Morgan Stanley's latest research report indicates that the accelerating adoption of personal AI agents, such as Meta's Muse and private product Instinct, is strengthening the medium-term bullish case for communications, network infrastructure, and e-commerce software. The report explicitly rates the North American software industry as "Attractive." The report suggests that while the rise of consumer-facing agents is not a short-term earnings catalyst, it is reshaping the growth logic for communications software from the demand side, driving an expansion in communication volume and usage-based monetization models, with Twilio and Wix having the most direct exposure. For network infrastructure providers, agents' systemic support for merchant discovery, service booking, and transactions will benefit the online transaction infrastructure demand for small and medium-sized enterprises. In the e-commerce software sector, Shopify is considered to be in the most advantageous position, as it has already built the core infrastructure required for an agent platform.