AMERICAS TECHNOLOGY — Entering the Agentic AI Era for the Commerce Landscape

This is a Goldman Sachs deep-dive report on the Americas Technology sector, examining how agentic AI is reshaping the commerce landscape. Beginning with the launch of ChatGPT in November 2022 and the subsequent scaling of large language models, and continuing with conversational agentic canvases being increasingly adopted by over 1bn global consumers, AI is increasingly impacting the consumer shopping journey. While adoption today is concentrated in product discovery, research, and recommendations, the report expects steady progress toward end-to-end agentic shopping where AI acts on behalf of consumers across discovery, comparison, purchase, and payment. The authors view this as a long-duration transition over the next 3-5+ years, analogous to the development of eCommerce itself. The central conclusion is that value should increasingly follow consumer intent, shifting the strategic question from who owns the digital storefront to who owns discovery, intent, and the infrastructure requ