What this means for anyone building

Distribution beats raw capability

The frontier model alone is no longer a moat. Distribution, workflow embedding, and trust are.

Regulated verticals are the alpha

ISO 26262, HIPAA, SOC 2, MiFID, OFCCP. Domains where compliance is the product.

Substrate compounds

Tools, audit logs, named agents, and dev-ops kits used across multiple products multiply leverage.

Bounded autonomy is the contract

Customers will not buy unbounded autonomy. They will buy agents wrapped in permits, dry-runs, audit, and kill switches.