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Adyen’s stock is down over 40% this year. Investors aren’t just punishing one company; they’re repricing the entire processor category as agentic commerce threatens to restructure who controls economics and merchant relationships. The market sees what I’ve been writing about for 18 months: processors are at risk of becoming dumb pipes.

Yesterday, Adyen announced Adyen Agentic a suite of modular APIs encompassing Agentic Feed (product/inventory), Agentic Cart (checkout orchestration), and Agentic Payments (authentication, fraud, tokenization). The positioning is explicit: a “universal translator” that lets merchants integrate once and participate across every agent platform, protocol, and payment method.