done today, they all just fall out. The next point is incredibly important. This brings us to ownership. The strongest form, now that we've established that the log is the agent, the strongest form of lock-in isn't model lock-in. Models can be swapped. It's not API or tool lock-in either. Those can be wrapped, and those can be adapted. The deepest form of lock-in is actually log lock-in. If a provider owns your log, then the provider effectively owns your agent and long-term the log is the valuable part because the model is replaceable, the runtimes replaceable, the machines are replaceable, the log is the thing that persists. I have another slide for this because I think it's really worth taking seriously right now. Anthropic has Claude managed agents, Google has Gemini managed agents, every managed provider is going to own more of the stock. They're going to want to. They're going to want to have the hosted agent loop and manage memory and sand boxes and compaction and background agents. They're going to want to own your agents and agents are arguably the most intimate piece of technology you'll ever run. For an agent to be useful, it needs to have your personal data, your company's data, your workflows, your decisions. The log is the record of all of that and if it lives on someone else's infrastructure under their policies and queryable by their systems, they don't just host your agent. They own it. This is the