Booking Holdings says large language models send it under one percent of its traffic. Goldman Sachs has a basket built on the opposite worry, that agents make switching cheap. Both can be true, because there are two kinds of slow. Some friction protects someone, like capital rules, controls and custody. Some just makes leaving tedious, like sitting on hold to cancel. Most companies book both as the same retention revenue. Agents only dissolve the second kind. The holiday quarter is the first real test of how much of it there is. Wrote it up in this week's Bridge, link below.
