AI’s value in regulated, high-stakes work depends on reliability and innovation moving together, so that agentic action can be taken with confidence, while humans remain in the loop. This is the premise Appian CEO Matt Calkins’ put forth on stage in front of thousands of his customers across a diverse set of industries. Appian is leaning into a difficult part of enterprise AI with a focus on turning probabilistic output into governed action. In our view, this puts the company on a credible path toward what we would call a System of Agency, even if lacks the deep semantics of a true System of Intelligence. The ultimate destination in our mental model continues to be a real time Digital Twin of an enterprise that can not only determine what happened and why it happened, but also what to do next; and then do it with confidence. While this capability remains aspirational for the industry and will take the better part of the next 4-6 years to play our, Appian is putting its stake in a key piece of the emerging AI software value chain.