Is the "modern data stack" still a useful idea?

We continue to be in the deployment phase for the MDS. The modern data stack that we've all come to love over the past decade isn't going anywhere; its categories are getting increasingly mature and increasingly well-integrated. In 2016, the modern data stack was a well-defined idea. So-does that mean that Tableau "Joined the modern data stack" once it improved its cloud-native capabilities? Notreally? I don't think anyone would say "Tableau is a modern data stack company." But thenwhat information is the MDS designation really conveying at this point? The useful information content that existed in 2016 is no longer present. I worried we had hit peak MDS when I went to big investment banker conference and a very senior banker said something like "The market can't get enough of all of these modern data stack companies!" I was confused, because a) I was in the community that coined that term, and b) there were no publicly-traded MDS companies I knew of aside from Snowflake. "We're the standard for data transformation in the modern data stack." On investor behavior: modern data stack companies were getting epic valuations up through EOY2021 / into early 2022. Overall: what once was a collaborative modern data stack ecosystem full of startups and growth and comarketing and event sponsorships has been supplanted by a bunch of companies focused on executing and where partnerships are still important but only when they have clearly-demonstrated ROI. This is all very natural, and long-term for the best! But the vibes, they are a-changin'.