What It Is
This essay argues that the agentic AI opportunity will not be owned only by vertically integrated model companies. Instead, it frames a broader ecosystem of orchestration, memory, routing, identity, payments, harnesses, and interface layers as the place where durable value can also accrue.
When To Use It
Use it when writing about the agent stack, open versus vertically integrated AI infrastructure, or where capital and product leverage may build around foundation models rather than only inside them.