Compute Is the New Cash

Plus: The end of the AI subsidy, do you actually want to talk to your agent, and
how to turn customer feedback into a product queue
 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
[https://d24ovhgu8s7341.cloudfront.net/static/every-logo.png]
https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by8iLCJwb3NpdGlvbiI6MH0=
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Context Window

[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by9jb250ZXh0LXdpbmRvdy9jb21wdXRlLWlzLXRoZS1uZXctY2FzaD9tZXRlcmVkX3BheXdhbGw9MSIsInBvc2l0aW9uIjoxfQ==]

COMPUTE IS THE NEW CASH
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by9jb250ZXh0LXdpbmRvdy9jb21wdXRlLWlzLXRoZS1uZXctY2FzaD9tZXRlcmVkX3BheXdhbGw9MSIsInBvc2l0aW9uIjoyfQ==]

PLUS: THE END OF THE AI SUBSIDY, DO YOU ACTUALLY WANT TO TALK TO YOUR AGENT, AND
HOW TO TURN CUSTOMER FEEDBACK INTO A PRODUCT QUEUE
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by9jb250ZXh0LXdpbmRvdy9jb21wdXRlLWlzLXRoZS1uZXctY2FzaD9tZXRlcmVkX3BheXdhbGw9MSIsInBvc2l0aW9uIjozfQ==]

by Laura Entis
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by9jb250ZXh0LXdpbmRvdy9jb21wdXRlLWlzLXRoZS1uZXctY2FzaD9tZXRlcmVkX3BheXdhbGw9MSIsInBvc2l0aW9uIjo0fQ==]

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Midjourney/Every illustration.

‘AI & I’: HOW STRIPE IS BUILDING FOR AN AGENT-NATIVE WORLD

A new episode of AI & I
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by9wb2RjYXN0IiwicG9zaXRpb24iOjV9]
is here. Dan Shipper
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by9AZGFuc2hpcHBlciIsInBvc2l0aW9uIjo2fQ==]
sits down with Emily Glassberg Sands, head of data and AI at Stripe, to discuss
how AI is reshaping online commerce. Dan and Emily discuss how compute is the
new cash, fraud has moved beyond the checkout, and agents are starting to act as
economic participants on the internet.

Watch on X
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly94LmNvbS9kYW5zaGlwcGVyL3N0YXR1cy8yMDQ5NTEyMTI5ODQ2NTMwMDg2IiwicG9zaXRpb24iOjd9]
or YouTube
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly93d3cueW91dHViZS5jb20vd2F0Y2g_dj0tZ095dXA2eUxCWSIsInBvc2l0aW9uIjo4fQ==],
or listen on Spotify
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9vcGVuLnNwb3RpZnkuY29tL2VwaXNvZGUvMXBSMERkZEZpNjY0NW9UbE9YOXVxOT9zaT01alUyQjdqNlJnT3ZMcmV0SzFmSGpnIiwicG9zaXRpb24iOjl9]
or Apple Podcasts
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9wb2RjYXN0cy5hcHBsZS5jb20vdXMvcG9kY2FzdC9ob3ctc3RyaXBlLWlzLWJ1aWxkaW5nLWZvci1hbi1hZ2VudC1uYXRpdmUtd29ybGQvaWQxNzE5Nzg5MjAxP2k9MTAwMDc2NDUxODExNSIsInBvc2l0aW9uIjoxMH0=].
You can also read the transcript
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by9wb2RjYXN0L3RyYW5zY3JpcHQtYS1sb29rLWluc2lkZS10aGUtYWdlbnQtZWNvbm9teSIsInBvc2l0aW9uIjoxMX0=].

Here are the highlights:

 1. The definition of fraud is expanding: Fraud used to be about payments and
    stolen credit cards. Now AI companies also have to defend against attackers
    stealing tokens from free trials, credits, and unpaid compute bills. “Fraud
    is now a full-funnel problem, not a transaction problem alone,” says
    Glassberg Sands.
 2. AI is making fraud easier to execute and detect: Fraudsters now have AI on
    their side, but so do the companies trying to stop them. AI services also
    have higher marginal costs than traditional SaaS, so stolen compute can be
    burned through quickly or resold.
 3. The internet needs to evolve: Stripe was built for an internet where people
    browsed, filled out forms, and clicked checkout buttons. Now, humans act
    through AI interfaces, agents act for them, and software increasingly
    interacts directly with other software. Every layer of the stack has to
    adapt to these new behaviors.
 4. AI growth is still mostly new money: The top AI companies on Stripe are
    reaching $30 million in annual recurring revenue in about 18 months
    [https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9zdHJpcGUuY29tL2d1aWRlcy9pbmRleGluZy10aGUtYWktZWNvbm9teSIsInBvc2l0aW9uIjoxMn0=]—roughly
    three times faster than top SaaS companies from 2018. For now, that growth
    is largely net new spend rather than cannibalized software budgets, says
    Glassberg Sands.
 5. Agents are snapping up commodities: Agentic commerce is real but still in
    its early stages, and focused on smaller purchases. People are more
    comfortable letting agents buy low-stakes, easily comparable items like
    Halloween costumes or school supplies than letting them book a summer trip
    or order an expensive couch.

