AI was supposed to supercharge software. Instead, it’s
threatening to disrupt it.
Ivana Delevska, Founder & CIO of Spear Advisors, joins
In the Money with Amber Kanwar to break down
whether the brutal software sell-off is justified — or overdone.
As hyperscalers ramp capex and next-generation AI agents get more
powerful, investors are questioning which business models survive
and which get left behind. Ivana explains why AI is no longer one
broad trade, why valuation suddenly matters again, and where she
believes the real opportunity now sits in the value chain.
In the mailbag, Ivana tackles your biggest stock questions: Is
the drop in Oracle (ORCL) a buying opportunity despite its
leverage and OpenAI exposure? What does the reset in software
mean for Constellation Software (CSU.TO)? After strong growth and
free cash flow, did the market overreact to Shopify (SHOP)? Is
Snowflake (SNOW) simply too expensive at current multiples? And
what should investors do with Palantir (PLTR), Nvidia (NVDA), and
Micron (MU) as the AI cycle rotates from chips to memory to
infrastructure?
In Pro Picks, Ivana begins by revisiting her past calls —
including Constellation Energy (CEG), Nvidia (NVDA), and Marvell
(MRVL) — explaining where she’s taken profits, reduced exposure,
and why parts of the AI trade have shifted from offensive to
defensive. She then shares where she sees the next leg of upside:
Coherent (COHR) in optical networking, KLA Corp (KLAC) in
semiconductor capital equipment, and Arista Networks (ANET) in AI
networking — areas she believes can still compound strongly as
the AI spending cycle moves deeper into hardware and
connectivity.
And don’t forget: to vote on your favourite In the Money swag
ideas head to: https://www.surveymonkey.com/r/XKGW2HT
Timestamps
00:00 Show trailer
02:05 intro
04:00 What is happening to the AI trade?
05:50 Is the sell-off in software overdone?
08:00 Investors should look at the hardware value chain
11:00 Is the financing environment a risk?
14:00 These companies need to spend on capex
15:30 ITM Mailbag: Oracle stock (ORCL)
17:20 Constellation software stock & Cloudflare stock(CSU,
NET)
21:30 Shopify stock (SHOP)
23:45 Snowflake stock (SNOW)
25:35 Palantir stock (PLTR)
26:50 Nvidia (NVDA)
28:20 Micron stock (MU)
30:45 Ivana’s Past (CEG, NVDA, MRVL) & Pro Picks (COHR,
KLAC, ANET)
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
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DISCLAIMERS
The content 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
Constellation Software and Micron which are both 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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