Today, we sit at the beginning of the third act: Differentiated functions running on utility infrastructure. We have all kinds of names for aspects of this idea, and at the core is a new type of computing architecture we have many names for. Serverless, function as a service, platform as a service; the names and variants aren’t what’s important here. What matters more is that one institution has an early lead on everybody else: Amazon Web Services. And AWS Lambda, launched into high velocity by EC2, S3 and the other AWS services, is the master stroke.