Razor's Edge: Agent Economy

Quick note: I added full text search to the site since ghost search sucks and there are nearly 500 articles in there.

Ok, onto the consumer agentic economy.

Meta Muse launch adding fuel to fire on this thematic trade so just some quick color as gotten many questions. I'm long meta/net/fsly on this theme. Fastly is my tactical trade. Net/Meta investments are way bigger. Do what u will w that.

Fastly

This is a direct trade perfect set up on consumer agentic driving immediate upsell that is needle moving for the biz. I know some folks will come back with Akamai at its valuation but there is massive legacy security biz there u need to strip out and they are doing the compute leasing/hybrid deal w anthropic at far more muddying economics. So, the just buy more of lucrative software security modules immediately for this problem is not gonna jump out. And Fastly has already given us some nice current customer examples very similar to what Muse/Instinct/Grok should cause. AI traffic as both an existential problem and an opportunity and triggers buying Bot Management + DDoS Protection to understand/control it.

Then u have the travel site direct example..

machine traffic growing fastest ever → traffic roughly doubles → Fastly bill roughly doubles → customer evaluates more security because it cannot simply block every machine

Muse catalyzes this because it turns the friendly agent side u want from hypothetical into something Meta is putting into WhatsApp immediately. So, if u thinking trade on a theme that's why Fastly gets the torque argument. But you can obviously own both as they have matching products to sell to their bases on this.

NET

If I invented some new bot narrative tomorrow, I'm pretty sure Net would find a way into it very quickly. I increasingly like my Net memory lane convos w friends as I just think this been so suited to passive owning despite its multiple which is just not something u often gonna hear from me. As many of you all know we went through this in Summer of 2025 on them being the no brainer multiple expansion story in saas and the easiest re-accel on workers, and it still felt like a headache then. And I feel like here we are again with Agentic.

But the sexy narratives behind the biz are endless and always growing. I asked the Supreme Intelligence to make a list of them just to recap.

• Agent infrastructure / digital labor — Workers, Durable Objects, Containers and Sandbox can give agents persistent state, compute, storage and execution environments. Cursor and Devin are already examples of this architecture showing up in production.
• Agent security / governance — As companies deploy thousands or millions of agents, somebody has to control what those agents can access, which MCP servers they can talk to, what data they can see and what actions they can take. Cloudflare is increasingly sitting in that enforcement layer.
• Agentic commerce / machine payments — Agents eventually need to buy things, pay for APIs, purchase data and transact with other machines. Cloudflare is building Wallets, Monetization Gateway and support for machine-payment protocols.
• AI crawlers breaking the economics of the web — Publishers increasingly want to distinguish between humans, search crawlers and AI companies vacuuming up their content. Cloudflare can block them, identify them or potentially charge them through Pay Per Crawl.
• Browser/computer-use agents — Consumer agents still have to interact with a web designed for humans. Cloudflare can provide browser execution infrastructure that lets agents navigate pages, fill forms, click buttons and interact with the web programmatically.
• AI Gateway / model routing — As models commoditize and enterprises increasingly use OpenAI, Anthropic, Gemini, Grok and open-source models simultaneously, Cloudflare can sit in front of all of them handling routing, caching, observability, security and cost control.
• The new developer cloud — Workers is expanding far beyond edge JavaScript. Containers, R2, D1, Durable Objects, Queues, Workflows and Sandbox increasingly give Cloudflare the pieces of a full cloud platform optimized for distributed applications and agents.
• SASE / Zero Trust consolidation — Cloudflare is attacking the same enterprise security and networking budget as Zscaler, Palo Alto, Netskope and Cisco. Agents potentially expand this TAM because companies now have to secure humans, devices and autonomous software.
• R2 / anti-egress cloud storage — Cloudflare is attacking one of the more hated parts of traditional cloud economics: moving data out. Cheap, globally distributed storage becomes particularly relevant if agents constantly move data between models, applications and clouds.
• The API economy becoming the agent API economy — Humans click webpages. Agents increasingly call APIs and MCP tools directly. Cloudflare can secure, rate-limit, observe, route and potentially monetize an explosion in machine-to-machine requests.
• Bot identity / proof-of-human / proof-of-agent — The web increasingly needs to answer a basic question: is this a human, a legitimate agent or a malicious bot? Cloudflare already sits at one of the best possible choke points to become part of that identity layer.
• Cybersecurity platform consolidation — WAF, DDoS, API security, bot management, Zero Trust, network security, browser isolation and agent/MCP security are increasingly converging. Cloudflare's advantage is that all of these controls can sit on the same global network.
• Edge inference / inference commoditization — Cloudflare can run models through Workers AI while AI Gateway abstracts external providers. The bigger opportunity may not be selling expensive intelligence, but controlling and routing intelligence as inference becomes cheaper and interchangeable.
• Stablecoins without needing to be a crypto company — Machine commerce may naturally gravitate toward programmable money and stablecoin settlement. Cloudflare can participate at the transaction and policy layer without needing the economics to depend on crypto speculation.
• Post-quantum security — Quantum-safe encryption is becoming an eventual mandatory infrastructure upgrade. Cloudflare is already deploying post-quantum cryptography across a huge amount of Internet traffic, giving it another potential enterprise security wedge.
• Enterprise WAN / the connectivity cloud — Cloudflare is gradually replacing pieces of traditional MPLS, SD-WAN, firewall, VPN and network-appliance infrastructure with software delivered through its global network.
• Data sovereignty / sovereign cloud — Governments and regulated enterprises increasingly care about where data resides and where workloads execute. Cloudflare's globally distributed infrastructure can increasingly provide jurisdiction-specific storage, networking, compute and security.

