The AI Infrastructure Trade Is Getting Crowded. What's Next?

Host LG Doucet speaks with Milk Road analyst Vincent about why the next phase of AI investing may shift from compute, memory, and power toward agentic finance. Vincent argues that today’s financial system is too slow, costly, and dependent on human identity checks to support autonomous agents at scale.

The discussion explores digital assets as potential infrastructure for agents, with stablecoins enabling payments, tokenized assets providing programmable economic rights, and decentralized finance supporting trading and lending. Regulation remains the central barrier, while clearer rules could help keep agent-driven activity on financial rails designed and overseen by human institutions.

Coinbase and Robinhood emerge as key case studies. Coinbase is framed as an infrastructure provider through USDC, Base, and agent payment tools, while Robinhood could benefit from agents managing portfolios continuously and from outside developers building products on Robinhood Chain.