Montaka's Spotlight Series

Montaka Global

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Join the Montaka Global Investments team as they chat about the stocks and market dynamics that shape their decisions. Listen in for a great stock market education on basics, market commentary and learn how to invest better on your own. Follow along as we share real-time examples and investing tips that govern our stockpicks. Subscribe and leave a review. Questions? Email questions@montaka.com and we will be happy to answer!

Jul 14

Is SaaS Dead? Why Salesforce Might Be the Most Misunderstood Stock in Tech

The narrative around Salesforce has been brutal: SaaS is dying, AI agents will bypass software entirely, and the seat-based model is finished. Montaka's Chief Investment Officer Andrew Macken disagrees, and he's put real numbers behind it. In this presentation from the MOI Global Wide-Moat Investing Summit, Andy breaks down why Salesforce's real advantage was never the software itself. It's the trusted, secure distribution into 150,000+ enterprise customers, the 250+ petabytes of proprietary data, and the scale of R&D that competitors can't replicate. As agentic AI adoption accelerates, he argues these advantages get stronger, not weaker. To access the slides used in the presentation, please click here.What you'll learn:0:00 Introduction0:46 The SaaS death debate1:40 Salesforce's 25-year track record2:39 Four themes for this presentation3:34 The "SaaSpocalypse" narrative4:46 What the market is currently pricing in6:55 The enterprise deployability problem7:10 Six risks enterprises must manage before deploying AI agents9:42 How Salesforce embeds agents into existing workflows10:37 Headless access and the platform shift11:11 Salesforce's three real moats: data, distribution, scale12:24 Why token economics matter more than model quality12:41 Corporate token budgets under scrutiny12:54 Why agentic workloads are hundreds of times more compute-intensive13:54 The US power bottleneck problem15:28 Where AI models get commoditized, and where they don't17:17 Real customer ROI data18:39 Agentic Work Units are going parabolic19:08 Why revenue growth still looks sluggish21:18 The earnings power case25:10 A shift in market sentimentIf you'd like to go deeper on Montaka's thinking, visit the Insights section at montaka.com.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.#Tech #Stocks #SaaS #Salesforce #GlobalEquities
Jun 12

Insights from the Bernstein Conference 2026: AI, Data Moats and Market Risk

AI is no longer just a technology story. It is becoming an operating model question. After returning from the Bernstein Strategic Decisions Conference in New York, Montaka’s Lachlan Mackay shared several signals that matter for investors: AI adoption is moving from optional to expected, with companies like MSCI embedding usage into day-to-day work.Proprietary data is becoming more valuable, not less, as AI agents need trusted, real-time inputs.Payment networks such as Visa, Mastercard and Amex are using scale data to strengthen fraud prevention and agent commerce.Private credit is facing a transparency reset, with demand rising for ratings, benchmarks and better asset-level data.Macro risk remains live, even as equity markets remain near record highs.The key question is not “who uses AI?” It is “who owns the data, distribution and trust layer AI needs?” Listen to the latest Montaka Spotlight episode for the full discussion. #GlobalEquities #ArtificialIntelligence #InvestmentInsights #FinancialServices #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.
May 1

Where Advantages Lie (And Lie) in the Age of AI

AI agents are being framed as an existential threat to enterprise software, with some investors assuming that software platforms, seat-based models, and switching costs could be eroded almost overnight. In this episode of Montaka’s Spotlight Series, Jessica speaks with Andrew Macken, Chief Investment Officer at Montaka Global Investments, about the central argument from Montaka’s latest whitepaper: Where Advantages Lie in the Age of AI. They unpack why the AI “doomsday” scenario may be overstated, including the security risks of AI models, the power and compute bottlenecks limiting widespread agent deployment, and the practical difficulty of deploying AI agents safely inside large enterprises. The discussion then turns to where competitive advantages may actually strengthen in an AI world, including scarce compute and electric power, proprietary data flywheels, enterprise distribution, R&D scale, and irreplaceable digital assets. Andrew also explains why some advantaged businesses may have been unfairly sold off as markets price in disruption too broadly. #ArtificialIntelligence #AIInfrastructure #EnterpriseSoftware #CompetitiveAdvantage #InvestmentInsights #GlobalEquities #LongTermInvesting #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.
Apr 8

Can We Trust AI Agents? Understanding Deception, Vulnerabilities & Data Poisoning

