
I think there's still pain in Software to come. @satyanadella told you that you have to be willing to halve margins to address this much larger opportunity. I don't think most software companies will be able to pivot. You need: 1/ the willingness to take gross margins down to build agents and end-to-end workflows that actually don't break and handle context limits 2/ the talent to do it and get the tooling right 3/ the will to disrupt your own pricing model (worse impact to OP than perp license -> subscription in the near term). Very few of these can or will do all three at once.




