I think the next AI leg may rotate from semis into enterprise software. Trimmed $AMD $NVDA $INTC, rotated into $NOW, $CRM and speculative $PATH $NOW cleanest agent infrastructure play, owns the workflow layer where enterprise AI gets orchestrated $CRM levered to monetizing customer facing AI agents across sales, service and revenue workflows $PATH higher risk asymmetric bet on automation evolving into agentic execution Thesis: the next big AI spend may be enterprise deployment, not just model compute. - AI is moving from chat interfaces to agents that execute work - Enterprise adoption is shifting from experimentation to workflow automation - The bottleneck is no longer model capability, it’s integration and change management - Legacy systems make agent deployment hard, and that creates opportunity for software incumbents - Compute and token budgets may become a new enterprise resource constraint - The highest value use cases are moving from cost cutting to revenue generation - Demand should rise for interoperable, agent agnostic software layers - The future likely looks multi agent, not single platform - Ironically, AI is increasing operational complexity before it reduces it - Engineers increasingly move from coding software to operating agent systems The market may be shifting from asking: Who enables AI training? To asking: Who monetizes AI deployment? $MSFT and $ORCL also on my radar.