One of the most interesting new opportunities with AI is going after the vastly larger market for services versus software with AI “co-pilots”. Most knowledge work involves analyzing and transforming data, a task that algorithms are better suited for. I believe the best opportunities for co-pilots are “branded” sales people, like wealth managers, insurance brokers, and mortgage brokers. Their role involves a lot of text- based coordination, they work across multiple apps, and the ROI of increased efficiency is tangible. Take wealth managers as an example. According to Morgan Stanley, the biggest indicator of client retention for wealth managers is not portfolio performance, but consistency of personalized interactions with clients. If an AI-based agent could combine information from a client’s portfolio, the individual firm’s equity research, and the firm’s CRM — all trained on an individual’s unique tone – a wealth manager could send personalized notes to clients every week by simply pressing a button. In the end, if a wealth manager can deliver personalized service to 1,000 clients instead of 100, everyone is better off. While co-pilots are perhaps over-hyped by some, the opportunity is significant – enabling software companies to go after spend for services, not just software, opens up markets measured in the 100s of billions.