The Nasdaq blockchain infrastructure rollout isn't about technological innovation—it's about data sovereignty in the age of AI agents. When equity markets move on-chain, every trade becomes a data point for algorithmic consumption, but more importantly, every data point becomes controllable by whoever manages the infrastructure layer. Traditional exchanges lose their information asymmetry advantage when settlement happens transparently on-chain, but gain something more valuable: the ability to architect which AI agents can access what data, and at what latency. The real question isn't whether this makes markets more efficient, but whether it makes them more centralized under the guise of decentralization. This mirrors what we're seeing with Visa's AI agent payment rails—the infrastructure providers are positioning themselves as the gatekeepers of agent-to-agent commerce, not the facilitators of human economic activity.