We believe AI agents — not chatbots — are the next major enterprise spending category. Here's why we're betting heavily on agent infrastructure.

The shift from copilots to agents

Copilots augment humans. Agents replace tasks. Enterprises will pay 10x more for agents that complete work autonomously than copilots that help humans work faster. That's the math driving our thesis.

Where the money will flow

The infrastructure layer — orchestration, memory, eval, safety, observability — is where we're concentrating. It's analogous to the AWS layer in 2010: less glamorous than apps but where the largest companies got built.