Signal log.

Workday's reported AI ACV growth and backlog gains directly support the thesis that HRIS/ERP SoR incumbents are monetising their agent SKUs built on durable records they already own. This is consistent with the thesis watchpoint on WDAY agent ARR mix as a validator.

The headline concerns a shareholder vote on a human rights report for Palantir — a governance/ESG matter with no bearing on whether Palantir's platforms serve as durable state machines, records substrates, or agent infrastructure. None of the five SoR thesis pillars are implicated.

Veeva's Safety Suite is a durable records platform for pharmacovigilance — a highly regulated, compliance-driven domain where adverse event records, audit trails, and ownership are mandatory structured data. Expanding adoption at UCB deepens Veeva's role as the SoR substrate for life sciences safety data, reinforcing P1 (records, not content) in a regulated vertical (Bucket 10).

The headline is about Tyler Technologies adopting a Rule 10b5-1 share repurchase plan for up to $150M — a capital allocation/financial engineering action with no bearing on Tyler's role as a systems-of-record platform or its agent-economy positioning.

Oracle's nearly $24 billion in negative free cash flow and mounting debt load signals financial strain that could constrain its ability to invest in and monetize its SoR/agent infrastructure position. A debt-stressed Oracle is less able to compound its records-rich platform advantage as a control plane for AI agents.

ServiceNow raising its 2026 AI revenue target to $1.5B on the back of Now Assist adoption directly evidences monetisation of the agent SKU layered over its ITSM records substrate — the exact pattern the thesis flags as a key proof point (NOW agent ARR mix). Strong demand for Now Assist means customers are paying to invoke structural workflow verbs (escalate, resolve, approve) via AI, confirming the SoR-as-agent-control-plane thesis.

CVS Health is deploying Salesforce's Agentforce Health AI agents to manage call center interactions for members and 1.5 million providers, directly monetizing Salesforce's CRM records (ownership, member/provider relationships) as the control plane for agentic workflows. This validates the thesis that Salesforce's incumbent SoR position in healthcare CRM is being promoted to agent infrastructure.

Salesforce's Q1 FY2027 results show surging AI/data ARR, directly evidencing monetization of its records-rich CRM substrate through agent SKUs — consistent with the thesis that incumbents owning the SoR are converting that ownership into agent-era revenue growth. The beat on estimates further validates durable demand for the platform.

Salesforce is restructuring around its Agentforce platform and shifting to usage-based monetization, directly evidencing the thesis that CRM incumbents are monetizing their SoR records through agent SKUs. The pivot away from traditional seat-based models toward consumption pricing on structured verbs (agent actions) aligns with P4 — structural API verbs being the billable unit in the agent economy.

Palantir's new multiyear enterprise deals with McCarthy Building Companies, GNP Seguros, and Kirkland & Ellis deploy AI operating systems across construction, insurance, and legal domains — all structured-workflow, records-rich verticals that align with the SoR substrate thesis. These deals signal that Palantir's platform (AIP) is being adopted as the operational control layer for domain-specific structured workflows, reinforcing its position as a provider of structural verbs and agent infrastructure over unstructured content.

The IBM-ServiceNow multi-year alliance explicitly targets autonomous IT operations and data-driven workflows, reinforcing ServiceNow's role as the structural verb layer (incidents, approvals, escalations) for enterprise AI deployments. This directly supports ServiceNow's positioning as agent infrastructure, not just a workflow UI.

The headline reports CRM hitting a 52-week low amid a market rotation away from subscription-software providers toward AI infrastructure (chips, data centers), suggesting investors are discounting Salesforce's SoR/agent-economy value proposition relative to hardware-layer AI plays. This sentiment shift directly cuts against the thesis that SoR platforms like Salesforce compound 25-30% IRR as agent-economy substrates.