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 | 195.88 | -2.9% | +32.4% | +16.5pp | — |
| PATHUiPath | 13.89 | +1.3% | +24.6% | +8.7pp | — |
| AMZNAmazon | 249.98 | -4.7% | +17.5% | +1.6pp | — |
| METAMeta | 648.38 | -7.0% | +13.2% | -2.7pp | — |
| GOOGLAlphabet | 323.85 | -3.3% | +8.0% | -7.9pp | — |
| SPYS&P 500 — benchmark | 763.59 | -1.2% | +15.9% | — | — |
| Basket: Agent platforms, agent commerce, and automation incumbents | |||||
Recent evidence 375 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 375 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, +39.7% since published; The SaaS Apocalypse, +62.1% since published. They stay on the board. We update priors on evidence, not on evidence we went looking for.