there is the infra layer and then the apps layer from software perspective. unlikely for ADB to move to infra layer. and ADB's solutions are within the apps layer. And I am seeing companies in the apps layer adopted AI and gaining traction from the companies I am following - Softcat and Intuit. My personal opinion - ADB is losing out in the long run if they do not have AI driven products/solutions.

not sure. priced in the plateauing of its main segment perhaps. yet to see significant uptick in regional revenue contribution and on-cloud; still predominantly in Malaysia and on-premise solutions. No AI products/services in the pipeline either. margin is still good. its a question of how fast is the transition to on-cloud and regional expansion; will rush if there are positive signs here.