SIGN0018 — Agenticality Signals

The biggest enterprise AI rollout of 2026 was announced this month. It governs 273,000 KPMG seats globally — monitored, locked in. The 30,000 small advisory firms in Australia that compete with KPMG for the same mid-market accounts were not on the press release.

This is where hollowing-out gets decided. Not by the model release. By the deployment.

Walk into a Wagga Wagga primary school next month. The principal is being quoted on a "governed agent stack" for lesson personalisation — the same shelf being rolled into KPMG, repriced for K-12. The agent ships pre-trained. The principal's 18 years of knowing which kid needs which approach becomes an input field, not the IP.

That is one path. The other is the compound model: same loop, but the school owns the traces, the principal owns the evals, the agent compounds that classroom's judgement — not a vendor's. The marginal cost of personalising the next student collapses without anybody selling Mrs Patel's experience into someone else's term sheet.

Hollowing-out is not a destiny. It is a procurement choice. Every operator — partner, principal, GP, founder — is being asked to make it inside the next six months.

This week: ask who owns the loop in the next deployment you sign. That answer is the only one that compounds.

— Agenticality