There’s been a lot of noise around artificial intelligence lately — from headlines about bubbles and breakthroughs to debates on commercialization and regulation. With so much happening, it can be hard to know what truly matters. That’s why Evan Zehnal joins the show today. He is an Assistant Portfolio Manager on the Global Innovators, Special Situations, and Canadian Growth Company Funds, and an equity research analyst based in our San Francisco office, working closely with Portfolio Manager Mark Schmehl. A fun fact: both Evan and Mark are MBA graduates from Columbia Business School — a program known for its value investing roots — yet today, they’re key players on Fidelity’s Growth Team, managing over $50 billion in AUM across three mandates that have beaten 100% of their peers since inception. Evan’s journey started on the credit side at TD, followed by roles at several hedge funds, before making the move to San Francisco to join Mark. Today, he brings a unique blend of quantitative experience and fundamental insight to the team. On this episode, Evan helps cut through the noise and highlight the areas in AI, defense, and innovation that investors should be paying attention to.

Recorded on November 7, 2025.

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