How r&d commercialization spin-outs are reshaped as AGI capability advances.

Read as an executable program — the work decomposed into Code, Generative, Agentic, and Human.
R&D Commercialization Spin-outs sits inside a larger value-flow — 1 parent structure it composes into. The hierarchy is grounding, not the story: it tells you which aggregate exposure R&D Commercialization Spin-outs inherits.
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