Sohn Conference Foundation

Orlando Bravo × Leslie Picker

Bravo argues domain software incumbents—not only AI-natives—are positioned to deliver the agentic enterprise after 20–30 years automating workflows.Leadership and 5-to-1 ROI, not data or system-of-record status, are the durable edge; retention has held despite AI disruption.Key watchpoints are agentic ROI, exits, and refinancing as leverage falls from 7–7.5x to 5x and spreads widen 250bps.

Aravind Srinivas × Sebastian Mallaby

Perplexity's valuation reportedly rose from $9B in December to $14B five months later as its daily-use product targets Google's vulnerable search economics and browser distribution.The decisive battleground may be the omnibox, where an assistant combining navigation, answers, tasks and agents could redirect traffic, but execution may take at least half a decade and reliability remains a major brand-risk constraint.