Executive Summary
Product development has fundamentally shifted from deterministic workflows to non-deterministic AI agent orchestration, creating massive disruption for legacy software companies. Gokul Rajaram, who built core ads systems at Google and Facebook and invested in 700+ companies, identifies a critical bifurcation in enterprise software survival. Companies pricing on seat-based utility face existential threats as AI agents can perform the same functions at fraction of the cost. Zendesk exemplifies thi...
Key Investment Opportunity
System of Record Survivors
Companies with deep data moats and high switching costs remain protected from AI disruption
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