CMOs are racing to lead the enterprise AI agenda, but most agencies remain stuck optimizing for scale, not intelligence. As AI shifts marketing’s role from campaign execution to growth leadership, agencies’ production-heavy models, productivity-led AI investments, and labor-based economics increasingly work against CMO outcomes. Agencies must pivot from scaled execution to intelligence, guidance, and change leadership that help CMOs integrate AI into strategy, operations, and culture. Agencies that evolve into change agents are best positioned to support marketing’s AI moment. This report helps CMOs and agencies navigate this inflection point, redefine partnership, and capture value in the AI era.