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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 AI.