SaaS stocks are selling off and Wall Street is debating whether Salesforce and Adobe can pick themselves up off the mat. But the bigger opportunity isn't in old software — it's in a brand new layer of the economy. AI agents aren't tools you use. They're workers you deploy. And that changes everything — payments, security, identity, hardware, and operating systems all need to be rebuilt for this new layer. I walk through the three phases of how this rolls out, who wins at each phase, and why smart investors are getting positioned now while Wall Street is still a year behind.