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Powering the AI + Energy Future

The Nasdaq 100 went from a seven-month low to a record high in April—posting its biggest monthly gain since 2002. But as tech stocks rip higher, Kieran Moore says the real opportunity isn’t owning everything… it’s knowing what to avoid. In this episode of In the Money with Amber Kanwar, Kieran Moore, Equity Partner & Portfolio Manager at Munro Partners, breaks down what’s really driving the explosive rebound in growth—and why he’s getting more selective, not less. He explains why AI demand is quietly surging beneath the surface, with usage (or “token demand”) tripling in just a few months, and how that’s creating massive winners—but also real disruption risk.

Pro Picks is brought to you by ATB Financial. With over $100 billion in assets, ATB Financial is powering possibilities for more than 843,000 financial services clients.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit www.ATB.com/inthemoney for more information.

Three AI Leaders:
Contemporary Amperex Technology (CATL) – 300750.SZ
Global Battery Leader with Massive Growth Runway

  • Largest battery manufacturer globally with 35-36% market share in EV and energy storage batteries.
  • Positioned for over 20% annual revenue growth for each of the next 5 years, driven by EV acceleration and surging demand for batteries tied to renewables.
  • Recent pullback offers an attractive entry as the company aggressively invests to expand global capacity and drive future earnings higher.

Lumentum Holdings (LITE)

Critical Networking Enabler for AI Data Centers

  • Solves the major networking bottleneck in data centers where high-performance GPUs must communicate efficiently over long distances using photonics.
  • Revenue projected to accelerate dramatically from ~$1.6 billion last year to $8–9 billion by 2028 in a still relatively small business versus trillions in potential AI infrastructure spend.
  • Enables maximum performance and utilization of expensive AI chips, supporting continued strong growth even as overall capex matures.

Taiwan Semiconductor Manufacturing (TSM)

Essential AI Chip Foundry at a Compelling Valuation

  • Manufactures the world’s most advanced chips for Nvidia, Broadcom, AMD, and others — a key bottleneck in the entire AI rollout.
  • AI revenues expected to grow nearly 60% per year (currently ~25% of the business and heading toward half), delivering high growth at only ~20x earnings.
  • Strategic importance across multiple industries plus ongoing geographic diversification (Arizona, Japan, Germany) helps mitigate risks.

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DISCLAIMERS: This text AI generated and should be checked against actual delivery. 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.

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