{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Avory - Markets and Investing","title":"Narratives, AI, and Durable Investment Bets","html":"","width":"100%","height":180,"duration":1153,"description":"AI narrative momentum, durable value, and why Zoom and Roblox stand out | Around the Desk Ep. 85\n\n\nSean 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.\n\nChapters\n00:00 Podcast intro\n00:33 Momentum and narratives\n01:08 AI trade dominates\n02:31 Where value accrues\n03:16 Open source catching up\n05:10 Models commoditize over time\n06:28 Multi-model future\n07:47 Infrastructure crowding risks\n09:15 Energy bottlenecks\n10:06 Durable investing mindset\n10:35 Zoom as durable play\n13:13 Roblox and creation flywheel\n14:02 Macro uncertainty cycles\n16:00 Public AI reality check\n17:33 Staying patient and closing\n\nMore from Avory & Co.\nwww.avory.xyz \n\nInformational only. Not personal investment advice. Avory & Co. and Sean Emory may hold positions in securities discussed. Past performance does not guarantee future results.","thumbnail_url":"https://img.transistorcdn.com/ADRPTmp9Za1lH4Yt9ZONyfvomzdplTO8ScyOf5TslvM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9kZTBk/NDJhZTkzMjZiZDAw/MWE5ZTc2OWYyNTg3/OTllMC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}