AI, application generation (AppGen) platforms, and agentic software development are transforming the software landscape, but misconceptions create confusion about what these technologies can deliver. While agents and generative tools accelerate portions of the software development lifecycle (SDLC), they cannot yet create end-to-end production-ready enterprise apps. AppGen has subsumed low-code, making these platforms the most practical path to enterprise-grade AI-enabled software development. Successful organizations will use AppGen to democratize software creation. Leaders who invest strategically will gain speed, scale, and competitive advantage as agentic capabilities mature.