Rule-based translation converts syntax but not intent. Rehosting moves the monolith without changing it. Manual rewrites take months and lose system knowledge when the contract ends. Coding agents added to this mix fail for a different reason. They can't see the whole system. This session explains why legacy modernization stalls and what changes when AI understands an entire application estate before it writes code. You'll leave with a clearer view of where modernization projects break down and what to ask for when you plan the next one.