GitLab Q2, and why it blew out the quarter: - Four months ago this was the consensus AI casualty in B2B. Stock in the high teens. They cut 14% of the company in May, exited 22 countries, took out three layers of management. - This week: revenue $286.3M, +21%, five points ahead of their own guide. Record gross bookings. Stock up ~15-20%. Four things actually drove it, and none of them are "AI hype": #1#. More AI coding means more GitLab, not less Secure repositories +60% YoY. Code pushes +50%. CI/CD pipelines +40%. Among their most aggressive AI adopters, codebases have grown as much as 500%. Agents write the code. Somebody still has to store it, scan it, review it, and ship it. #2#. They repriced GitLab Flex replaced fixed seat quantities with one dollar commitment that draws down across seats, credits, and usage, re-elected monthly. $20M+ committed from 130+ customers in six weeks. Paid consumption run rate went $15M to $40M+ in one quarter, targeting $100M by year end. #3#. The enterprise leaned in Deals over $500K up more than 150%. First orders ~1,700, more than double. 8 of their 10 largest deals bought Ultimate. #4#. Sales capacity +30% and productivity per rep +10% ... in the same year they cut 14% of the company. -> The bill: gross margin 90% to 86%, because they buy inference. -> And Flex pushes revenue later, so Q3 revenue is guided *below* Q2 despite record bookings. They took a worse revenue line this year to get a better business next year. That is the whole quarter.