The second version of this thesis is that LLMs will verticalize to the extent it probably makes more sense to use multiple versions of vertical LLMs than one horizontal one, for most applications.

• By limiting their hiring and instead emphasizing the integration of AI into everyday workflows, Ramp itself has been highly human capital efficient, getting to $300m in annualized revenue with just c.500 FTEs .”


• “Finance work moving from humans to autonomous AI agents portends a shift from seats in payroll in Rippling ($135m revenue in 2022) towards

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