[Robinhood's CEO just said](https://www.cnbc.com/2026/07/02/robinhood-ceo-ai-agents.html) AI agents will soon match human traders—and Wall Street is treating it as a TAM expansion story. It's not. When AI agents execute trades at machine speed and cost, retail order flow dries up. The commission margin story that built Robinhood disappears. $AMZN has 10x the cash flow and can undercut HOOD's entire business model if it wants to.

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