The article outlines a significant shift in technology with the introduction of AI Applications & Services as the seventh wave following previous tech trends like the Smart Enterprise. It highlights how AI builds on the foundation created by earlier waves, particularly in enhancing the capabilities of businesses that have already consolidated data and workflows. Companies that have established themselves as platforms are poised to take advantage of this wave, while those without a solid data strategy risk continued decline. The piece reviews five notable 8VC portfolio companies to illustrate the impact of the Smart Enterprise wave and its evolution into AI. Palantir's market cap skyrocketed from $26 billion at its debut to over $400 billion, showcasing its dominance in enterprise AI. Addepar manages more than $8 trillion in assets, while OpenGov, recently acquired for $1.8 billion, serves thousands of local governments. Qualia and Asana have also made significant strides in their respective fields, demonstrating the value created through smart integration of technology. The article emphasizes that AI’s potential extends beyond mere automation; it transforms decision-making processes by automating complex workflows. Fieldguide is highlighted as an example of a company that now performs skilled work previously done by humans, illustrating AI's ability to handle sophisticated tasks. The future for Smart Enterprise companies hinges on their ability to leverage AI effectively, with revenue outcomes ranging from zero to $500 million based on how well they adapt. The authors categorize various AI investment opportunities, pointing out that many promising use cases are now emerging in companies facing supply constraints, where AI can unlock previously untapped potential.