NDI-FutureTech @NDI-FutureTech: "𝙋𝙇𝙏𝙍 𝙫𝙨. 𝙉𝙊𝙒 𝙫𝙨. 𝙈𝙉𝘿𝙔:..."

Smart Portfolio

𝙋𝙇𝙏𝙍 𝙫𝙨. 𝙉𝙊𝙒 𝙫𝙨. 𝙈𝙉𝘿𝙔: 𝙒𝙝𝙤 𝙒𝙞𝙣𝙨 𝙞𝙣 𝙩𝙝𝙚 𝘼𝙄 𝘼𝙜𝙚𝙣𝙩 𝙀𝙧𝙖? The rise of AI agents marks the next evolution of enterprise automation. Unlike traditional RPA, which relies on brittle, rule-based scripts, AI agents will be context-aware, adaptable, and capable of executing complex workflows autonomously. As this shift unfolds, the key question for investors is: which enterprise software vendors are best positioned to lead this transformation? We believe three companies stand out: $PLTR (Palantir Technologies Inc.) $NOW (ServiceNow Inc) and $MNDY (Monday.com) . MNDY has been part of NDI-FutureTech since its inception in Jan-24, PLTR was added for 1Q25, and NOW is a stock we have been monitoring closely and will be considered during the next quarterly rebalance. There are numerous ways to analyze the TAM for AI agent adoption in the enterprise, but any approach ultimately points to a multi-trillion-dollar market. 𝙒𝙝𝙮 𝘼𝙄 𝘼𝙜𝙚𝙣𝙩𝙨 𝙉𝙚𝙚𝙙 𝙎𝙮𝙨𝙩𝙚𝙢𝙨 𝙤𝙛 𝙍𝙚𝙘𝙤𝙧𝙙 (𝙎𝙊𝙍𝙨) For AI agents to take reliable actions, they need to operate on trusted, authoritative data. This is why Systems of Record (SORs), such as CRMs, ERPs, and accounting systems, will play a central role in the AI agent ecosystem. If an AI agent makes decisions based on second-hand data from non-SOR (i.e., non-mission critical) applications, data integrity issues, potentially leading to incorrect financial transactions, misrouted customer inquiries, and compliance failures, and more. This is why we believe enterprise incumbents who own SORs — such as PLTR, NOW, and MNDY —have a strategic advantage over emerging AI agent startups. While startups can still compete via APIs, they lack the deep data integration, governance, and enterprise trust that SOR vendors already possess. 𝙏𝙝𝙚 𝙆𝙚𝙮 𝙏𝙧𝙖𝙞𝙩𝙨 𝙛𝙤𝙧 𝘼𝙄 𝘼𝙜𝙚𝙣𝙩 𝙎𝙪𝙘𝙘𝙚𝙨𝙨 Not all enterprise software vendors are equally positioned to capitalize on the AI agent shift. We believe that for a SOR to win in this new era, they need to meet these six critical criteria: 1️⃣ Ontology or a Unified Data Layer ‒ AI agents need structured, well-integrated data across an organization. 2️⃣ Single Architecture ‒ A consolidated system that allows seamless interaction with enterprise data. 3️⃣Mature Low/No-Code Platform ‒ Platforms that allow enterprises to customize automation workflows without deep technical expertise. 4️⃣ Proven Pace of Innovation ‒ Ability to rapidly iterate and deploy AI-powered solutions. 5️⃣Strong Security & Governance ‒ AI agents introduce new security risks; vendors must have granular access controls and auditability. 6️⃣Deep Workflow Understanding ‒ AI agents must be built with real-world enterprise workflows in mind. This narrows down the list of potential AI agent winners dramatically. Most SOR vendors are too legacy to be on the forefront of the AI agent revolution and hence do not tick all of these boxes. Startups will also contribute to building a vibrant AI agent ecosystem. However, if a SOR vendor is close to a startup on innovation, then they have a sizeable advantage in capturing value in the ecosystem thanks to their SOR status. 𝙋𝙇𝙏𝙍 𝙫𝙨. 𝙉𝙊𝙒 𝙫𝙨. 𝙈𝙉𝘿𝙔: 𝙒𝙝𝙤 𝙎𝙩𝙖𝙣𝙙𝙨 𝙒𝙝𝙚𝙧𝙚? In our analysis, PLTR and NOW already meet these six criteria, while MNDY is progressing toward becoming a full-fledged SOR as it gains enterprise traction. 📊 PLTR ‒ The most AI agent-ready player, with deep data integration and curation (ontology), security, and a strong workflow catalog. Its valuation is stretched after the last 12 months, but we believe the company can keep executing among its colossal market opportunity ⚖️ NOW ‒ The most balanced bet, aggressively pushing AI agent capabilities, acquiring Rayti for enterprise data integration, and benefiting from a massive enterprise customer base.📈 MNDY ‒ The biggest alpha opportunity, as the company hasn’t explicitly marketed AI agents yet. However, with mondayDB, expanding enterprise adoption, and existing workflow automation, it is likely on the verge of entering the AI agent race. 𝘽𝙚𝙮𝙤𝙣𝙙 𝙋𝙇𝙏𝙍, 𝙉𝙊𝙒, 𝙖𝙣𝙙 𝙈𝙉𝘿𝙔 Honorable mentions include $SNOW (Snowflake Inc.) $CRM (Salesforce Inc) and Atlassian $TEAM (Atlassian Corp PLC A) —all established SOR vendors with deep enterprise integration that could also play a major role in the AI agent era. 𝙁𝙞𝙣𝙖𝙡 𝙏𝙝𝙤𝙪𝙜𝙝𝙩𝙨 The AI agent shift is about more than just building agents — it’s about owning the data foundation that agents rely on. While startups will play a role, incumbent SOR vendors who meet the six criteria above have a natural advantage. For investors, PLTR, NOW, and MNDY represent different risk-reward trade-offs, with MNDY offering the most upside potential if it successfully matures into a full-fledged enterprise AI player. The AI agent era is still in its early innings — but we’re already seeing the first winners emerge.