AI is not disrupting all marketplaces equally. This piece examines where AI-native marketplaces pose a genuine threat across three of the largest verticals: recruitment, real estate, and automotive.

In Part 3 of this series, we cover entirely new marketplace categories that couldn’t exist without AI at their core.

LLMs are rapidly reshaping how buyers discover products, compare options, and form intent… but are they really displacing marketplaces?

We examine which parts of the marketplace stack are most vulnerable to AI-led disintermediation, and where moats get stronger.

We reveal how AI weakens the moats of SaaS businesses, yet reinforces those of well-designed marketplaces.

We reinterpret Helmer’s framework through the lens of marketplaces.

We examine the defensive strategies portals are deploying to fight off challenges from new entrants

We explore how we may be moving past the initial AI hype into a phase of fundamental disruption.

We set the stage for the arrival of AI and the particular challenges it brings to portals.

We reveal how online property portals can be one of the most lucrative and defensible business models in the digital economy.