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
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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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