−5.4%
since Oct 7
The idea
I believe bots and AI agents already drive a huge share of web traffic, and that traffic is turning into something people pay to let through. So I built this around the gatekeepers who sit between bots and websites, weighted toward companies like Cloudflare, Akamai and Fastly, with smaller slices in identity and bot-detection firms, payment rails that could handle tiny per-visit charges, the data centers and network gear carrying the load, and publishers already getting paid for their content by AI companies. No single name is a huge bet, and 10% stays in cash.
What it owns
- Companies positioned to charge bots and AI crawlers for access to sites and services they protect or deliver. · CloudflareIt blocks AI crawlers by default for many sites and is building tools for them to pay per request instead., Akamai TechnologiesIt runs one of the largest delivery networks and sells bot management to enterprises, so more automated traffic means more filtering and charging., FastlyIt is an edge network that sees and controls bot traffic for major websites and offers bot and security products to customers.26%
- Companies building the infrastructure for bots and AI agents to make automated payments per request or interaction. · Coinbase GlobalIt is backing open standards for machines to pay each other per request using stablecoins as the settlement layer., VisaIt is building tools for AI agents to make payments on behalf of users, positioning it to process per-request or per-access charges., MastercardIt operates a program enabling AI agents to make autonomous payments, providing a second card network for bot access charges., Circle Internet GroupIt issues USDC, the stablecoin most commonly used in early tests of machine-to-machine micropayments and automated transactions.20%
- Content owners that have begun licensing their data to AI companies and can set the terms and price. · RedditIt already receives payments from major AI companies and search engines for licensing its user-generated content., The New York Times CompanyIt has licensed content to major AI companies while pursuing legal action against unpaid scraping, pushing the industry toward paid access., News CorpIt signed a multi-year content licensing agreement with a major AI company, demonstrating that publishers can monetize their data at scale.16%
- Companies that identify, authenticate and control automated traffic and agents inside networks and applications. · F5It sells security and bot management gear that large enterprises deploy to distinguish real users from automated traffic., OktaIt manages login and identity verification, services that AI agents acting on behalf of users will require for their own authenticated access., ZscalerIt inspects traffic flowing into and out of enterprises, a role that becomes more valuable as bots and autonomous agents multiply inside networks.15%
- Companies that operate the data centers and network gear carrying heavier volumes of AI and bot computation. · EquinixIt operates data centers where networks and cloud providers interconnect, and heavier bot traffic increases connection and space demand., Arista NetworksIt manufactures the high-speed network switches inside large data centers that process AI and bot computation at scale., Digital Realty TrustIt owns and leases large data centers that host the servers processing AI and bot workloads for major customers.13%
- Cash10%