Jeff Horing

This one is different.

And I don't know if it was the problems it could solve immediately.

Certainly the consumer side of this is mind-blowing what you can do as a consumer and

watching my own family in the last three months convert from Google search to Gemini or to chat GPT.

And it was a game changer in so many ways.

And we kind of were playing around the edges of it in some ways.

And then about a year ago, we started to see the application of it where we really played the most in the commercial landscape.

And now you're seeing phenomenal.

I mean, we probably have 25 agentic AI bets that we think could be really profound in the commercial markets.

We've been noodling on all sorts of impacts it's going to have, but it's clearly a phenomenal growth engine.

It's also sucking a lot of the air out of the traditional software market.

So I think the bear case on software, hey, I could just use Cloud to write my next SAP.

We're not losing any sleep over that.

Quite the opposite.

Why not?

because that's not what software ever was.

There was never a technology barrier.

It was always a business knowledge barrier.

Maybe you could literally have AI look at SAP and plagiarize it and try and build something equivalent.

I'm just not worried about that market changing the cost of developing.