David George

Workday is Workday.

ServiceNow is ServiceNow.

And you'd feel a lot of

if you did the number two, or God forbid, the number three in those markets.

In early days of technological shifts, markets tend to fragment in ways that we don't foresee.

And they end up being less competitive in certain areas and people settle into different areas.

So on the model side, so far, the way it looks like it's played out is it will be more like the cloud industry.

It's not going to be a winner take all.

Certain technical advantages seem limited in timeframe.

There's always this constant leapfrogging of the model industry.

So I think it will look like the cloud industry in the sense that there will be multiple players.

There will be profit pools for them.

Early days, we were saying, is this going to be aircraft manufacturing or is it going to be airlines?

Those are the two extreme ends of the spectrum.

Aircraft manufacturing has high profit margins because there's really high capital intensity and it's extremely hard technically.

So that would seem to mirror the model industry.

Airlines, on the other hand, are horribly competitive industries and they all go bankrupt in the fullness of time.

So it seems like the model industry is going to be like aircraft manufacturers or the cloud industry.

That one is all size of market.

It's just so vast.