The AI trade isn’t just about tech anymore — it’s about all
stocks. In this episode of In the Money with Amber Kanwar, Kim
Bolton, President & Portfolio Manager at Black Swan
Dexteritas, argues we’re entering the next phase of the AI cycle,
where the winners won’t just be the companies building the
technology — but the ones using it to drive real earnings. As he
puts it, investors need to rethink what a “tech stock” even is.
Kim explains why this recent pullback in tech looks more like a
healthy consolidation than a structural break, and why software
could remain under pressure in the near term as enterprises
experiment with cheaper, more flexible AI tools. The real shift,
he says, is from AI “pilots” to full deployment — where companies
embed AI directly into business units to boost productivity, cut
costs, and grow profits. That’s where the next leg of the market
will be decided — and why the next 6 to 18 months could separate
hype from real earnings power.
In the mailbag, Kim breaks down Microsoft (MSFT) and why he still
sees it as a “screaming buy,” even as sentiment has cooled, and
explains why Nvidia (NVDA) continues to dominate the AI stack
with a near-monopoly in GPUs. He weighs in on Micron (MU),
arguing demand for memory remains structurally strong despite
recent volatility, and discusses Amphenol (APH) as a lesser-known
platform-layer name tied to data centers that hasn’t quite
reached his buy zone. On the more speculative side, he shares his
cautious approach to quantum names like Xanadu (XNDU), preferring
to wait through early volatility, and revisits Constellation
Software (CSU.TO), where execution under new leadership will be
critical. He also highlights Nebius (NBIS) as an under-the-radar
AI infrastructure name he owns and continues to add to.
In Pro Picks, Kim focuses on high-conviction names across the AI
ecosystem: Lam Research (LRCX) as a key semiconductor equipment
play tied to the buildout of AI infrastructure, Palantir (PLTR)
for its ability to embed AI directly into enterprise operations,
and Walmart (WMT) as a standout example of a company already
turning AI into real productivity gains and margin expansion.
Timestamps
00:00 Trailer
02:20 Intro
06:10 How is this tech sell-off different than previous
sell-offs?
10:50 What does it take for an AI stock to win?
15:00 Everything is an AI stock now: Tech vendors & end
users
18:00 Maybe tech just isn’t fashionable right now?
20:40 Taking money out of tech vendors and putting it into tech
end users
23:30 Walmart trades more expensive than Meta
25:40 ITM Mailbag: Microsoft stock (MSFT)
31:20 Micron stock (MU)
35:40 Amphenol stock (APH)
37:30 Xanadu Quantum Technology (XNDU)
40:15 Constellation Software stock (CSU)
44:40 Nebius stock (NBIS)
46:40 Kim’s Pro Picks (LRCX, PLTR, WMT)
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. For more
information on ATB Cormark Capital Markets visit
https://ATB.com/inthemoney
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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
Microsoft, Constellation Software, Micron and Meta which are all
stocks Amber owns.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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