Some simple economics of AI?

AI lowers the cost of building businesses. But it raises the bar for sustaining advantage. More companies can start. Fewer can dominate.

That implies greater dispersion. More volatility. Less structural concentration. A market that rewards adaptability rather than mere size.

And it raises the question that follows logically from duration compression: if software moats erode faster, where does durable advantage reconcentrate? The answer may be in the places that resist compression, physical infrastructure, energy constraints, material bottlenecks, regulatory barriers. The assets that cannot be replicated with model access and API credits. The things that still require time.

Equity does not disappear in this world.

It transforms.

From ownership of stability to exposure to speed.

From franchises to call options.

And that is the structural shift beneath the surface panic, the real story unfolding in the Age of Agents.

Here is more from Jordi Visser.