Can Regulation Shape Tech's Future?

The Belgian surrealist René Magritte was a smart artist, but could the 20th century futurist really have predicted the end of the Worldwide Web age? Not exactly, of course. But according to That Was The Week publisher, Keith Teare, Magritte’s 1929 painting, “The Treachery of Images” (featuring the image of a pipe with the immortal words “Ceci n’est pas une pipe”), is a helpful way of thinking about OpenAI’s introduction this week of their new Atlas “browser”. It’s not really a browser in the conventional way that we think about web browsers like Chrome, Firefox or Internet Explorer. And yet AI products like Atlas are about to once again revolutionize how we use the internet. They might even represent the end of the web age with its link architecture and advertising economics. So do we have words for what comes next? The not-a-browser age, perhaps. L’ère sans navigateur, to be exact.

* The Browser Is Becoming an Agent, Not a Link Map - For thirty years, browsers like Netscape, Internet Explorer, and Chrome were rendering engines for HTML that displayed blue links to web pages. AI products like ChatGPT’s Atlas and Google’s AI mode in Chrome are transforming browsers into conversational agents that answer questions, summarize content, and even execute tasks like booking flights—pushing the traditional web “down a level” in the user interface hierarchy.

* The Web’s Trillion-Dollar Advertising Model Must “Reprice Fast” - The web’s business model has been largely advertising-based, built on users clicking links that generate revenue. As AI interfaces replace link-based browsing, this nearly trillion-dollar annual revenue stream faces an existential threat. Publishers like Keith Teare and platforms like Google must figure out how to transition their economics to an AI-driven world where links aren’t surfaced by default.

* Google Deserves Its Stock Price for “Being Brave in Undermining Its Own Business Model” - While AI threatens to upend Google’s AdWords cash cow, the company’s stock has surged roughly 50% over the past year. Keith argues Google has earned this bullishness by aggressively investing in AI infrastructure (like Anthropic’s $10 billion commitment to Google’s TPUs) and integrating AI features into Chrome—even though these moves could cannibalize its core search advertising business.

* The “Victim Here Is the Publisher, Not the User” - Keith acknowledges that while the shift to AI agents feels like “an absolute change of paradigm,” it’s genuinely better for users who get more intuitive, conversational interfaces. Publishers and content creators are the ones facing disruption, as AI may eliminate their distribution channels without yet providing alternatives for reaching audiences or monetizing content. The challenge is that “most of the narrative that doesn’t like it is publisher-centric.”

* Tim Wu and Antitrust Regulators Are “Fighting Yesterday’s War” - Columbia law professor Tim Wu’s new book The Age of Extraction focuses on the monopolistic dangers of Google, Amazon, and Facebook—but Keith argues this framing is already obsolete. The real competitive battlefield is AI, where Google is a “laggard” behind OpenAI and Anthropic. The underlying internet architecture (TCP/IP) remains neutral enough to allow challengers to emerge, making heavy-handed government intervention both unnecessary and potentially innovation-killing, as seen in the over-regulated EU.

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