Signal log.

High CAPEX on AI data centers reducing FCF yield indicates Oracle may be spending heavily on infrastructure rather than monetizing its existing SoR records (ERP/HCM) as agent substrate, which cuts against the thesis that incumbents own the agent-economy records without needing new content build-out.

Okta's Q2 beat and raised guidance show the identity SoR platform is growing, which supports the thesis that identity/permission systems are becoming agent infrastructure (P3).

The headline 'Winning The AI Race' directly supports the thesis that incumbent SoR platforms (like ServiceNow) are becoming the agent control plane and monetizing their existing records through agent SKUs, which is the core structural claim.