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.

Inflation is cooling.
Jobs are stable.
Earnings are holding up.

Yet parts of software are trading as if AI is about to eliminate entire business models.

Does that make sense?

Chapters:

00:00 Welcome + Disclaimer
00:40 Software Selloff vs AI Boom
02:20 Inflation Cooling: CPI, Break-evens, Rates
03:55 Jobs & Wages: Stability vs AI Fears
07:00 Zillow: Growth in a Flat Market
08:10 Airbnb: Global Growth + AI Tailwinds
08:45 The AI Scare Trade
11:05 Bonds Calm, Stocks Volatile
12:10 If AI Wins: Model Layer + Zoom’s Anthropic Upside
15:50 What Flips the Narrative: CapEx, Valuations, Retention, Buybacks
19:05 Positioning: Earnings Up, Prices Down
20:55 Closing: AI Expands Software, Not Shrinks It

We 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.

AI is transformative. But transformation does not automatically mean extinction.

When narrative and fundamentals diverge, opportunity can emerge.

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Hosted by:
Sean Emory — Founder & Chief Investment Officer, Avory & Co.
https://www.avory.xyz

Questions: [email protected]
Podcast: Around the Desk
YouTube: @AvoryCo

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Disclaimer:

This 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.

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