The revenue from just the AI Labs (publicly reported figures from OpenAI and Anthropic), along with the public AI infrastructure companies, has already eclipsed all public SaaS revenue in 2024 (Nvidia's datacenter revenue drives most of the growth). It will almost double public SaaS on a net new revenue basis this year. And these figures don’t include private AI companies, which would even further show the spread. It’s clear that the current set of 100+ public SaaS companies is not yet seeing revenue growth in their AI offerings, and for the most part, AI demand is happening where they are not.