“Companies that have that domain or that context gravity, I think they absolutely survive. I think companies that don't have that, where their entire value is a UI layer or an API layer that talks to other systems, that's where you start to run into potential risk… If you don't have any real domain context in there, the speed at which someone can migrate off of you is also really, really fast.”

…Sometimes your best strategy is going and competing in that space. And I wouldn't want to be avoidant in that. But we just happen to be for us where we drew that box. It really put us down into a more specific and narrow domain that probably isn't the first priority of a frontier lab right now.

…you just reflect on broader the SaaS landscape, is it going to be like a SaaS reckoning that we are seeing in the multiples? Like are certain companies not going to be able to draw that box? Are they going to be subsumed? How do you think about the broader SaaS landscape and whether it survives AI?

So I think we've figured out that something that's very domain specific, you can definitely create some defensibility, something that creates a system of record. You can create some defensibility. Are those the two main paths? Does everyone need to do that? Or how do we think about the rest of…

The two other things I would consider are governance and control is probably the most boring thing. Governance, controls, roast permissions, compliance. If there's deep governance and controls in your system and they need to be there, Let me tell you how few people want to vibe code that and build…

Right.