Insights
How we think about where AI value accrues, written as we underwrite it. A weekly note tracks what moved in each of the three layers and what it means for how we invest.
In a month the checkout for software that shops on our behalf went from pilot to product. Nobody has said whose balance sheet absorbs an agent's mistake, and that gap is where the value in agentic commerce now sits.
The card networks, the big processors and the cloud providers have put the protocol for agent payments under open governance. The rail is now a commodity. What sits on it is not.
The newest robot brains are trained once and run on arms, humanoids, cars and drones. When the model stops caring which machine it drives, the value moves to the layer that feeds and checks it.
In one month the vendors that own the record in insurance and hospital billing shipped their own agents inside it. That settles a question we ask of every vertical AI company.
The only question worth asking about an AI company: when the next model ships, does it compound, or does it disappear?
Insights
Where AI value accrues, as we underwrite it. No noise.