Sequoia's Julien Bek: Agents as Customers, the End of UI, and Eroding Margins

20VC · rss · 2026-08-24

Sequoia Partner Julien Bek discusses investment philosophy and AI trends:

Agent Economy: As agents become the new customer, UI may become irrelevant, and Answer Engine Optimization could surpass SEO.
Business Impact: AI agents might destroy software margins and brand loyalty; enterprises will allow agents to make purchasing decisions.
Investment Logic: AI infra might be safer than applications; the next trillion-dollar company could masquerade as a service business; some service industries will be end-to-end automated by AI.
Organizational Shift: Enterprises cry out for AI implementation help, and team sizes may shrink dramatically.

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