Largely agree. 1/ Agentic commerce's impact on $AMZN Ads rev ($100B rev, or est. 50% of operating profit): real disintermediation risk. GMV: depends. If $AMZN is truly "cheaper, faster, better", an objective agent should send more GMV to $AMZN. But I personally doubt $AMZN’s GMV share grows meaningfully in an agentic world. Just look at the $50B in marketing exp. $AMZN throws out today - large platforms have an "unfair advantage" bc they can afford higher CAC. Long-term value / customer ownership: intrinsic value should go down if $AMZN loses the top of the funnel. You may still get the trx and the buyer’s info, but you lose browsing behavior, retargeting, cross-sell opps, and ultimately the customer relationship. Potential upside: $AMZN can open up its best-in-class logistics backbone to other merchants = new rev stream (which it is already doing a little). The risk feels more skewed to the downside, imho: top of funnel → infrastructure layer. 2/ What happens to ads as an industry Under agentic commerce, ad spend and take rate - which ppl historically think of as distinct business models - will converge. In a fully agentic world, ads as an industry could theoretically "disappear." But that doesn’t mean the ad dollars (~$300B in the US) disappear. Sellers will still need (and want) to pay digital tax on distribution. Whether that comes in the form of ads or a take rate is largely semantic. Take OTAs ($BKNG $EXPE) as an example. Say half of their bookings and traffic are direct, and the other half indirect, mostly through $Google. For the indirect portion, the companies basically break even given the high CPCs they pay $Google. Take rate on the direct portion is ~15%. So even though the cost is paid in the form of ads, the equivalent take rate OTAs pay Google is effectively ~15%. An agent charging 2%, 5%, or eventually 10%+ of GMV is therefore not necessarily introducing a new cost. It may simply be repackaging an existing acquisition cost from CPC into CPA / take rate. And agents @Muse will probably start cheap. 3/ What holds true no matter what (pre- or post-agentic world): A. Owning top-of-funnel customer intent = pricing power. Losing direct traffic means losing much more than the immediate transaction. B. Commerce winning formula (is always) = cheaper, faster, better. ++ A more verbose version: