The transition to outcome-based pricing won't save software. It will reclassify it. When every AI action has a real compute cost, 80% margins become 60% — and a 60% margin business isn't software by Wall Street's standards. It is services.
The SaaS era monetized state. The agentic era will monetize judgment. Systems of Record captured what happened, and Context Graphs capture why it was allowed to happen. Incumbents are optimized for the wrong layer. And judgment compounds faster than data.