Really, is remarkable when u go through these even if u been familiar with them. The first one btw is freshest and I thought I'd have more time to get into it, but basically, Cloudflare's 4th cloud angle is getting stronger AI ecosystem wise. Ramp was one of the first really good tells here. Its Inspect coding agent gives every agent session its own Cloudflare Durable Object. That object effectively becomes a tiny persistent server dedicated to the agent: it holds state, a SQLite database, streaming connections and communication with the user while the agent works

Ramp independently concluded that one agent = one persistent Cloudflare object was a very natural way to build this thing. That makes sense because agents behave nothing like traditional web requests. A normal serverless request comes in, does something and disappears. An agent can exist for hours. It waits for a model response, wakes back up, receives another instruction, calls a tool, goes idle, resumes, maintains context and has multiple systems talking to it at once. Cloudflare’s Durable Objects were almost bizarrely well suited to this kind of workload before “agent infrastructure” was even a major category.

The more important development since Ramp built Inspect is that Cloudflare has started moving below the control plane and into the actual computer. Containers and Sandbox now let Cloudflare provide the Linux environment where the agent does the work as well. Workers can route requests, Durable Objects can hold persistent state, Containers can execute the code, R2 can store checkpoints, and Cloudflare’s network and security products can control everything the agent touches. What started as “manage the agent session” is becoming “run the agent’s computer.”

Cursor makes the division of labor particularly clean. Cursor can keep the model inference, planning and agent loop while Cloudflare supplies the isolated machine where the agent clones repositories, modifies files, runs shell commands, executes tests and interacts with development tools. Cognition’s Devin Outposts follows a similar pattern: individual Devin sessions can run inside isolated Cloudflare Containers, with persistent state checkpointed into Cloudflare storage.

So the emerging stack starts to look pretty simple. OpenAI, Anthropic, Gemini, or whoever provide the intelligence. Cursor, Devin, Ramp and whatever comes next provide the harness. Cloudflare increasingly provides the persistent state, execution environment, storage, network connectivity and security underneath it. Then the agent goes off and touches GitHub, databases, browsers, APIs, enterprise applications and the rest of the Internet.

That is obviously much more multiple expanding infra thesis than “AI increases traffic" or micropayments for crawl's, but Net honestly manages to do it all. Historically, Cloudflare's key position was sitting between humans(regular bot) and websites. In an agent economy, Cloudflare just seems to sit between software and everything software needs to touch. And unlike the toke world of model inference, that layer does not necessarily disappear as capability cost of intelligence deflates. In fact, it may benefit directly from the collapse in the price of intelligence. Now, as is always the case w Net, I would not get carried away with the current revenue. Cursor and Devin’s Cloudflare deployments are still new and optional. Ramp’s actual sandbox compute still running external vendor. But the ecosystem is clearly flourishing and is simply gonna continue to grow and expand. The better read is that multiple sophisticated teams solving the same new infra problems have independently started putting Cloudflare in roughly the same place in the architecture,a nd Cloudflare keeps broadening what it can supply in that layer. First the persistent agent. Then the storage. Then the sandbox. Then the network. Then the security around everything the agent touches. Then the commerce rails etc..

Meta

So much potential here so let's see. I was positioning around this event and was expecting/hoping they drop muse before Meta Connect which is nice. I think there is so much interesting stuff architecture wise that you can also get into, (especially the security essentially being a compliance agent to clear and determinstic sweep) but for now no need. Early feedback is great, Watermelon is around the corner, core humming along, compute footprint is strong, and stock is cheap so I'll just save that for later.