Narratives, AI, and Durable Investment Bets

AI narrative momentum, durable value, and why Zoom and Roblox stand out | Around the Desk Ep. 85

Sean Emory, founder and CIO of Avory & Co., on the "AI on, AI off" market: where durable value actually accrues, why models may commoditize as open source catches up, and why ecosystem and context end up mattering more than the model itself. Plus a look at Zoom (Avory's top holding) for its cash, Anthropic stake, and communication-context data, and Roblox for consumer engagement and AI-enabled creation. He expects public AI listings to force scrutiny on profitability, margins, and capital intensity, and makes the case for patience and businesses that don't require perfect assumptions.

Chapters
00:00 Podcast intro
00:33 Momentum and narratives
01:08 AI trade dominates
02:31 Where value accrues
03:16 Open source catching up
05:10 Models commoditize over time
06:28 Multi-model future
07:47 Infrastructure crowding risks
09:15 Energy bottlenecks
10:06 Durable investing mindset
10:35 Zoom as durable play
13:13 Roblox and creation flywheel
14:02 Macro uncertainty cycles
16:00 Public AI reality check
17:33 Staying patient and closing

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Informational only. Not personal investment advice. Avory & Co. and Sean Emory may hold positions in securities discussed. Past performance does not guarantee future results.