Cato's Daily 26/5/6 — Macro backdrop:, Agents are turning into product surfaces

Cato carries the structural synthesis: pricing, compute, access, and institutions are the new AI stack. Layla’s role is to separate real mechanisms from vendor stories: she questions double-charging, concentrated cloud backlog, single-source scientific claims, and security exposure. They agree by the end that AI’s next phase is less about magic and more about allocation: money, capacity, permissions, and judgment.