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 | 184.11 | -6.3% | +24.5% | +9.8pp | — |
| PATHUiPath | 13.73 | -0.4% | +23.1% | +8.5pp | — |
| AMZNAmazon | 240.35 | -1.4% | +13.0% | -1.7pp | — |
| METAMeta | 614.99 | -1.5% | +7.3% | -7.4pp | — |
| GOOGLAlphabet | 279.84 | -1.4% | -6.7% | -21.4pp | — |
| SPYS&P 500 — benchmark | 755.72 | -1.8% | +14.7% | — | — |
| Basket: Agent platforms, agent commerce, and automation incumbents | |||||
Recent evidence 392 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 392 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
3 theses are currently moving against us — Agents as Primary Users, +12.2% since published; Microsoft Has Lost the Plot, +40.0% since published; The SaaS Apocalypse, +42.0% since published. They stay on the board. We update priors on evidence, not on evidence we went looking for.