Miss an episode? Catch up on Dan’s recent conversations with LinkedIn cofounder
Reid Hoffman
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by8iLCJwb3NpdGlvbiI6MTN9];
the team that built Claude Code, Cat Wu
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by8iLCJwb3NpdGlvbiI6MTR9]
and Boris Cherny
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by8iLCJwb3NpdGlvbiI6MTV9];
Vercel cofounder Guillermo Rauch
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by8iLCJwb3NpdGlvbiI6MTZ9];
podcaster Dwarkesh Patel
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly9ldmVyeS50by8iLCJwb3NpdGlvbiI6MTd9];
and others, and learn how they use AI to think, create, and relate.

--------------------------------------------------------------------------------

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SIGNAL

THE FEES THEY ARE A-CHANGIN’

Recent years saw the end of the millennial lifestyle subsidy
[https://every.to/emails/click/0a7e2264cb45384f9a4c029ef50a01941ed6546379993be477e017002f91aaf7/eyJzdWJqZWN0IjoiQ29tcHV0ZSBJcyB0aGUgTmV3IENhc2giLCJwb3N0X2lkIjo0MTQ5LCJwb3N0X3R5cGUiOiJwb3N0IiwidXJsIjoiaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMS8wNi8wOC90ZWNobm9sb2d5L2ZhcmV3ZWxsLW1pbGxlbm5pYWwtbGlmZXN0eWxlLXN1YnNpZHkuaHRtbCIsInBvc2l0aW9uIjoyMX0=],
which let a generation live off of inordinately cheap Ubers, delivery services,
and coworking space—all while venture capital covered the tab. Now the bill’s
coming due for AI.

What happened...

--------------------------------------------------------------------------------

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## COMPUTE IS THE NEW CASH

### 'AI & I': HOW STRIPE IS BUILDING FOR AN AGENT-NATIVE WORLD

Dan Shipper sits down with Emily Glassberg Sands, head of data and AI at Stripe, to discuss how AI is reshaping online commerce. Dan and Emily discuss how compute is the new cash, fraud has moved beyond the checkout, and agents are starting to act as economic participants on the internet.

#### Highlights:

1. **The definition of fraud is expanding:** Fraud used to be about payments and stolen credit cards. Now AI companies also have to defend against attackers stealing tokens from free trials, credits, and unpaid compute bills. "Fraud is now a full-funnel problem, not a transaction problem alone," says Glassberg Sands.

2. **AI is making fraud easier to execute and detect:** Fraudsters now have AI on their side, but so do the companies trying to stop them. AI services also have higher marginal costs than traditional SaaS, so stolen compute can be burned through quickly or resold.

3. **The internet needs to evolve:** Stripe was built for an internet where people browsed, filled out forms, and clicked checkout buttons. Now, humans act through AI interfaces, agents act for them, and software increasingly interacts directly with other software. Every layer of the stack has to adapt to these new behaviors.

4. **AI growth is still mostly new money:** The top AI companies on Stripe are reaching $30 million in annual recurring revenue in about 18 months—roughly three times faster than top SaaS companies from 2018. For now, that growth is largely net new spend rather than cannibalized software budgets, says Glassberg Sands.

5. **Agents are snapping up commodities:** Agentic commerce is real but still in its early stages, and focused on smaller purchases. People are more comfortable letting agents buy low-stakes, easily comparable items like Halloween costumes or school supplies than letting them book a summer trip or order an expensive couch.

---

## SIGNAL

### THE FEES THEY ARE A-CHANGIN'

Recent years saw the end of the millennial lifestyle subsidy, which let a generation live off of inordinately cheap Ubers, delivery services, and coworking space—all while venture capital covered the tab. Now the bill's coming due for AI.

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