In technology, the system of record is where value tends to concentrate. Applications can be incredibly valuable. But the system of record owns the data, the workflow, and the distribution. That layer compounds. Microsoft is a good example. People loved the applications, but it was the operating system that anchored everything. Same in the cloud. Data centers aren’t just infrastructure. They function as the system of record for how compute is accessed. This also shapes expected value. Markets can be large and still unforgiving. The restaurant industry is massive, but the expected value of any single restaurant is low. Tech works differently. Buyers don’t evaluate 100 vendors. They evaluate a handful. If you’re one of them, you have a shot at meaningful expected value. And if you're number one, you'd be very happy. Both layers matter. Just be clear which one you’re building.