Mark Gurman

Yeah, so I think that it's more important that you are the platform and not just a feature.

Because if you're a feature, then AI agents can encode software so easily and costlessly that you essentially can be embedded in a bigger platform.

And so I think that increasingly you want to make sure that you're the layer that all these agents need to coalesce around.

I think that there's going to be a lot of change here in terms of, and we honestly don't know.

And so I think the market is in a sell first and ask questions later mode.

And so it's important to kind of stay on the right side and manage these changes in the market.

Tony, NVIDIA CEO Jensen Wong has this line that software is now worth paying for.

The example he would give is Cursor.

But I guess what we're trying to do with you is define what software is that is worth paying for.

You just brought up Salesforce, right?

So in the most recent quarter, they had like,

more than a billion dollars of ARR directly from AI, and they talk about all the almost 19,000 agent force deals that they have, yet they're still subject to this same AI is going to eat software's lunch chat that's going on right now.

Why do people not believe the traction that they have as an example that it's worth paying for?

Yeah, so I think there's two things that I think about.

One is that there's just so much competition when you think about all these AI-native startups, and their pricing in a way that is really compelling and to drive adoption, essentially.

So you think about image generation, right?

You pay $20 at ChatGPT, you can generate unlimited images, whereas on Adobe or Firefly, you have to pay per image generation.

You can think about Cloud Cowork.

similar way in terms of what their pricing versus the value that they're delivering is really compelling.

And so I think, one, you just have a lot of price deflation.