The Nasdaq 100 went from a seven-month low to a record high in
April—posting its biggest monthly gain since 2002. But as tech
stocks rip higher, Kieran Moore says the real opportunity isn’t
owning everything… it’s knowing what to avoid.
In this episode of In the Money with Amber Kanwar, Kieran Moore,
Equity Partner & Portfolio Manager at Munro Partners, breaks
down what’s really driving the explosive rebound in growth—and
why he’s getting more selective, not less. He explains why AI
demand is quietly surging beneath the surface, with usage (or
“token demand”) tripling in just a few months, and how that’s
creating massive winners—but also real disruption risk. Moore
makes the case that this isn’t the end of the AI trade—it’s the
beginning of a more nuanced phase, where earnings growth, not
hype, will separate the winners from the losers.
He also lays out why he’s taking a hard stance against software
stocks right now—even exiting long-time winners like Microsoft
(MSFT) and ServiceNow (NOW)—arguing that AI could start eating
into traditional software revenues. At the same time, he
highlights where the real leverage to this cycle sits:
semiconductors, memory, and the AI supply chain, where
bottlenecks are driving powerful multi-year growth.
In the Mailbag, Moore tackles your top questions on Nvidia
(NVDA), Meta (META), Alphabet (GOOGL), Constellation Software
(CSU.TO), memory stocks like Micron (MU), Adobe (ADBE), and
Cameco (CCJ). He explains why Nvidia can still work despite
multiple compression, why he’s stepped aside from Meta despite
its massive scale, and why Alphabet may still have room to run
thanks to multiple AI growth levers. He also weighs in on whether
memory stocks are in a new supercycle, why he’s avoiding software
broadly, and how to think about energy plays tied to AI demand.
In Pro Picks, Moore leans into the infrastructure powering the
next wave of growth. He doubles down on Contemporary Amperex
Technology (CATL) as a global leader in batteries tied to EVs and
energy storage, highlights Lumentum (LITE) as a critical
networking play enabling AI data centers, and points to Taiwan
Semiconductor (TSM) as a core bottleneck in the entire AI
ecosystem. These are companies he believes can compound earnings
as AI spending scales globally.
If April proved anything, it’s that tech is back—but the easy
money may already be made. The next move comes down to getting
the right names.
Timestamps
02:20 Intro
04:10 What’s going on for growth stocks
10:00 Not going back to software anytime soon
14:00 The case for growth stocks & AI spending
17:50 OpenAI vs. Alphabet & privates
21:30 The bear argument
24:30 Is Apple a genius for letting others build it out?
26:20 Will the memory rally continue?
28:10 ITM Mailbag: Nvidia stock (NVDA)
30:50 Meta stock (META)
33:05 Alphabet stock (GOOGL)
35:25: Constellation Software stock (CSU)
36:25: Memory stocks
38:45: Adobe stock (ADBE)
39:45 Cameco stock (CCO)
42:20 Kieran’s Pro Picks (CATL, LITE, TSM)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
This episode is sponsored by CI Global Asset Management. For more
on Munro’s funds visit:
https://funds.cifinancial.com/en/funds/mutual-funds/CIMunroGlobalGrowthEquityFund.html?currencySelector=1&classId=481&redirect_type=class_id
https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalClimateLeadersFund.html?currencySelector=1&classId=482&redirect_type=class_id
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions. In this episode we discuss:
Meta, Apple, Constellation Software, Google and Amazon which are
stocks Amber owns.
Disclaimers for Kirean Moore
This segment of “In the Money" with Kieran Moore” has been paid
in part by CI Global Asset Management.
This podcast is provided as a general source of information and
should not be considered personal, legal, accounting, tax or
investment advice, or construed as
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Therefore, actual outcomes and returns may differ materially from
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