Agentic AI shifts LLM serving from isolated prompt-generation requests to stateful, multi-turn executions that repeatedly invoke the model, call tools, and grow context over time. This paper characterizes ReAct-style agents from both the LLM-serving and tool-execution perspectives using an end-to-end tracing infrastructure across reasoning and non-reasoning Gemma and Qwen configurations on five agentic benchmarks. Our study shows that agentic workloads are not simply long-prompt workloads: with effective context caching, most input tokens are reused across turns, making execution decode-dominated while increasing dependence on long-lived KV-cache state. We also find that tool use has a clear temporal structure, with agents shifting from read/explore behavior early in execution to execute/write behavior later. These results show that efficient agentic serving must jointly manage repeated model re-entry, persistent context state, and workload-dependent tool behavior.