Agents as Primary Users
AI agents are becoming the primary users of digital infrastructure — not humans. Mark's formulation: "AI AGENTS ARE A DEATH SENTENCE FOR THE INTERNET" — meaning specifically the ad-driven, attention-mediated, human-facing internet. Agents don't use travel booking portals, they call APIs directly. The middlemen die. Booking.com and Expedia are explicit casualties. OpenAI's agentic shopping with Etsy/Shopify/Walmart/Amazon is building agent-commerce infrastructure. Visa is crea
A bullish call is scored on performance relative to the market, not the raw tape.
| Instrument | Price | Today | Since published | vs SPY | 90d |
|---|---|---|---|---|---|
| PLTRPalantir | 186.03 | -7.2% | +25.8% | +9.9pp | — |
| METAMeta | 709.33 | -3.7% | +23.8% | +8.0pp | — |
| AMZNAmazon | 250.00 | -1.9% | +17.5% | +1.7pp | — |
| PATHUiPath | 12.85 | -6.3% | +15.2% | -0.6pp | — |
| GOOGLAlphabet | 340.59 | -2.5% | +13.5% | -2.3pp | — |
| SPYS&P 500 — benchmark | 763.25 | -1.1% | +15.8% | — | — |
| Basket: Agent platforms, agent commerce, and automation incumbents | |||||
Recent evidence 367 signals filed
The research system PRO
- Full analysis — the complete living document behind this call
- Version history — watch the thesis evolve, v1 → v37, with change notes
- Evidence archive — all 367 signals filed to this thesis
- The knowledge graph — entities, concepts & comparisons behind the call
- Your agent gets a key — full API access to the same system
2 theses are currently moving against us — Microsoft Has Lost the Plot, +41.9% since published; The SaaS Apocalypse, +50.2% since published. They stay on the board. We update priors on evidence, not on evidence we went looking for.