Wrote about the slow progression of LLM products being paid for out of OpEx spend.

- Microsoft is starting to see this trend/namechecks it in a recent earnings call

- Some services businesses will become tech-enabled services, and some tech-enabled services businesses will become SaaS (and margins will reflect these changes)

- Some systems we rely on will improve more slowly, because fewer and fewer people use them and AI agents make those people even more productive than before

- the budgeting process will change along the way!