Amazon made two things plain in its earnings call last night: 1) It expects its on-site agent, Alexa for Shopping, to be "the primary shopping agent customers use to shop Amazon," meaning it seems unlikely to meaningfully open its catalog to third-party agents for agentic shopping tasks, and 2) Alexa for Shopping has seen significant adoption by Amazon customers, with over 400MM customers having used it in the trailing 12 months. To my mind, the notion that (third-party) Agentic Commerce is a Mirage has already been demonstrated. For instance, Tony Xu noted in the DoorDash call this week that third-party agents had completed "several hundred orders in total" on its platform. There is no "there" there with Agentic Commerce; platforms have an inherent, insurmountable data and capabilities advantage with shopping tasks and their own agents will outperform the third-party agents that are even given access. And those third-party agents are increasingly starved of access. Walmart recently published its Agentic Access Terms, and the company forces third-party agents through Sparky for autonomous checkout, meaning they effectively just remit Sparky output. Jassy noted on the Amazon call that the company does "anticipate working with horizontal agents," but my sense is this will look either like *advertising* deals (Amazon struck such a deal with ChatGPT last month) or Walmart's access terms, broadcasting Alexa for Shopping into third-party surfaces. I've seen analysis attributing the deceleration in Amazon's advertising business (26% in Q2 to 11% in Q3) to third-party agentic commerce. This is absurd on its face. First, Jassy said as much on the call. Second, Amazon *blocks* external agents, so by definition, endemic brands would not see their ad spend displaced by third-party agentic discovery. And third, and most importantly: Prime Day moved from Q3 to Q2 in 2026. Third-party agents will fulfill the discovery role in commerce, which means that advertising is the most natural business model for them. Everything is an ad network.