{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Avory - Markets and Investing","title":"The AI Scare Trade: Jensen Says Its Illogical - We Agree","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/8b43760a\"></iframe>","width":"100%","height":180,"duration":1292,"description":"In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down the recent software selloff and the broader AI scare trade.\nInflation is cooling.\nJobs are stable.\nEarnings are holding up.\nYet parts of software are trading as if AI is about to eliminate entire business models.\nDoes that make sense?\nChapters:\n00:00 Welcome + Disclaimer\n00:40 Software Selloff vs AI Boom\n02:20 Inflation Cooling: CPI, Break-evens, Rates\n03:55 Jobs & Wages: Stability vs AI Fears\n07:00 Zillow: Growth in a Flat Market\n08:10 Airbnb: Global Growth + AI Tailwinds\n08:45 The AI Scare Trade\n11:05 Bonds Calm, Stocks Volatile\n12:10 If AI Wins: Model Layer + Zoom’s Anthropic Upside\n15:50 What Flips the Narrative: CapEx, Valuations, Retention, Buybacks\n19:05 Positioning: Earnings Up, Prices Down\n20:55 Closing: AI Expands Software, Not Shrinks It\nWe cover macro signals, earnings from Zillow and Airbnb, headline-driven AI panic across industries, why credit markets look far calmer than equities, and the asymmetric upside in model-layer winners.\nAI is transformative. But transformation does not automatically mean extinction.\nWhen narrative and fundamentals diverge, opportunity can emerge.\n—\nHosted by:\nSean Emory — Founder & Chief Investment Officer, Avory & Co.\nhttps://www.avory.xyz\nQuestions: team@avoryco.com\nPodcast: Around the Desk\nYouTube: @AvoryCo\n—\nDisclaimer:\nThis content is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Opinions expressed are as of the recording date and are subject to change. We may hold positions in companies discussed. Investing involves risk, including loss of principal. Please conduct your own research or consult a licensed financial advisor before making any investment decisions.\n© 2026 Avory & Co. All rights reserved.","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}