Five Questions for the Second Half of 2026
Avory’s Mid-2026 View
Luis Alvarez and Avory Chief Investment Officer Sean Emory review the first half and outline Avory’s second-half views through five questions:
00:00 Five Big Questions
00:36 Show Format And Macro Setup
01:35 Market Bifurcation And AI Trade
05:00 Laggards, Ceasefire And Rotation
07:45 Is AI Really Macro Immune
10:44 Hyperscaler CapEx Reality Check
12:53 Trim Infrastructure And Be Selective
13:39 First Order Vs Second Order AI
20:08 Second Order Identity And Trust
23:09 Capital Flows And Blackstone Angle
23:51 Where Second Order ROI Shows Up
25:16 Why Zoom Fits The AI Stack
27:07 Zoom as Context Hub
28:49 AI Meeting Workflows
30:04 Anthropic Stake Math
31:34 Real Estate Rate Shock
33:21 AI Deflation Thesis
36:47 Consumer Health Check
38:56 Fed Embraces Real Time
40:25 AI Spend Reality Check
43:57 Durable Compounders Case
47:23 Rapid Fire Wrap Up
Hosted by
Sean Emory
Founder & Chief Investment Officer
Avory & Co.
Website
www.avory.xyz
Disclaimer
This presentation is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell any security. Past performance is not indicative of future results. All opinions expressed are as of the date of recording and are subject to change without notice. Any securities discussed may or may not remain in the portfolio. Please consult with a licensed financial advisor before making any investment decisions.
© 2026 Avory & Co. All rights reserved.
Luis Alvarez and Avory Chief Investment Officer Sean Emory review the first half and outline Avory’s second-half views through five questions:
00:00 Five Big Questions
00:36 Show Format And Macro Setup
01:35 Market Bifurcation And AI Trade
05:00 Laggards, Ceasefire And Rotation
07:45 Is AI Really Macro Immune
10:44 Hyperscaler CapEx Reality Check
12:53 Trim Infrastructure And Be Selective
13:39 First Order Vs Second Order AI
20:08 Second Order Identity And Trust
23:09 Capital Flows And Blackstone Angle
23:51 Where Second Order ROI Shows Up
25:16 Why Zoom Fits The AI Stack
27:07 Zoom as Context Hub
28:49 AI Meeting Workflows
30:04 Anthropic Stake Math
31:34 Real Estate Rate Shock
33:21 AI Deflation Thesis
36:47 Consumer Health Check
38:56 Fed Embraces Real Time
40:25 AI Spend Reality Check
43:57 Durable Compounders Case
47:23 Rapid Fire Wrap Up
Hosted by
Sean Emory
Founder & Chief Investment Officer
Avory & Co.
Website
www.avory.xyz
Disclaimer
This presentation is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell any security. Past performance is not indicative of future results. All opinions expressed are as of the date of recording and are subject to change without notice. Any securities discussed may or may not remain in the portfolio. Please consult with a licensed financial advisor before making any investment decisions.
© 2026 Avory & Co. All rights reserved.
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