Definition
Copilot licenses
Seats for Microsoft 365 Copilot, which Santosh says are a weak proxy for AI ROI.
From the episode “"The Agent Did It" Won't Hold Up in Court”Hear it on the podcast1 episode
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Related terms in Finance & Markets
Consensus estimateThe average analyst forecast for a metric. FNS compares results against FactSet consensus.Consent JudgmentA court order where a defendant agrees they infringed; used to validate enforceability.Contract MetadataStructured fields attached to a contract document - vendor name, value, expiration date, key terms. AI procurement tools can surface insights even when metadata is incomplete by interrogating the unstructured contract text directly.Contribution marginRevenue minus variable costs. What remains after paying for everything that scales with each unit sold — shipping, processing, returns, packaging. Must be sufficient to cover fixed expenses and generate profit. The number that tells you whether each sale is helping or hurting.CPACertified Public Accountant.D&ODirectors and officers liability. Protects leadership from claims about their decisions. Now carrying absolute AI exclusions at some carriers.DAO (Decentralized Autonomous Organization)A governance structure in which decisions are made collectively by members using transparent, typically blockchain-based voting mechanisms. Mike advocates for DAOs as the infrastructure for hyper-local charitable giving (his Donaton concept): communities vote on their biggest local problems, and funding is algorithmically allocated based on scoring rather than centralized NGO decision-making. The argument: global NGOs are good at raising money but bad at finding who needs it most; local communities can vote on that with far greater precision.Defense Production Act1950 US law letting the president direct industry for national defense, now invoked for critical minerals.