The agentic AI demand multiplier is the variable I flagged in February as the open question — if every agent query flows through the consumption model, the RPO conversion math gets a lot more interesting than historical patterns suggest. The SBC shadow I called out at 34% of revenue is still the friction in the story, and the 47% pullback from the high doesn't resolve that unless dilution intensity actually starts declining. The prove-it framework still applies; the question now is whether the Q4 acceleration to 30% product revenue growth is the beginning of the answer.