'While today's AI market exhibits many characteristics of commoditisation — with users readily switching between models and interfaces as newer, better alternatives emerge — the next phase of agentic AI could fundamentally change the competitive dynamics. As agents become embedded in workflows, accumulate customer context and gain permission to execute tasks, switching costs and ecosystem advantages could increase materially. This could recreate the increasing-returns economics that historically made technology platforms so attractive, even if the underlying AI intelligence itself becomes commoditised.'