In this Montaka Spotlight Series podcast, Andy sits down with Amit Nath to challenge the prevailing narrative that AI is in a bubble. As a prelude to Montaka's forthcoming white paper on AI infrastructure, they explore critical misperceptions about hyperscale cloud providers.

Perfect for: Investors, tech analysts, and anyone seeking to understand the real economics behind the AI infrastructure boom beyond the headlines.

Related Content: Watch for Montaka's comprehensive white paper on AI bubble arguments, coming soon.

Key topics covered:

00:00:33 - The Neo-Cloud Misconception: CoreWeave vs. True Hyperscalers

00:01:41 - Barriers to Entry: Are They Really Falling?

00:03:01 - Oracle's Gamble: A Case Study in Value Destruction

00:04:14 - Why Training Infrastructure ≠ Production Infrastructure

00:05:36 - The Fungibility Myth: When Cloud Infrastructure Matters

00:07:00 - Google's TPU Cost Advantage: 44% Cheaper Than Nvidia

00:08:36 - Breaking Free from the Broadcom Tax: MediaTek Partnership

00:12:47 - Software Moats: Attacking Nvidia's CUDA Dominance

00:13:05 - Inference vs. Training: Why Ecosystems Win

00:15:38 - The Dual-Use Advantage: Internal Demand De-Risks Buildouts

00:20:40 - Real Options: From Transformers to Quantum Computing

00:22:29 - Google vs. Nvidia: The Disruption Opportunity

Tags: AI infrastructure, hyperscalers, cloud computing, Google TPU, Nvidia, Microsoft Azure, Amazon AWS, neo-clouds, CoreWeave, Oracle, OpenAI, AI bubble, investment analysis, technology investing, semiconductor industry, R&D accounting, depreciation, quantum computing, PyTorch, CUDA, inference vs training, Montaka

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Are markets overvalued? It depends on how you look at it.In this excerpt from a recent client presentation, Andy shares our investment philosophy and why traditional metrics like PE ratios can be misleading when evaluating companies with transformational growth potential.

Key Topics Covered:

→ Why the market persistently undervalues long-duration growth opportunities

→ The distribution of PE ratios in the S&P 500 today

→ Case studies: Why low PE stocks aren't always cheap (Charter Communications, Molson Coors)

→ Why high PE stocks can be undervalued (Spotify's 10x return despite 100+ PE ratio)

→ How we identify companies with reliable future earnings power

Why This Matters:If the world is changing at an accelerated rate today versus the past, then the usefulness of traditional PE ratios may be diminishing. Understanding this helps investors identify tomorrow's winners while they're still undervalued by conventional metrics.

Presentation slides available at: https://7041279.fs1.hubspotusercontent-ap1.net/hubfs/7041279/2511_Montaka_Spotlight_Series_Slides.pdf

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Last month, OpenAI committed to an extra $300 billion of revenue for Oracle — and just 12 days later, Nvidia announced a $100 billion data center investment to support OpenAI’s expansion. The scale is staggering… and a little baffling.

In this Spotlight Series episode, Andy, Lachie, and Amit take you inside their internal discussions from New York as they unpack the numbers behind this trillion-dollar AI arms race.

Together, they explore:

• How OpenAI, Oracle, and Nvidia are driving unprecedented AI infrastructure investment

• Whether the economics can possibly justify the spending

• Parallels with the dot-com and telecom overbuilds

• The big question: Who’s the paying customer?

🎧 A candid, data-driven conversation on hype, hope, and hard numbers in the AI revolution.

⏱️ Suggested Timestamps

• 00:00–01:00 | Setting the scene — the $400B+ AI buildout

• 01:00–03:00 | Are these investments economically rational?

• 03:00–06:00 | What history tells us: echoes of dot-com and telecom bubbles

• 06:00–09:00 | Power, CapEx, and the cost of keeping AI lights on

• 09:00–12:00 | Paying customers vs free users — who funds the AI dream?

• 12:00–14:00 | Microsoft, Oracle, and the strange logic of market reactions

  
  

  Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Today’s Spotlight episode comes from Andy’s global stage presentation at the Wide-Moat Investing Summit.

View the slides here: https://tinyurl.com/floor-decor

The focus? Floor & Decor – a U.S. retailer with undervalued potential. You’ll learn why flywheels matter, how cyclical lows create opportunity, and what makes this business a possible long-term compounder.

Timestamps:
00:00 – Intro & conference background
00:23 – Why Floor & Decor?
01:15 – Montaka’s investment framework
02:08 – What makes a long-term winner
04:05 – The power of flywheels
05:41 – Why markets underestimate reliable growth
06:56 – Floor & Decor business overview
08:28 – Investment thesis pillars
12:23 – U.S. housing market drivers
16:28 – Pent-up demand for flooring
20:14 – Flywheel dynamics explained
23:17 – Store growth & market share
25:27 – Revenue, margins & valuations
31:14 – Why future margins could expand significantly

#Investing, #Stocks, #Global, #MontakaGlobal, #ValueInvesting, #LongTermGrowth, #Compounders, #RetailStocks, #WideMoat, #CompetitiveAdvantage, #Montaka, #FloorAndDecor, #FlywheelEffect

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

What do you get when you mix AI, cloud infrastructure, and $100B in annual CapEx? A generational shift. In this episode, Andy and Amit explore why Microsoft, Google, and Amazon are growing faster than ever—and why this cloud boom still has miles to run. From legacy workload migration to generative AI token explosions, tune in for an investor’s view on the real backbone of the intelligence revolution.

