Warning: Investors Must Prepare For The Agentic Takeover

Joseph Carlson After Hours•Sep 25, 2026

Summary

Joseph examines the impact of 'agentic' AI, such as Meta's Muse, on the broader market. Joseph notes that unlike simple chatbots, these agents possess the ability to perform complex, multi-step transactions, effectively becoming 'gatekeepers' of demand. Joseph categorizes companies based on two axes: how much value they derive from removing friction and how much scarce execution they possess. Joseph believes the companies most at risk are 'intermediaries' that monetize search costs and inertia, while companies with strong, proprietary networks are better positioned to survive or pivot.

**Booking Holdings:** Joseph is increasingly concerned about this company, noting that it is highly vulnerable because its primary function is assembling travel comparisons—a task easily replaced by agents. Joseph warns that even if Booking Holdings remains a backend provider, the loss of direct interface control could significantly damage its economics.

**DoorDash:** Joseph identifies this as having a moderate risk profile, as agents can compare prices against competitors or direct restaurant ordering. However, Joseph maintains a position in DoorDash because its physical delivery network, local logistics, and operational density provide a layer of 'scarcity' that pure interface companies lack.

**Alphabet (Google):** Joseph classifies this as a massive, resilient holding in their portfolio. While Joseph acknowledges that agents might bypass Google's search result pages and impact ad revenue, Joseph believes Alphabet's extensive data, user intent signals, and technical infrastructure allow it to successfully adapt and remain relevant in an agent-driven world.

Joseph highlights that companies like Intuit (TurboTax) and Zillow are also under pressure, as their service offerings are highly susceptible to being automated by agents that already possess a user's financial or personal profile.

Mentioned Stocks

GOOGL

Sentiment: BUY

Reasoning: Joseph considers Alphabet the most resilient company because it owns deep intent data and the infrastructure agents require to function. Joseph argues that Alphabet can monetize the backend of agent transactions even if the traditional search interface changes.

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BKNG

Sentiment: SELL

Reasoning: Joseph expresses significant concern, stating that Booking Holdings is highly exposed because its value proposition relies on being a travel intermediary, which agents are perfectly designed to replace. Joseph emphasizes that losing the interface control to an agent layer could break their business model.

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DASH

Sentiment: HOLD

Reasoning: Joseph believes DoorDash is more defensible than pure intermediaries due to its physical logistics network. While Joseph notes some vulnerability to agent comparison, the company's density and execution capabilities justify holding the position.

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