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.
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Semiconductor equipment leader supplying critical deposition and etch tools to major foundries including TSMC, Intel, and Samsung.
- Plays a central role in the AI semiconductor buildout as one of the few companies with the capital-intensive expertise required for advanced chip manufacturing.
- Benefits from strong U.S. positioning and onshoring trends, particularly with Intel, while retaining the ability to sell into China (subject to approvals) unlike more restricted peers.
- Remains resilient despite short-term supply challenges such as helium; has secured alternative sourcing deals and sits in a secular growth market for AI infrastructure.
Palantir Technologies (PLTR)
Dual-platform company with Gotham serving government and defense, and Foundry delivering enterprise AI solutions. Currently down about 30% from its October peak.
- Foundry platform is exploding as enterprises move AI beyond the IT department into HR, operations, and core business functions.
- Gotham provides unmatched credibility in high-stakes government and defense applications, including critical logistics support.
- Strong backing from Peter Thiel and Alex Karp, combined with accelerating commercial AI adoption, supports significant revenue growth over the next 6–18 months.
Walmart (WMT)
Retail giant increasingly viewed as an AI stock through aggressive deployment of robotics and data-driven optimization. Now also listed on Nasdaq.
- One of the largest public buyers of robotics, including humanoids, transforming fulfillment centers and soon in-store operations for greater efficiency.
- Leverages its vast data moat with AI partners to optimize supply chain logistics, finding the fastest and cheapest ways to move goods.
- Proven ability to execute in varied economic environments, including high inflation where middle-class consumers trade down, with an added AI layer creating further upside.
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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.
