“Agentic Commerce” is in fashion. The media talks about it. Investors are mesmerized by it.
Like many new concepts, “Agentic Commerce” has a definition that is a bit fluid. It can be roughly defined as a way of online shopping where AI agents autonomously shop on behalf of a human consumer. The AI agents can interpret human intent, discover product options, optimize for constraints (prices, features, delivery speed) and complete transactions.
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[I own Wealthfront stocks and I may change my opinion anytime. This is not investment advice and please do your own due diligence.]
I studied Wealthfront (WLTH) in 2014 when the company was about 1/100 of its size today. Back then, I was attracted by WLTH’s automated investment technology. Some 11 to 12 years later, I am studying the company again, attracted by not only its technology but also the value of its equity.
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One day, coming home, I grabbed the elevator, pressed my floor number after others pressed theirs. I exited the elevator and walked toward my apartment. I pushed the key into the keyhole and I tried turning the key. The key did not turn. I tried again, and it still did not work.
Why didn’t my door open for me?
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Industrial machines are more powerful in their physical power than any human who has ever lived—cars have more power than human legs. AI chatbots are more powerful in their intellectual IQ than any human who has ever lived—even locally hosted LLMs are impressively good; I am running several LLMs completely locally on my Nvidia RTX 50 series GPU. If what separates humans from machines is no longer our muscles or our IQ—it must be something beyond these.
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[I own DoorDash stocks and I may change my opinion anytime. This is not investment advice and please do your own due diligence.]
DoorDash published its 2025 Q1 results earlier this month. Similar to the prior few quarters, DoorDash’s GOV exceeded almost all sell-side estimates and its AEBITDA landed within the range of its own guidance. The business continues to enjoy strong momentum, as reflected in its retention, order frequency, and market share. Thanks to the fundamentally human nature of “we have to eat” and “we like convenience,” DoorDash’s business so far has not been impacted by the ever-shifting macro environment.
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What is wisdom?
Is it about being smart? Being kind? Being compassionate? Being knowledgeable? Being prescient? Being divine?
Or, is wisdom about knowing when we don’t know? Or, maybe, is wisdom about when we don’t know, we can still have the right judgement and faith?
Who can be said to be wise? Hmmm… It appears a person cannot self-claim to be wise. “Being wise” appears to be a label given by the people who live around a wise person.
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We experience the world through feelings. Through individual life experiences, we generate feelings and we can later access these feelings. We capture our feelings by finding the most fitting words. Words form sentences, and sentences form thoughts. Some thoughts are more “respected” than others and we call them intelligence.
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[I own DoorDash stocks and I may change my opinion anytime. This is not investment advice and please do your own due diligence.]
DoorDash released its 2024 Q4 results last week. Total Orders grew by 19% YoY and Marketplace GOV grew by 21% YoY. Its reported GOV topped almost all sell-side estimates while its reported Adjusted EBITDA landed within its own guided range.
Jackson Zhu's Personal Blog 