Desire for public AI companies

With AI reshaping industries at a speed few investors have experienced before, many portfolios are caught between fear of missing out and fear of overpaying. Which businesses will genuinely benefit, and which are simply riding the narrative?

In this episode, David Clark sits down with Qiao Ma, Portfolio Manager at Munro Partners, to unpack how professional investors are navigating one of the most significant structural shifts in decades.

From tearing apart iPhones to identify supply chain winners, to applying the same thinking to Nvidia and the AI ecosystem today, Qiao shares a disciplined framework for cutting through the noise and focusing on what matters: earnings, durability, and valuation.

For investors trying to make sense of AI, software disruption, and shifting market leadership, this conversation offers clarity grounded in real-world portfolio decisions.

Key Takeaways:

• • AI is not optional: Every investor now needs a view. Sitting on the sidelines is no longer viable.

  • Follow the economics, not the hype: Real winners are already generating earnings today, not promises of future growth.

  • Look beyond obvious names: Supply chains and infrastructure often capture more durable value than headline stocks.

  • Software is no longer untouchable: AI is challenging the durability and pricing power of SaaS models.

  • Valuation still matters: In a world of rapid change, price discipline becomes even more important.

  • Process beats prediction: Structured risk management and team-based decision making are critical in volatile markets.

  
  

  DISCLAIMER:

  Performance data mentioned in this podcast is as at 28 February 2026. This podcast is for general information purposes only as it is not investment advice of any nature. The information contained in this podcast reflects, as of the date of publication, the views of Munro Partners and sources believed by Munro Partners to be reliable. There can be no guarantee that any projection, forecast or opinion in these materials will be realised. The views expressed in this podcast may change at any time after the date of issue. This information has been prepared without taking account of the objectives, financial situation or needs of individuals. Before making an investment decision in relation to the Funds, investors should obtain independent advice from a licensed professional adviser. Information about the Munro Funds issued in Australia, including the product disclosure statements (PDS), and target market determination (TMD) for the Munro Funds is available at www.gsfm.com.au, www.munropartners.com or by calling 1300 133 451. Past performance information in this podcast is given for illustrative purposes only and should not be relied upon as an indication of future performance. None of GSFM Responsible Entity Services, Munro Partners, its related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds. No representation or warranty is made concerning the accuracy of any data contained in this podcast. You should consider the PDS and Additional Information to the PDS in its entirety before making a decision to acquire or continue to hold an interest in the Funds. This video was recorded on 13 March 2026.