The News is Bad and the Facts are Good

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 [https://montaka.com/ai-whitepaper/]. 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.

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 awareness * The mathematics behind guardrail vulnerabilities * Practical deployment strategies: treating AI agents like unvetted contractors * How to unlock AI value while minimizing enterprise risk Whether 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

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

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.

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 distribution * Why incumbents like Salesforce, ServiceNow and Microsoft may benefit from AI * The difference between platforms and point solutions * What CIOs are actually telling vendors about budgets and adoption * Why the real prize isn’t IT savings—it’s the $3.7T global labour cost base * And 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.