Marketplaces earn their money when you browse, not when you buy. An AI assistant that shops for you skips the browsing. Ad revenue vs operating income (2025): - Amazon retail: 2x - DoorDash: 1.9x - Instacart: 2.2x AI assistants don't need to rebuild Amazon's warehouses to hit Amazon's profits. Full piece from @aleximm and @santiago__rdz on who gets paid when AI does the shopping: https://www.a16z.news/p/who-gets-paid-when-ai-does-the-shopping