In technology, the system of record tends to be where value concentrates. 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. Markets converge on a small number of defaults. If you become one of them, you’re in a different league. Both layers matter. Just be clear which one you’re building.