Agentic Commerce: Three Layers of Opportunity Position GOOG/L, AMZN, & SHOP Among Key Beneficiaries

Research evidence excerpt

Agentic Commerce: Three Layers of Opportunity Position GOOG/L, AMZN, & SHOP Among Key Beneficiaries

J P M O R G A N North America Equity Research

24 June 2026

Internet

Agentic Commerce: Three Layers of Opportunity

Position GOOG/L, AMZN, & SHOP Among Key

Beneficiaries

Following up on last week’s Retail vs. AMZN Episode 14: Retail vs. AMZN in an Internet - Large Cap / Mid & Small

Agentic World (report, slides, video replay) published w/JPM Retail analyst Chris Cap

Horvers, this section provides a deeper look at the three key layers of opportunity Doug Anmuth AC

for e-commerce platforms—Traffic Channels, On-Platform, & Infrastructure. (1-212) 622-6571

Overall, AI agents have the potential to streamline & speed up e-commerce douglas.anmuth@jpmorgan.com

transactions, which could result in increased shopping frequency & overall greater Bryan M. Smilek AC

spending. However, agentic shopping adoption has been somewhat slower than (1-212) 622-8886

expected thus far, and we look for continued progress across the UCP and bryan.smilek@jpmorgan.com

J.P. Morgan Securities LLC

infrastructure to accelerate agentic offerings. We believe AI will ultimately serve

as an incremental discovery channel & help expand the e-commerce TAM, but

on-platform AI/ML enhancements will prove critical to driving greater buyer

acquisition, engagement, retention, & spend. GOOG/L, AMZN, & SHOP should

be the primary beneficiaries of agentic commerce, and both GOOG/L and

AMZN remain Best Ideas and Analyst Focus List stocks. However, we also

believe agentic will expand the overall e-commerce opportunity, benefiting other

players across online retail and advertising.

• Three Layers of Agentic Opportunity. We believe there are three key layers