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.

Are markets overvalued? It depends on how you look at it.In this excerpt from a recent client presentation, Andy shares our investment philosophy and why traditional metrics like PE ratios can be misleading when evaluating companies with transformational growth potential.

Key Topics Covered:

→ Why the market persistently undervalues long-duration growth opportunities

→ The distribution of PE ratios in the S&P 500 today

→ Case studies: Why low PE stocks aren't always cheap (Charter Communications, Molson Coors)

→ Why high PE stocks can be undervalued (Spotify's 10x return despite 100+ PE ratio)

→ How we identify companies with reliable future earnings power

Why This Matters:If the world is changing at an accelerated rate today versus the past, then the usefulness of traditional PE ratios may be diminishing. Understanding this helps investors identify tomorrow's winners while they're still undervalued by conventional metrics.

Presentation slides available at: https://7041279.fs1.hubspotusercontent-ap1.net/hubfs/7041279/2511_Montaka_Spotlight_Series_Slides.pdf

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.

Last month, OpenAI committed to an extra $300 billion of revenue for Oracle — and just 12 days later, Nvidia announced a $100 billion data center investment to support OpenAI’s expansion. The scale is staggering… and a little baffling.

In this Spotlight Series episode, Andy, Lachie, and Amit take you inside their internal discussions from New York as they unpack the numbers behind this trillion-dollar AI arms race.

Together, they explore:

• How OpenAI, Oracle, and Nvidia are driving unprecedented AI infrastructure investment

• Whether the economics can possibly justify the spending

• Parallels with the dot-com and telecom overbuilds

• The big question: Who’s the paying customer?

🎧 A candid, data-driven conversation on hype, hope, and hard numbers in the AI revolution.

⏱️ Suggested Timestamps

• 00:00–01:00 | Setting the scene — the $400B+ AI buildout

• 01:00–03:00 | Are these investments economically rational?

• 03:00–06:00 | What history tells us: echoes of dot-com and telecom bubbles

• 06:00–09:00 | Power, CapEx, and the cost of keeping AI lights on

• 09:00–12:00 | Paying customers vs free users — who funds the AI dream?

• 12:00–14:00 | Microsoft, Oracle, and the strange logic of market reactions

  
  

  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.