2026년 2월 28일 · Unknown · financial · 출처 Yahoo Finance
Investing.com -- The Internet sector is under pressure as investors reassess how emerging Agentic artificial intelligence tools could reshape traffic patterns, competition and monetization models, according to Bank of America.
Analyst Justin Post wrote that the group is down 17 percent on average this year, sharply underperforming the S&P, even as many companies posted revenue strength in the fourth quarter.
Post said that “multiple compression on AI risk has been the main driver of the negative sector performance,” with concerns building despite what he described as limited real-world impact so far.
According to BofA, “AI-sourced traffic to eComm sites has been very limited,” even as usage of generative and Agentic tools continues to rise.
The bank highlighted risks ahead as Agentic systems become more capable, including potential “cannibalization” of direct traffic and higher distribution costs.
But BofA also argued that the market may be overlooking how hard it is to replicate audience scale, fulfillment networks and customer service. Post wrote that “superior service levels from vertical leaders like AMZN, BKNG, DASH and UBER could be favored by AI Agents making purchase decisions.”
Against that backdrop, BofA identified three companies it believes are best positioned and least exposed to disruption from Agentic AI: DoorDash, Take-Two Interactive, and Chewy.
“Delivery is a 3-sided marketplace and hard to replicate,” stated Post. ”We would expect Dash to be favored by AI agents for lower delivery costs, delivery speed and selection, and see little risk of new competitive entry given scale advantages.”
Meanwhile, the firm views Take-Two as “highly defensible against potential AI disruptions given the IP legacy, cultural relevance, and vast player networks of its top franchises are difficult to replicate.”
“In fact, AI is more likely to be a tailwind than a threat,” argued the analyst.
On Chewy, Bofa believes that for pet food or similar high-velocity products, “brand loyalty, service quality, delivery speed, and convenience are key factors,” with AI agents able to provide convenience, but not last-mile delivery.
“Chewy provides exceptional customer service, tailored to individual pets, that AI Agents cannot easily replace,” said Post. “In our view, Agentic AI is more likely to reroute discovery than to disrupt the underlying value propositions of Chewy.”
Each company is rated Buy, down at least 15 percent this year, and has seen what BofA called “minimal YTD 2027 revenue revisions,” contributing to its view that they remain more insulated from emerging AI-related risks.
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