AI Markets Crystalize For subset of AI markets, it is suddenly clear who the finalists or winners will be: * LLMs * Code * Legal * Medical Scribing * Customer Service * Search & IR New cos (or incumbents) may still show out of nowhere, but at least v1 of game has crystalized

Markets crystalizing means more M&A coming, more "market ending moves"

Also seeing transition from seat based pricing of SaaS, to units of labor being sold This is a mix of agentic usage based models, and human augmentation and displacement vs "same ole SaaS" This is a huge, under appreciated shift and changes usage patterns and grows TAMs 10X

Next set of markets to solidify will be driven by "GPT ladder" As model capabilities get better, new markets unlock and are addressable with AI

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