In this episode of Around the Desk, Sean Emory, Founder and Chief Investment Officer at Avory & Co., steps back from the AI noise to focus on what actually matters right now.

Using recent earnings from Google, Microsoft, Amazon, and Meta, this conversation breaks down what the massive AI CapEx buildout really signals, how different business models monetize AI very differently, and why many of the fears around software disruption may be overstated.

This episode explores AI through a capital allocation lens, separating defensive spending from offensive opportunity, and what Big Tech behavior tells us about the true health of the underlying economy.

Topics covered include:

• The scale of Big Tech AI CapEx and why it matters more than feature launches
• Defensive vs offensive AI spending and how to think about moats
• Why AI CapEx is also an economic confidence signal
• Different monetization paths at Amazon, Microsoft, Meta, and Google
• Why Meta may be the cleanest AI beneficiary
• The narrative vs data gap around Google Search and AI disruption
• Why the “AI breaks software” panic may be overdone
• Enterprise security, governance, and why AI rollout feels fast and slow at the same time
• Platforms vs single-purpose tools and where risk actually sits
• What recent software earnings say about demand, renewals, and long-term contracts
• How AI likely becomes embedded inside platforms rather than replacing them

This conversation is for informational purposes only and should not be considered investment advice. Avory & Co. may hold positions in some of the companies discussed. Please do your own research before making any investment decisions.

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Disclaimer

Avory is not an investor in either company mentioned. .

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