#cloudcomputing #generativeAI #hyperscalers #SpotlightSeries #Montaka

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

What do Costco, Spotify, and a flooring retailer have in common? They all harness a rare business superpower: the flywheel effect. Join Andy and Lachie as they reveal how patient capital, psychological discipline, and customer obsession create unstoppable companies—and how you can spot them early.

Key Topics:

• 00:01:46 The 3 sources of investing advantage (informational, analytical, psychological)

• 00:09:17 How Amazon and Costco use “scale economics shared”

• 00:12:08 Spotify’s 8:1 robustness ratio—better than Costco?

#ScaleEconomics #FlywheelEffect #ValueInvesting #BusinessStrategy #MontakaGlobal #Investing101 #MoneyMatters #GlobalEquities

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Join Andy, Amit, and Lachlan as they unpack key takeaways from the prestigious Bernstein Strategic Decisions Conference in New York. From AI-driven transformations in the restaurant industry to the evolving landscape of private credit and enterprise software, this episode offers exclusive insights into the trends shaping global markets.

🍔 How AI is revolutionizing restaurant operations (Yum! Brands vs. Restaurant Brands International)
💡 ServiceNow’s expansion beyond IT budgets into real estate & labor optimization
💰 The state of private credit—stability at the top, risks in the long tail
📈 Why institutional investors are consolidating with top-tier asset managers

Tune in for expert analysis on what these trends mean for investors.

Key Timestamps & Topics Covered:

• 00:00:00 - 00:01:20 | Introduction & Conference Overview

  • Format of the Bernstein Conference (fireside chats with top CEOs).

  • Why it’s a must-attend for investors.

• 00:01:20 - 00:08:55 | AI in Restaurants: Yum! Brands vs. Rival Strategies

  • How Yum! leverages centralized AI (e.g., Byte by Yum) for supply chain, staffing, and loyalty.

  • Contrast with Restaurant Brands International’s decentralized approach.

• 00:09:29 - 00:13:57 | ServiceNow’s Expansion Beyond IT Budgets

  • Using AI to cut corporate real estate costs (e.g., a 25% footprint reduction case study).

  • Why labor and real estate budgets are now fair game for software spend.

• 00:14:57 - 00:20:03 | Private Credit: Stability at the Top, Fragmentation Below

  • Default rates remain low for institutional players (KKR, Blackstone).

  • Risks in smaller, subscale private credit funds.

• 00:20:24 - Close | The Institutional Shift to Premium Asset Managers

  • NYC Pension Fund’s consolidation from 74 managers to 45.

• Why firms like KKR and Blackstone are winning.

  
  

  #Investing #AI #PrivateCredit #AssetManagement #BernsteinConference #ServiceNow #RestaurantTech #KKR #Blackstone

  
  

  Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this episode of Montaka’s Spotlight Series, Andy sits down with Amit Nath to explore the seismic shift AI agents are bringing to the global workforce. From redefining productivity to unlocking $3.7 trillion in annual labor savings, they break down how businesses like Salesforce, ServiceNow, and Google are leading the charge—and why this is just the beginning.
Key Timestamps & Topics Covered:

• 00:01:14 – What’s an AI agent? How it differs from ChatGPT.

• 00:05:13 – Real-world use cases: Salesforce, OpenTable, and Google’s AI-generated code.

• 00:11:59 – The $3.7 trillion global labor opportunity (and who captures it).

• 00:15:24 – Why data-rich platforms (like ServiceNow) have a moat.

• 00:22:21 – The shift from "seat-based" to value-based pricing in AI.

• 00:25:02 – Will AI create societal disruption? The upside for businesses.

#AIAgents #FutureOfWork #Productivity #Investing #AIRevolution #TechTrends #MontakaInsights #Technology #Insights #AndrewMacken #AmitNath #MontakaGlobal

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this episode of the Spotlight Series, Andy and Lachy unpack Amazon’s hidden flywheel: its robotics revolution. From 5-story fulfillment centers the size of 55 football fields to AI-powered sorting and packing, they explore:

• How thousands of robots are replacing human roles—safely, efficiently, and at scale.

• Why lower "cost to serve" (25% savings!) translates to faster, cheaper deliveries for customers.

• The self-reinforcing loop of AI, data, and automation—creating a flywheel within a flywheel.

• Long-term implications: autonomous trucks, drones, and last-mile robots that could redefine retail.

A must-listen for investors, tech enthusiasts, and anyone curious about the future of e-commerce.

#Amazon #Robotics #AI #SupplyChain #Innovation #Logistics #Flywheel #Investing #TechTrends #FutureOfWork

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this episode of the Montaka Spotlight Podcast, Chris and Andy dive into the complexities of market valuations, focusing on why some of the world’s most advantaged companies may appear overvalued at first glance but are actually reasonably priced when you dig deeper. They discuss three key distortions—R&D spending, capital intensity, and cyclicality—that impact valuation multiples and explain why businesses like Meta, Amazon, and Blackstone are still compelling investments despite their seemingly high P/E ratios.

#InvestingInsights #MarketValuations #R&DSpending #CapitalIntensity #Cyclicality #StockMarket #Montaka #DeepSeek #Meta #Amazon #Blackstone

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.