Andrew Walker

Andrew Walker × Hugo Navarro

Europe’s July 2026 DMS mandate reinforces Seeing Machines’ and Smart Eye’s duopoly, while SEE trades at roughly 11x Navarro’s mid-range FY27 FCF estimate.About $55M of largely fixed opex creates operating leverage as volumes rise, while naturalistic data supports the moat.Risks include the $55M convertible due in October and weak Fleet conversions; a white-label licensing deal is not yet landed.

Andrew Walker × Jonathan Cohen

YouGov trades at roughly six to seven times EBITDA on a $500M EV after being labeled an AI loser, despite a 30-million-person, 60+ country, 20-year attitudinal data set refreshed daily.Cohen argues auditable synthetic data can lower the cost of its $50–100k products, while YouGov’s buyback conversion and Anthropic usage offer catalysts; synthetic-data reliability and pricing power remain key tests.

Andrew Walker

Amadeus has roughly 50% share in core segments, 400+ airline connections, and mission-critical IT costing around 1% of revenue, but trades at 15x earnings versus 22–24x historically.AI may improve productivity rather than replace Amadeus; Google’s partnership supports the distribution moat, while 8% topline and 15% EPS growth imply close to a 20% return over three to four years.

Andrew Walker × Deiya Pernas

Down over 90% from its $6–7B valuation, Sprout Social trades at 0.6–0.7x EV/sales while guiding to 10% growth and Rule of 40 within eight quarters.API and compliance-sensitive workflows may defend switching costs, but agents could weaken them.Super-voting expiry on December 17 makes governance, restructuring, or a sale key variables.

Andrew Walker × Marcelo Lima

Marcelo Lima calls the SaaS-pocalypse a perception panic: Claude Code increases incumbent engineers’ leverage while Salesforce, ServiceNow, Atlassian, and Adobe are priced for zero or negative growth.Governance, SOC 2, trust, sales, and liability remain enterprise moats, but improving AI, delayed Salesforce adoption, insider-buying failures, buybacks, and stock compensation keep the platform thesis unresolved.

Andrew Walker × Roy Swisa

Journal Technologies is shifting from services to products, with Orange County RFP evidence supporting management’s turnaround claims.Roy sees 20% growth and $13M of 2025 free cash flow against $150M implied EV, protected by regulation, backward compatibility, and procurement inertia.Andrew’s sum-of-parts reaches $516/share versus $500, making a re-rating—and a possible Sanborn Map-style portfolio tender—the key unresolved debate.

Andrew Walker × Doug O’Loughlin

AI's next phase is shifting Big Tech from cash-generative platforms toward debt-funded infrastructure, with power—not chips—as the binding bottleneck and TPU emerging as a credible number-two accelerator.The opportunity depends on monetizing token demand and agentic commerce, while rising capital intensity, a possible three-year runway to a hangover, and governance signals such as Target Hospitality's PSU award remain key risks to monitor.

Andrew Walker × Nicolas Bustamante

AI can turn explicit investment workflows into scalable retrieval, synthesis, and screening systems, compressing tasks such as searching roughly 50 Caesars transcripts or assembling a decade of same-store sales from a day to seconds or minutes.The advantage depends on constrained sources and verification, while fat-tailed outcomes keep concentrated portfolios reliant on human judgment; parallel, offline agents may expand coverage, but AI adoption could become table stakes as markets grow more efficient.

Andrew Walker × Thomas Li

Thomas Li sees AI’s near-term investing edge in thesis blacklining, comparing pre-event notes with new earnings and conference transcripts to expose contradictions.Proprietary context can make a second-tier model more useful than the best model without data, while numerical hallucinations and compliance constraints remain unresolved.Adoption may expand coverage and speed before reducing headcount, with crowding and the next buyer shaping whether a correct result pays off.

Andrew Walker × Jeremie Eliahou Ontiveros

AI has broken the data-center growth curve: 2024 NVIDIA hardware added about 5 GW of demand versus roughly 4 GW of global annual IT-capacity growth from 2019 through 2023.That shortage supports infrastructure suppliers and NVIDIA’s networking-led inference moat, but the cycle ultimately depends on traffic, OpenAI and perhaps Claude revenue indicators, and whether users pay $20 or $200 monthly.