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APT 
SOL The way investors chase AI growth is about to change
In the past few years, investors have chased the growth of AI by buying shares in companies such as Nvidia and Microsoft. But one Wall Street executive said the strategy may not be able to cope with subsequent changes.
Sandy Kaul, head of digital assets and innovation at Franklin Templeton Fund Group, believes that the technology that really drives mainstream adoption of blockchain will be proxy artificial intelligence, rather than the generative artificial intelligence that most investors are familiar with. As of May 31, the asset manager managed approximately $1.78 trillion in assets.
From chatbots to autonomous agents
Generative artificial intelligence (such as the technology behind ChatGPT) mainly helps people create content and answer questions. Proxy artificial intelligence is different. It refers to a system that can independently plan and execute multi-step tasks, from initiating a transaction to tracking completion, without requiring manual guidance at every step.
Estimates cited by Kaul show that by 2030, the market size of agent-based commerce-in which artificial intelligence agents make purchases and payments independently-may reach US$3 trillion to US$5 trillion.
The significance of this transformation goes far beyond the surface. As artificial intelligence reshapes the way companies spend, its impact is already evident. Kaul pointed out that IBM's share price plunged 25.2% on July 14 after the company warned customers that they were shifting spending to artificial intelligence infrastructure and reducing traditional software investment.
Shortcomings of traditional payment systems
In order for artificial intelligence agents to conduct transactions independently and continuously, they need a payment system designed for small, high-frequency transactions. Standard credit cards charge a fee of approximately 2% to 3% per transaction, plus a fixed fee of approximately $0.30.
Kaul points out that payment costs for artificial intelligence agents can be as low as $0.001 per transaction, such as paying for one second of computing power per time. Traditional payment tracks were not designed to handle such small or high-frequency transactions.
Kaul believes that blockchain naturally solves this problem. They can verify the identity of the machine through encryption, record every transaction on the public ledger, and complete payment settlement almost instantly.
She pointed out that new, faster blockchains like Aptos and Solana can process thousands of transactions per second, faster than networks such as Bitcoin or Ethereum, and comparable to the daily processing speeds of the Visa network.
What this means for investors
Kaul's core view is that to seize this shift, it is not enough to just own shares in artificial intelligence companies.
As AI agents increasingly transact directly on specific blockchains, she expects demand for those blockchains 'native cryptocurrencies and small tokens built on them to grow accordingly.
She likens the upcoming transformation to an early leap from static websites to interactive cloud applications, and believes new leaders will emerge like that transformation.
