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
-3.8pp
Basket vs S&P 500since published — the verdict number
Basket absolute+9.3% · 5 instruments
S&P 500 same period+13.1%
Call directionBullish ↑
A bullish call is scored on performance relative to the market, not the raw tape.
| Instrument | Price | Today | Since published | vs SPY | 90d |
|---|---|---|---|---|---|
| GOOGLAlphabet | 359.51 | +2.0% | +19.8% | +6.7pp | |
| AMZNAmazon | 247.49 | +0.1% | +16.3% | +3.2pp | |
| METAMeta | 646.01 | -2.8% | +12.7% | -0.4pp | |
| PATHUiPath | 11.95 | +0.1% | +7.2% | -5.9pp | |
| PLTRPalantir | 133.72 | +2.8% | -9.6% | -22.7pp | |
| SPYS&P 500 — benchmark | 745.40 | -0.3% | +13.1% | — | |
| Basket: Agent platforms, agent commerce, and automation incumbents | |||||
Recent evidence 175 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 175 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
When we're wrong
One thesis is currently moving against us — Agents as Primary Users, +9.3% since published. It stays on the board. We update priors on evidence, not on evidence we went looking for.