Equity Research U.S. Internet 30 September 2026 The Key Take-Away: The biggest turf battle in consumer internet has kicked off in '26 around persistent consumer AI agents. The importance of this space is not to be taken lightly, we see the market caps of most of the Consumer Mag-4 (Apple, Google, Meta, and OpenAI - private; not covered) reacting to how market share plays out over the coming years. Unlike enterprise, persistent consumer agents are likely to be free for the end user and funded by a combinatio ...