My thoughts on agentic commerce: Infra collapses - no rent seeking is possible by itself. Agents don’t care, if they are being charged they will go around you UNLESS they have built up reputation. I’m talking facilitators, search etc. Chat collapses into a few winners in the whole industry - most likely Claude and GPT. When features are a daily addition trying to compete at this layer is utterly hopeless. Frontier harness providers have access to better models 3-4 months before you and they will capture all the attention and build it better. 402 payments just become ubiquitous everywhere, incumbents just adopt it as a method. Trying to be AWS with x402 is hopeless. MPP x402, whatever is next, agents don’t gaf. So what’s the bullcase and where does value flow? Where it always does - true innovation, applications that provide outsized value to users. Barely any exist right now because everyone is selling shovels. The sands are shifting rapidly on every part of the software stack and value will spawn with the innovators, so keep an eye out. We will release a thesis soon which we think the market will enjoy and it’s something that truly does give outsized value to users and agents alike. $dreams @daydreamsagents