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 | 13.76 | +1.0% | +23.4% | +7.7pp | |
| PLTRPalantir | 176.24 | +1.1% | +19.1% | +3.4pp | |
| METAMeta | 682.31 | +1.3% | +19.1% | +3.3pp | |
| AMZNAmazon | 251.19 | +2.1% | +18.0% | +2.3pp | |
| GOOGLAlphabet | 347.33 | +1.3% | +15.8% | +0.0pp | |
| SPYS&P 500 — benchmark | 762.60 | +1.1% | +15.7% | — | |
| Basket: Agent platforms, agent commerce, and automation incumbents | |||||
Recent evidence 315 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 315 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, +33.5% since published; The SaaS Apocalypse, +49.5% since published. They stay on the board. We update priors on evidence, not on evidence we went looking for.