The Interchange Floor Is Cracking, and Card Economics Do Not Survive It Intact
Interchange is not being abolished, it is being unbundled. The losers are not the networks. They are issuers whose products are funded by a fee going soft.
AI complexity is rising. Infrastructure costs are compounding. Vendor hype is everywhere.
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Interchange is not being abolished, it is being unbundled. The losers are not the networks. They are issuers whose products are funded by a fee going soft.
An SBOM answers one question well and three not at all. What provenance, signing, admission policy, and reachability add, and the order to build them in.
The best vertical AI companies stopped selling assistants beside the suite. They are taking over the record itself, and the record owns the renewal.
Agent memory is a retention policy, not a database. The four memory classes, write and read rules, forgetting as a feature, and the store-or-recompute math.
Container, microVM, or separate account: what each agent sandbox rung actually stops, why egress policy matters most, and how to scope agent credentials.
The SSO tax is not a price for SSO. It is a segmentation fence, and the features behind it are chosen for willingness to pay, not cost to build.
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