In the Money with Amber Kanwar The AI Case Wall Street Bears Get Wrong
Artificial intelligence has been hyped, doubted, celebrated, and questioned — but very few people understand it from the inside out.
On this episode of In the Money with Amber Kanwar, Amber sits down with Malcolm White, Portfolio Manager, BMO Global Asset Management, to cut through the noise around the AI boom and explain what’s actually happening beneath the headlines. From the launch of ChatGPT to today’s trillion-dollar AI infrastructure buildout, Malcolm breaks down why this moment is fundamentally different — and why many investors still don’t fully grasp the technology driving it.
Drawing on his experience as both a former AI programmer and portfolio manager, Malcolm explains why AI adoption is moving faster than anything he’s seen before, how skepticism around valuations, capex, and so-called “AI bubbles” often misses the mark, and why physical constraints — power, data centers, and compute — matter just as much as software. He offers a rare behind-the-scenes look at how AI models are trained, why data is the new gold, and what investors get wrong about chips, depreciation, and commoditization.
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.
In Pro Picks, Malcolm lays out three high-conviction ideas tied to different stages of the AI and innovation cycle. He explains why Nvidia's (NVDA) fundamentals continue to be misunderstood despite its dominant position, why memory and semiconductors remain critical bottlenecks, and why Samsung Electronics (005930.KS) offers an underappreciated catch-up opportunity. He also looks further out to the next frontier with a deep dive into quantum computing, including why pre-IPO Xanadu Quantum Technologies stands out — and why investors should treat the space with both curiosity and caution.
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
Sponsors
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Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information
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.
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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