Avory & Co.

Avory & Co. Discovering value in a world of innovative growth. We invest in valuable companies led by exceptiona Finance

🎉 $AVRY just landed on Fidelity. Your core holding is here.Learn more at avoryfunds.com.ETFAC-5325706-3/26
06/01/2026

🎉 $AVRY just landed on Fidelity. Your core holding is here.

Learn more at avoryfunds.com.

ETFAC-5325706-3/26

Token share by LLM provider, last 5 weeks.Anthropic and DeepSeek combined: 26% to 37%. DeepSeek alone: 8% to 20%.Closed ...
06/01/2026

Token share by LLM provider, last 5 weeks.

Anthropic and DeepSeek combined: 26% to 37%. DeepSeek alone: 8% to 20%.

Closed source is a 3 company race now between Anthropic, Google, and OpenAI. Open source keeps climbing underneath as it catches up via distillation.

A chart worth a minute of your time.Annual U.S. IPOs going back to 2000. The 2021 bar is the one everyone remembers, 1,0...
06/01/2026

A chart worth a minute of your time.

Annual U.S. IPOs going back to 2000. The 2021 bar is the one everyone remembers, 1,035 companies hit the market. Pure cycle top. 2000 was the other big one with 397.

Today we're sitting at 151. Half the long-run average. Dollar volume looks healthy because of a few mega listings, but the count says most companies aren't ready to move yet.

That's a tell. Bull markets that end usually end with a flood, not a trickle.

The best theses aren't in the news cycle - they're in the data before the narrative forms. - Avory & Co.
05/31/2026

The best theses aren't in the news cycle - they're in the data before the narrative forms. - Avory & Co.

Out this week from our Avory Research. The jobs continue to remain stable using more recent datapoints from ADP Pulse. +...
05/29/2026

Out this week from our Avory Research. The jobs continue to remain stable using more recent datapoints from ADP Pulse. +35,750 jobs in the week ending May 9. Off the late March peak near 40K, but still climbing.

One thing we continue to believe at Avory: AI is increasing the need for software, not reducing it.While overall US job ...
05/29/2026

One thing we continue to believe at Avory: AI is increasing the need for software, not reducing it.

While overall US job postings keep slipping, software development postings have rebounded +19% from the 2025 trough.

That makes sense to us. Every business is now racing to integrate AI, automate workflows, connect fragmented data, and rebuild internal systems.

AI adoption still requires engineers, infrastructure, orchestration layers, and entirely new software experiences.

The bigger AI becomes, the larger the software opportunity may become alongside it.

UiPath executing well as AI and RPA come together to orchestrate probabilistic and deterministic workflows.
05/29/2026

UiPath executing well as AI and RPA come together to orchestrate probabilistic and deterministic workflows.

As AI agents get deployed across the enterprise, they will need access to tools, data, workflows, and systems. That crea...
05/29/2026

As AI agents get deployed across the enterprise, they will need access to tools, data, workflows, and systems. That creates a bigger security problem. Companies will need to know who, or what, has access to what. That is where identity matters.

Okta is a new position for us over the last two months, coming out of what has felt like the SaaS apocalypse.

What caught our teams attention is that Okta may be a hidden AI beneficiary.

A few things stood out from Okta’s Q1 FY27 results:

• Customers above $100K ACV increased to 5,180 from 5,100

• TTM net retention improved to 107% from 106%, the first uptick in 11 quarters

• RPO continued to tick higher

• Margins continue to improve

It was starting to show up in some of the data we track.

Now it is starting to show up in the fundamentals too.

One thing we’ve been consistent on if you follow our work here: AI is going to require more software, not less.Overall ...
05/28/2026

One thing we’ve been consistent on if you follow our work here: AI is going to require more software, not less.

Overall US job postings continue to fall, yet software development postings are now +19% from the 2025 trough.

Every company is rebuilding workflows, integrating AI, connecting data, and deploying automation.

That requires developers, infrastructure, and new software layers everywhere.

The AI era may will up expanding software demand.

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4770 Biscayne Boulevard Suite 1480
Miami, FL
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