SAP

“Per-seat pricing — you're counting how many users you have and charging accordingly, right? If everything becomes agentified, are you still charging per seat? Companies may be laying off employees more slowly than others, but that's already doing better than most, rather than having a clear path to growing your user count to support business expansion.”

“Lenovo is also the Chinese private enterprise with the highest globalization ratio, because its overseas business has already exceeded 80%... We've been cooperating with Lenovo from $20 billion all the way to its current scale of several hundred billion.”