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CommemorativeFor this logic, perhaps both the experience and the resonance it generates are more familiar to ⏰ people. Domestically, we have already entered this process of "disintermediation" during the internet era, and in a horizontal comparison, the depth and breadth of this disintermediation far surpass that of foreign counterparts. The weakness of physical stores is already a clichéd topic. Of course, there are many factors influencing this, but by observing this phenomenon, our investments should at least be able to learn something. For example, in a domestic market where "disintermediation" is faster and earlier, which specific sectors are still worth investing in and offer higher returns compared to other segments. If we assume that economies undergoing "disintermediation" will eventually become somewhat similar, then now is the time to look for opportunities waiting at the finish line.
Why does this article have such a big impact on the IGV sector? It uses three cases to deduce how AI is disrupting software business models.
Case 1: $ServiceNow(NOW.US) introduced AI into its SaaS services to help customers save costs. Customers reduced their HC by 15%, and Now, which charges per seat, also lost 15% of its budget. To maintain competitiveness, Now also laid off employees while continuing to invest in AI. This is a rational response for each company, but the collective result is that the money saved from layoffs strengthens AI capabilities, making the next round of layoffs possible.
Case 2: The user stickiness represented by $Doordash(DASH.US) is bypassed in the face of Agents. People are too lazy to compare prices across multiple platforms, so apps become consumption habits. However, Agents can instantly query and search across multiple platforms, pushing the cheapest and most cost-effective options. Agents have no app loyalty.
Case 3: Agent Commerce, represented by M2M, disrupts the intermediary model of transaction fees. On-chain transactions bypass intermediaries, resulting in lower fees.
The core view is that Agents make it possible to bypass intermediaries and connect directly with end-users, but this also destroys the foundation of modern commerce because it is precisely the intermediate links that create jobs and income. In the end, white-collar workers earning $180,000 a year lose their jobs and drive for Uber, earning less than $50,000 a year and having no money to spend. As for the Agents that bypass intermediaries and take the profits, they don't consume at all.
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