AI agents are becoming more autonomous—but are they trustworthy? In this episode of the Montaka Global Investment Spotlight Series, Chief of Staff Jessica Dharmasiri sits down with CIO Andrew Macken to explore three critical AI safety risks that every business leader needs to understand: 🔍 AI Models Can Deceive – Research shows models deliberately hiding their capabilities to avoid modification 🔍 AI Models Can Be Deceived – Why even extensive guardrails are mathematically insufficient 🔍 Training Data Can Be Poisoned – How just 250 documents can create undetectable backdoors From inbox deletions to system breaches, recent AI agent failures aren't just bugs—they're symptoms of fundamental vulnerabilities. But the solution isn't avoiding AI altogether. Key Takeaways: Why AI agents demonstrate unexpected situational awarenessThe mathematics behind guardrail vulnerabilitiesPractical deployment strategies: treating AI agents like unvetted contractorsHow to unlock AI value while minimizing enterprise riskWhether you're a CIO evaluating AI deployment or an investment professional tracking the AI revolution, this conversation provides essential insights into the future of autonomous systems. 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. #ArtificialIntelligence #AI #RiskManagement #BusinessStrategy #TechInvestment
Mar 4

The News is Bad and the Facts are Good

The noise is bad and the facts are good – KKR CEO Scott Nuttall's words from late 2025 perfectly describe many stocks in Montaka's portfolio today. In this Spotlight Series episode, Lachlan Mackay and Tim Le dissect recent financial results from Amazon, Meta, Spotify, REA Group, and DoorDash. Across the board, the results were exceptional and competitive positions continue strengthening – yet stock prices are down significantly. We explore why the market simultaneously fears both AI oversupply AND total disruption – two mutually exclusive scenarios. While short-term prices detach from reality, the team remains focused on fundamental earnings power and sees substantial upside ahead. Disclaimer: Issued by Montaka Global Pty Ltd ABN 62604 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. #Investing #TechStocks #AI #FundamentalAnalysis#ValueInvesting
Feb 24

The SaaS Apocalypse: Why the Market Got It Wrong

We tackle the recent market panic head-on. With software stocks experiencing a dramatic sell-off over AI agent fears, we examine whether the "SaaS apocalypse" narrative holds up to scrutiny. Join Montaka's Director of Research Amit Nath, Senior Analyst Lachlan Mackay, and Portfolio Manager Andrew Macken as they dissect the market's assumption that AI agents will replace traditional enterprise software. Through a candid internal research discussion, we explore: 🔍 Why scale distribution—not code—is the real competitive advantage🔒 The overlooked security risks of unconstrained AI agents⚡ The massive power and compute constraints limiting AI agent deployment📊 Why enterprise customers won't hand over the keys to a single AI provider⏱️ The lengthy implementation timelines that make rapid disruption unlikely Our conclusion? The market has significantly oversold quality enterprise software companies including ServiceNow, Salesforce, Microsoft, MongoDB, and others. This represents a substantial price-to-value divergence that we believe will correct. If you're an investor trying to separate AI hype from reality, this episode is essential listening. #Investing #SoftwareStocks #AI #AIAgents #SaaS #EnterprisesSoftware #StockMarket #ValueInvesting #TechStocks #Salesforce #ServiceNow #Microsoft #MarketAnalysis #InvestmentResearch 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.
Feb 13

Is Enterprise SaaS Dead, or Just on Sale?

Enterprise software stocks—from Salesforce to ServiceNow and Atlassian—have been hit hard, with many down 40–60% in the last year. The market narrative? Generative AI will disrupt software creation, compress pricing, eliminate seats, and ultimately render incumbent platforms obsolete. But is that actually happening? In this episode of Montaka’s Spotlight Series, Andy sits down with Amit, Montaka’s Director of Research, to unpack what’sreal, what’s misunderstood, and where the market is drawing the wrong conclusions. Together, they explore: Why AI-driven innovation doesn’t guarantee distributionWhy incumbents like Salesforce, ServiceNow and Microsoft may benefit from AIThe difference between platforms and point solutionsWhat CIOs are actually telling vendors about budgets and adoptionWhy the real prize isn’t IT savings—it’s the $3.7T global labour cost baseAnd why terminal value assumptions today may be wildly mispriced If you’re watching enterprise software, AI agents, or thefuture of SaaS, this episode is essential listening. #EnterpriseSoftware #AIRevolution #SaaS #GenerativeAI#AIadoption #TechInvesting #DistributionMoat #Salesforce #ServiceNow #Microsoft#AIEnterprise #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.
12/10/2025

Beyond the AI hype: Understanding Cloud Computing's Real Moats

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.

Join the Montaka Global Investments team as they chat about the stocks and market dynamics that shape their decisions. Listen in for a great stock market education on basics, market commentary and learn how to invest better on your own. Follow along as we share real-time examples and investing tips that govern our stockpicks. Subscribe and leave a review. Questions? Email questions@montaka.com and we will be happy to answer!

Creator

Montaka Global
Years Active

2022 - 2026
Episodes

53
Rating

Clean
Copyright

© Montaka Global
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Montaka's Spotlight Series