Anish Acharya

So I think, one, you've got this dissonant fact that prices are going up.

Two, if you look at the incumbents today, like ServiceNow is not IBM.

They're a highly capable incumbent.

They just went public and they raised guidance.

I think it's very easy to look at these things and say, incumbents, incumbents, incumbents.

Again, they're not seers.

They're very, very capable, and I think they actually have a right to win and deploy technology in the context of these workflows.

Now, will there be disruption?

Of course, we've talked a bunch about companies that were once priced on seats, which are now going to be priced on outcomes, and that is going to be a big drag.

But I think for the majority of SaaS, it

has so little upside in being rewritten and vibe coded and so much downside, why would you do it?

Now, an interesting topic that's not discussed is the cost of transitioning from one SaaS provider to another going dramatically down.

So systems integration.

If you and Alex said this funny thing, and I know you laughed and I laughed too, which is that like some companies have hostages, not customers.

Yeah, I love this statement.

I love it too.

And if you actually have an SAP system, you are a hostage of SAP and they need to do nothing after they win you as a customer except the bare minimum.

If you want to switch to Oracle, oh my God, that's like a multi-year high risk.

It's probably going to fail and you're probably going to get fired.

It doesn't happen.