“A feedback loop with no brake”: How an AI doomsday report rocked US markets

1. AI agents remove all “friction” in the economy

The scenario begins with AI agents undergoing a “capability leap.” This has already happened. Citrini points to Claude Code from Anthropic and Codex from OpenAI, both of which have delighted users with their performance in recent months.

The agents are making a dent in software-as-a-service companies like Monday.com, Zapier and Asana because they offer companies a cheaper way to handle internal tasks, such as managing databases and organizing workflows. This forces companies like Oracle, which rely on long-term contracts with customers, to engage in a “race to the bottom” in pricing.

Meanwhile, the AI ​​agents are wreaking havoc elsewhere. The scenario imagines that each consumer decides to use their own personal agent to transact and transact business. This completely ignores companies that monetize “friction” in the economy, such as travel and real estate agencies that act as intermediaries in processes such as booking vacations or purchasing property.

Instead…