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 Questions00:36 Show Format And Macro Setup01:35 Market Bifurcation And AI Trade05:00 Laggards, Ceasefire And Rotation07:45 Is AI Really Macro Immune10:44 Hyperscaler CapEx Reality Check12:53 Trim Infrastructure And Be Selective13:39 First Order Vs Second Order AI20:08 Second Order Identity And Trust23:09 Capital Flows And Blackstone Angle23:51 Where Second Order ROI Shows Up25:16 Why Zoom Fits The AI Stack27:07 Zoom as Context Hub28:49 AI Meeting Workflows30:04 Anthropic Stake Math31:34 Real Estate Rate Shock33:21 AI Deflation Thesis36:47 Consumer Health Check38:56 Fed Embraces Real Time40:25 AI Spend Reality Check43:57 Durable Compounders Case47:23 Rapid Fire Wrap UpHosted bySean EmoryFounder & Chief Investment OfficerAvory & Co.Websitewww.avory.xyzDisclaimerThis 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.