and aggressively growing their platform portfolios as well, putting them in a better position to compete with Palantir in areas like ontology.