Hello, Reader.
Google says it’s preparing to “define the agentic AI era.”
That’s the message from Alphabet Inc. (GOOGL) heading into this week’s massive I/O conference. (I/O stands for Input/Output, a foundational computer science term referencing communication between a computing system and the outside world.)
But if history is any guide, investors chasing the companies building AI may eventually make the same mistake investors made during the dot-com boom: confusing the technology itself with the businesses that profit most from using it.
In the leadup to this year’s I/O, Google is heavily signaling that its next wave of AI announcements will focus on .
Agentic systems are the “next generation” of AI technologies that can make decisions by themselves and adapt to changes. They are essentially like the brain behind a smart assistant or AI robot, able to perceive their environment and act accordingly.
Previews of I/O 2026 point to upgrades around Project Astra, more capable Gemini agents, AI agents inside Search and Chrome, and developer tools for agentic workflows.
Now, new products announced at I/O can shift sentiment around AI. And the market is increasingly rewarding companies perceived as leaders in autonomous AI systems.
That’s because agentic AI is seen as the hottest next technological step after generative AI.
But when most people think about agentic AI, they think about the companies building it – like Google, Anthropic, OpenAI, Microsoft Corp. (MSFT). They think about developer conferences and headline-grabbing announcements.
But the most interesting agentic AI stories are not unfolding in these spaces.
They are in the operations of seemingly ordinary companies.
History has a name for these companies. We call them the “Appliers,” and if history is any guide, many of them will thrive over the next few years.
They are quieter than the “Builders.” They generate fewer headlines and less spectacle, but they often generate surprising success.
Consider what happened during the birth of commercial radio. In the 1920s, a new technology called the “radio” was becoming the hottest technology of the early 20th century. More than 600 companies rushed into the radio manufacturing business during the boom. By 1934, only 18 remained.
The companies that survived – and eventually thrived – were not the radio-builders. They were the radio Appliers: the advertisers who used the airwaves to reach millions of consumers for the first time, the retailers who built national brands through radio sponsorships, the entertainment companies that turned programming into profit.
The Procter & Gamble Co. (PG) invented the soap opera – literally – to sell soap to the housewives who were listening. The technology itself was only as valuable as what people chose to do with it.
History suggests that the greatest returns of the AI era will go not to the companies that build the technology, but the companies that figure out what to do with it, profitably.
All else being equal, I trust history.
So, while Google says it will define the agentic AI era, I believe it will be the Appliers that actually do.
But not all Appliers are created equal. Not every company using AI has an advantage. We’ve reached the stage in the technological cycle where execution matters more than adoption.
I’ll share how to find Applier stocks that are being made stronger by agentic AI below. But first, let’s take a look back at what we covered here at Smart Money last week.
Smart Money Roundup
Missed This 5,000% Gain With Nvidia? Here’s What to Do Next…
May 17, 2026
For nearly 50 years, Louis Navellier has built his reputation around finding fundamentally strong growth stocks before Wall Street catches on. Few examples are bigger than Nvidia, which recently crossed the 5,000% mark for his long-term subscribers. He believes a new group of smaller companies may now be showing similar early signals.
While Everyone Chases AI, Pharma Keeps Getting Cheaper
May 16, 2026
The hype surrounding the AI trade is diverting attention from potentially lucrative pharmaceutical stocks. That disconnect, along with several promising developments, could now make it the right time to take another look at the sector.
The AI Trade Everyone Loves Is About to Get Dangerous
May 14, 2026
Tom Yeung considers the dangers of the latest AI mania – and the safer investing path to follow instead. The best AI investment opportunities may come from companies outside of tech that use AI to improve efficiency, automate operations, and increase profits, rather than from the firms building the AI infrastructure itself. Click here to read more.
The Fed Is About to Change Everything. Are You Ready?
May 13, 2026
Louis joins us to explain why two men connected to one of the most famous trades in financial history – the 1992 collapse of the British pound – may soon play a major role in shaping the next phase of U.S. monetary policy. This shift could create a rare opportunity in small-cap stocks.
Defining the Age of Agentic AI
The investing landscape of the last two years – where you could buy almost anything connected to AI and make money. That landscape no longer exists.
My stock-picking system is built to help me find those companies at the most promising moment. That includes Applier companies set to soar in the growing age of agentic AI.
And it is flagging several right now.
My system uses a host of proprietary indicators to unearth incredible opportunities. It scans over 14,000 stocks and crunches more than 120 billion data points a day. More than 3 trillion a month. It runs on the same underlying technology platform used by Goldman Sachs and JPMorgan.
My system not only helps me identify winning Applier stocks, but it also helps me identify when to get in at a massive discount.
Agentic AI is about to create the kind of setup I’ve spent my career waiting for. You don’t have to wait for hyperscalers like Google to “define the agentic AI era.” Now is your chance to get in early and define it for yourself.
Regards,
Eric Fry
