GM. This is Milk Road AI, trying to figure out which AI stock will pay for our retirement.
The first wave of AI was about building models. The next wave is about making thousands of AI systems work as one. And we wrote about one stock thatβs betting on this shift.
Speaking of building the future, todayβs partner is Arc by Circle.
Your agent can code, browse, and find the best deals β but itβs flat broke. Circle Agent Stack is a programmable money layer for the agentic economy that lets agents hold USDC, discover and pay for services, and get paid.
THE CASE FOR OWNING SERVICENOW IN THE AI ERA π§π»
Thereβs a pattern forming across big corporations:
- Uber burned through its entire 2026 AI coding budget in four months.
- Salesforce is staring down a $300M annual bill to Anthropic.
- And according to OpenAI, one complaint keeps coming up: "My company spent my entire 2026 budget in Q1. Can you make this more efficient?"
In short, companies are running through their token budgets very quickly.
The key problem is that businesses are struggling to manage their AI systems.
Right now, most enterprises have AI tools scattered everywhere. Different teams use different models, agents and workflows. Nothing really talks to each other.
It's messy, expensive, and inefficient.
Martin recently bought ServiceNow (NOW) because he believes it can become the AI operating system for enterprises.
Hereβs his thesis:
Think of it as an AI control tower.
Just like ServiceNow helped companies centralize HR, IT, customer support and internal workflows over the last decade, it now wants to do the same thing for AI.
And it already starts with a massive advantage:
- Serves 85% of Fortune 500 companies.
- Incredible retention rate of 97%.
- Consistent revenue growth every quarter.
Martin's thesis is simple:
- AI adoption is exploding.
- Enterprise AI is becoming increasingly difficult to manage.
- Every large company will need a platform to orchestrate it all.
ServiceNow doesn't need to convince enterprises to adopt AI. It just needs to become the platform they use to manage it.
If you believe that many white-collar knowledge workers are going to be replaced by AI, this is your bet.
Looking to learn more about this? Martin published a brand-new Milk Road PRO report on ServiceNow last week where he breaks down his thesis.
WE MADE 12 TRADES LAST WEEK π°οΈ
Yes, really. Our analyst spent the week buying healthcare, software, and even MORE bottleneck stocks. All this after buying Micron, Nebius, and Bloom Energy back in March.
And they aren't done. See what they're buying next, for just a buck at Milk Road PRO:
THE FIRST FINANCIAL STACK BUILT FOR AGENTS
Your AI agent can browse the web, write code, and schedule your meetings.
Hand it a bill, though? Uh-oh spaghetti-o.
Until now, money was the missing piece. Circle Agent Stack fixes that.
Circle Agent Stack is the financial-infrastructure layer built specifically for autonomous agents:
- Agent Wallets
- Agent Marketplace
- Nanopayments powered by Gateway
- Circle CLI
- Circle Skills
All powered by USDC.
Agents are evolving from assistants into economic actors. The agents that run on purpose-built financial infrastructure will be the ones that actually work.
Start deploying agents that can pay with USDC.
THIS WEEK: ANALYST PAYDAY ποΈ
ICYMI: On the Monday before the first Wednesday of every month, each of our analysts gets $500 dropped into their portfolio. What they do with it is up to them; some will put it to work right away, others may sit in cash until markets feel friendlier. Either way, they have to explain their thinking.
It's the same thing a lot of you are already doing, taking a slice of your paycheck and putting it to work. The difference is you get to watch exactly how the analysts think about it, in real time. We cover all of it in a report and a live AMA on the first Wednesday of every month.
Next up on the schedule:
- π Jul 1 at 10:00 a.m. ET.
We go live this Wednesday with John, Melvin and Martin π«‘ Come ask them anything and get their take on what's next. Submit your questions using this form.
