AI Isn’t 1999 — Toxic Thinking is Holding Wall Street Back | In the Money with Amber Kanwar

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AI Isn’t 1999 — Toxic Thinking is Holding Wall Street Back | In the Money with Amber Kanwar

Artificial intelligence has officially crossed from hype to real-world impact but is Wall Street keeping up? In this episode of In the Money with Amber Kanwar, Amber sits down with Malcolm White of BMO Global Asset Management, a portfolio manager and AI programmer, to unpack what’s actually happening inside the AI revolution.

Malcolm explains why AI commercialization reached a true inflection point in late 2022, why progress is accelerating faster than even technologists expected, and why recent market panic around Nvidia, OpenAI, and AI infrastructure may be missing the bigger picture. From GPU supply constraints and data centre bottlenecks to why AI depreciation fears are misunderstood, this conversation bridges the gap between technology and investing.

Amber and Malcolm also tackle the biggest bearish arguments making the rounds from DeepSeek panic and Michael Burry’s accounting critique to fears that AI compute will become commoditized. Malcolm breaks down why AI workloads are fundamentally different from past tech cycles and why demand for chips, memory, and power infrastructure remains structurally strong.

In the Mailbag, Malcolm weighs in on some of the most talked-about names in the AI ecosystem, including Broadcom (AVGO), Reddit (RDDT), SanDisk (SNDK), Western Digital (WDC), and Celestica (CLS). He explains why volatility is rising even as the AI capex cycle remains intact, how investors should think about pullbacks versus broken theses, and why certain “boring” infrastructure plays are quietly benefiting from massive shifts in data, memory, and storage demand.

And in Pro Picks, Malcolm highlights three high-conviction ideas tied to the next phase of innovation: Nvidia’s (NVDA) next-generation AI platform, Samsung’s catch-up opportunity in memory, and pre-IPO Xanadu Quantum Technologies, an early-stage but potentially transformative player in photonic quantum computing.

Timestamps
00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY
01:50 Show intro
03:55 Malcolm is a portfolio manager & AI programmer
08:15 An inside view into the pace at which AI has evolved
13:50 The Deepseek moment
17:00 The Fury of Burry - what Michael Burry is Missing
23:50 What about the circular deals?
26:30 Why Malcolm thinks Anthropic will be the first IPO & what comes next
29:40 The Oracle question
32:45 How transformative will AI be?
36:00 ITM Mailbag: Broadcom stock (AVGO)
39:10 Reddit stock (RDDT)
40:00 Sandisk stock (SNDK)
43:15 Western Digital stock (WDC)
45:00 Celestica stock (CLS)
48:25 Malcolm’s Pro Picks (NVDA, Samsung, Xanadu Quantum)
59:20 ETF Minute: HAMILTON CHAMPIONS™ Canadian Dividend Index ETF, HAMILTON CHAMPIONS™ EnhancedCanadian Dividend ETF

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ETF Minute is brought to you by Hamilton ETFs. To learn more about the HAMILTON CHAMPIONS™ Canadian Dividend Index ETF and the HAMILTON CHAMPIONS™ Enhanced Canadian Dividend ETF, visit https://hamiltonetfs.com.

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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.


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