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 |
|---|---|---|---|---|---|
| PATHUiPath | 18.14 | -2.8% | +62.7% | +47.1pp | |
| PLTRPalantir | 179.92 | -3.5% | +21.6% | +6.0pp | |
| AMZNAmazon | 254.92 | -1.9% | +19.8% | +4.2pp | |
| GOOGLAlphabet | 335.02 | -1.3% | +11.7% | -3.9pp | |
| METAMeta | 578.54 | +1.1% | +1.0% | -14.6pp | |
| SPYS&P 500 — benchmark | 761.78 | -0.7% | +15.6% | — | |
| Basket: Agent platforms, agent commerce, and automation incumbents | |||||
Recent evidence 269 signals filed
The research system PRO
- Full analysis — the complete living document behind this call
- Version history — watch the thesis evolve, v1 → v36, with change notes
- Evidence archive — all 269 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, +34.4% since published; The SaaS Apocalypse, +54.7% since published. They stay on the board. We update priors on evidence, not on evidence we went looking for.