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AI agents—algorithms empowered to take action on a user’s behalf—are starting to fundamentally reshape the business and consumer landscapes. Case in point: Enough consumers are skipping Google and searching using ChatGPT, an AI agent that interprets questions and synthesizes search results, that some experts estimate it could replace Google in four years. For others, AI-agents are creating a new source of customer leads, independent of traditional SEO. No doubt the dominant players will fight back, but the rapid adoption of AI agents has much bigger implications for who captures value—particularly who owns the end customer, the holy grail of the digital age.