Aaron Katz argues that spectacular AI growth is not enough: companies must build strong margins, high retention, meaningful switching costs, and clear customer value. ClickHouse is preparing for unpredictable workloads created by AI agents while emphasizing security, governance, deployment flexibility, and support for diverse models rather than trying to win the model race itself. The discussion also explores why enterprises may favor frontier AI providers despite the appeal of open models, and how humans will continue to influence major technology and purchasing decisions. Brand-building through sports sponsorships, hospitality, and global presence can support recruiting and customer relationships, but investments must demonstrate real returns. Katz emphasizes choosing investors for strategic help, customer access, recruiting, and long-term judgment—not simply valuation. He describes the challenge of competing for elite talent, the benefits and limits of remote work, and the importance of combining experienced systems engineers with younger employees. The speakers consider AI’s effects on education, medicine, finance, and software careers, while debating whether current enthusiasm represents a bubble. Finally, they weigh the benefits and risks of going public, concluding that sustained execution and the ability to reach $1 billion in recurring revenue matter more than short-term market sentiment.