How’d I do? What a cool experience! Just the start for us here at @AvoryCo

Jobs continue to remain very steady here. Continuing claims: 1.728M for the week ending up 25,000 from a revised 1.703M still 5.1% below the 52-wk average here. $SPY $TLT

Zuck just said Reality is now done burning and path to profitability starts now. THIS IS BIG. $META

Quite impressive stuff at $META Q1: impressions +19%, price +12% Q2: impressions +14%, price +12% Q3: impressions +10%, price +14% So clearly advertisers are seeing healthy ROI. Clear AI benefits signals and intent. Growth continues 24+ which is wild. Q1 +33% Q2 +28% Q3 +26% Q4 guide ~+24%

Zoom’s AI capabilities are VERY underappreciated. Not just from a product standpoint, but from a talent standpoint too. Zoom is showing its Decision API product outperforming offerings from Microsoft and OpenAI across its decision benchmarks, while increasingly embedding AI directly into meetings, workflows, customer interactions and enterprise context. Wild what’s coming out of this company on AI front. $ZM

The AI bull case isn’t that every company buys more GPUs forever. The bull case is that intelligence becomes so cheap and accessible that usage explodes.

Analysts finally starting to come around to the continued improvement in Zoom’s growth story. AI infused. Context is king. And Zoom has a lot of it. Oppenheimer’s note following Zoom’s Investor Day yesterday. We will share our note here in the coming days. $ZM

The issue at $NFLX

In investing with data we shared how there was an issue at $NFLX I think it’s likely a moment in time, but the data was clear. Bigger take was how the data we shared would impact their ads business.

Moodys credit review of $XYZ “The issuer's ratings reflect the company's strong market position in its two ecosystems with sizable addressable markets benefiting from secular growth. Gross profit growth has accelerated in recent quarters, supported by the company's strategic initiatives”

Pretty wild to see $IREN down 29% in 2026 and flat since 2022. Either a gift or about to get ugly.

Salesforce just paid a 58% cash premium for Braze. Everyone spent three years shorting software as an AI loser, and now the biggest platforms are buying it... What happens to the crowded software short book if the next phase of the AI trade is M&A? $CRM $NVDA $DRAM $SPY investingwithdata.substack.c…

Router or gateway will be key because flow will look something like this I think. Task Can 8B model do it? No… ok then can 70B local model do it? Nope… How about 200B workstation model do it? Nope… Send to GPT/Claude/Gemini frontier model.

📺 Joined @Bloomberg TV (International) today with others from Crossmark, and MS, to discuss market rotation, manufacturing, and where we see opportunity in AI. Our view at @AvoryCo & Co.: maintain technology exposure, stay selective within AI, and keep looking at the valuation opportunities in economically sensitive businesses. Four takeaways from the conversation: 1. Eco Sensitive: attractive valuations beyond tech AI continues to attract much of the market’s attention, but we see compelling valuations in various areas. We favor a barbell approach, balancing sustainable tech exposure with businesses that could benefit from broader economic improvement. 2. Manufacturing: signs of improvement after a sluggish stretch Manufacturing has been through several years of weak growth. We discussed 3M as an encouraging example of improving expectations. The improvement is still uneven, but there are reasons to pay closer attention to this part of the economy. 3. Higher rates and oil: companies have adapted Companies have continued to execute despite higher borrowing and energy costs. Strong profitability and healthy cash balances have helped some businesses absorb that pressure. The question is how much further yields and oil can rise before that resilience gets tested. 4. AI: investors are becoming more selective We discussed the different economics of cloud providers like CoreWeave and Nebius, established platforms like Microsoft, Amazon, and Google, and chipmakers like Nvidia and AMD. I mean real Q's are... where does each business sit in the AI ecosystem? How durable are its revenues and earnings? How much capital does it need, and what does that funding cost? Those differences are becoming more important in deciding where to invest. They always are, but in the short term that is the debate back and forth. $NVDA $MU $DRAM $SPY

Friday VIX spiked 21%. Today it fell 7%. Looking back 10 years. SPY higher one week later 12 of 14 times. Could we have seen capitulation as strange as that may sound. $SPY $VIX

Yikes.

Computing has spent 15+ years moving toward: thin client to cloud Local AI reverses part of that. It’s getting wild out there.

Co Canes!!!

All these roadster videos with AI examples is why we are short compute. LOL