AI agents are moving from simply answering questions to actually doing things for us — shopping, booking hotels, making reservations, comparing prices, managing transactions, and eventually negotiating with other machines on our behalf.That shift could have enormous consequences for some of the world’s biggest companies.In this episode, I look at the rise of agentic commerce and a simple framework for determining which businesses are most exposed: How much of their value comes from removing friction, and how much scarce infrastructure or capability remains once that friction disappears?We break down what this could mean for Booking Holdings, DoorDash, Intuit, Google, Amazon, Uber, Duolingo, Microsoft, Meta, Visa, Mastercard, ASML, S&P Global, Costco, Netflix, Texas Roadhouse, and more.Some businesses may lose their direct relationship with the customer. Others could become even more valuable as AI agents increase transactions, computing demand, and the need for trusted infrastructure.The question may no longer be, “Can AI automate this business?”It may be: “What happens when an AI agent becomes the customer’s gatekeeper?”0:00 The Agentic Commerce Thesis
2:03 Meta Muse: The First Real Consumer Agent
5:43 How AI Agents Could Reshape Business
7:26 The Friction Framework: Who Is Most Exposed?
11:57 The Four Stages of the Agent Economy
18:28 Booking Holdings, DoorDash & Intuit
27:12 Google, Amazon, Uber & Duolingo
32:15 Microsoft, Meta, Visa & Mastercard
36:50 ASML, S&P Global, Costco, Netflix & Texas Roadhouse
41:14 Which Companies Are Most Exposed to AI Agents?
