[Robinhood's CEO just said](https://www.cnbc.com/2026/07/02/robinhood-ceo-ai-agents.html) AI agents will soon match human traders. That's not a market expansion story — it's a demand destruction story dressed up as innovation. When trading algorithms eat the retail order flow that's been driving volume and commission economics for a decade, who actually needs the GPUs that power the infrastructure? You don't need a $40B capex cycle to run an AI agent that executes 50 trades a day.

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