Cathie Wood has spent years telling investors to “follow the developers” when trying to figure out where technology is headed next. Now the ARK Invest CEO thinks investors may need to follow something else: the agents.
“We’re probably going to be talking more and more about ‘follow the agents,’” Wood said during a panel at Robinhood’s Summit in Houston on Wednesday. She was referring to AI agents, software that can carry out tasks on a person’s behalf rather than simply answering a question or generating text.
Wood's comment was brief, coming near the end of a wider discussion about AI, private markets and technology investing. But it points to a question that is becoming more important as companies race to build AI agents: What happens when AI stops simply giving people answers and starts spending their money?
Developers have long helped show which technologies are gaining momentum because engineers tend to gravitate toward tools they find useful. If millions of AI agents begin making their own choices about which software, services and networks to use, their activity could offer another way to see where demand is going.
But those agents will also need a way to pay.
In a post last month, Joseph Chalom, co-CEO of SharpLink and the former head of digital assets at BlackRock, argued that the financial system used by AI agents should not end up controlled by a small number of banks or technology companies.
“A world full of intelligent agents means nothing if a handful of companies decide where your money can go,” Chalom wrote in the final installment of a three-part series on agentic finance.
The issue, in Chalom's view, isn't simply whether an AI agent can spend money. It's how much power people give that agent and who controls the financial system behind it. A person might authorize an agent to spend up to $500 booking a hotel, for example, without giving it unlimited access to a bank account. The user should also be able to cancel that authority and see a record of what the agent did.
Chalom also argued that people should be able to move their agents between financial providers rather than becoming locked into one company's system. An agent should be able to carry its identity, financial information and permissions to another provider in much the same way a person can take a phone number from one carrier to another.
Chalom said open blockchains such as Ethereum ETH$2,682.23 could provide a common financial network that different agents, apps and companies can use. Instead of every AI company building its own closed payment system, agents could move money across a shared network without needing one technology company or bank to sit in the middle of every transaction.
That also gives Wood's idea of “following the agents” a financial dimension. If agents begin carrying out more tasks on their own, investors could watch not only which AI models and software they choose, but also how they pay for things and which financial networks they use.
BlackRock made a similar connection in a September paper examining the overlap between AI and digital assets. The asset manager argued that AI agents could create new demand for payment systems built for machines. An agent might need to pay for an API call, buy data from another service or rent computing power, all without waiting for a person to approve each transaction.
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