Canada vs. The World: Where should investors put their money now? Canadian stocks have outperformed the U.S. over the past year, but after a powerful rally in banks, energy and materials, is there still room to run? Or are the better opportunities now overseas? With valuations climbing, bond yields rising and investors questioning the dominance of U.S. equities, the global investment landscape is shifting. In this special episode of In the Money with Amber Kanwar, recorded in Vancouver, we’re staging the great investment showdown with Kevin McSweeney and Matthew Strauss, Co-Heads of Equities at CI Global Asset Management. Kevin makes the case for Canada as a potential turnaround story, while Matthew takes us around the world to uncover opportunities in Europe, Asia and emerging markets.
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FROM AMBER’S DESK
My eldest sat next to me while I was on the Bloomberg Terminal and showed genuine interest. I explained the stock market is a collection of companies where people decide how much they are worth every day. I later tested her recall and asked her what the stock market is. “It’s a collection of companies and people decide how much poop there is.” She gets it.
Here are five things to know today
1.
Stocks are higher after Anthropic IPO filing
Stocks are overlooking concerns about Meta’s financing spree and focusing instead on Anthropic’s S1 filing which landed yesterday. Revenue reached $16.3 billion in the first half of 2026, up 1300% from the year prior. Adoption is growing rapidly and it is less reliant on few large companies for revenue. The rub is that it comes with $80 billion in losses and Anthropic warns it has massive financing commitments to secure computing power. Meta’s financing needs, meanwhile, are on full display with the company saying it is raising its equity financing to $97.5 billion and increasing the common stock component as well. Nvidia said it would step up for $3 billion of that. So here we have a company financing its customer – again. Nothing to see here!
2.
Celestica soars 17% pre-market on earnings beat + raised forecast
Revenue surged 83% in the reported quarter thanks to demand for Celestica’s electronic components in AI data centres. The company says sales will increase 90% next year and margins will increase to 9%. Margin expansion has been a big part of the Celestica story with margins this quarter hitting a record 8.5% (this used to be a 2-3% margin business).
Yet shares of Celestica hit a one-year low just yesterday as AI spending fears grip the market. The stock is ripping partly because of the low bar and the fact that the magnitude of the earnings beat was larger than last quarter. Our guest on today’s podcast, Kevin McSweeney, had been adding Celestica ahead of earnings and says it is still one of his top ideas. He calls the name “fairly cheap” especially stacked against things like the Canadian banks which are historically expensive and have more modest growth profile.
Celestica on NYSE
3.
BCE sells stake in towers for $2.45 billion
La Caisse is buying a 49.9% stake in a newly formed tower infrastructure company valuing the asset at just under $5 billion. BCE will retain control of the towers. The move will help to repair the balance sheet at a time of elevated debt levels and sluggish growth. As a standalone company, TowerCo will own and operate Bell’s portfolio of wireless infrastructure assets and will lease capacity to Bell. La Caisse did a similar deal with Telus about a year ago as the telcos look for ways to monetize assets amidst a difficult market. Shares are up 1% in the pre-market but that hardly undoes the multi-year slide. Just last week the stock hit a fresh 17-year low.
BCE on NYSE
4.
Ares buys embattled private credit lender MidCap Financial
The mostly stock deal is about a 30% premium to where MidCap Financial closed on Monday and comes amidst a steep sell off in private credit. Ares is buying it from rival Apollo – one man’s trash is another’s treasure. Shares of MidCap recently hit a 5-year low with the stock trading below its net asset value – which the company said was $13.37/share on their last conference call. While the $10.88/share offer is a premium, it is still below NAV. Still, this could be the beginning of a cleanup of private credit. Watch shares of Blue Owl and Blackstone as well as other business development companies for any reaction. Apollo is up 2% in the pre-market while Ares is down 2%.
5.
General Motors to change listing to Nasdaq from NYSE
In a sign of the times, General Motors becomes the latest company to wrap themselves in a tech-covered cloak announcing it will switch its listing from the New York Stock Exchange to the Nasdaq. Shares are up 3% in the pre-market. Walmart made a similar move at the end of 2025 while Campbell’s made the switch the year before. No one believed in soup-as-a-service with shares of Campbell’s down 52% over the past two years. Walmart has fared a little better, up 8% since the switch.
The big question: Is General Motors a tech company? According to its latest quarterly results, the answer is more than you might think. It is trying to become a software play that happens to sell through cars. Yes, software is just 2% of the company right now, but it is growing – sales increased 15% last quarter and GM said it would be a more than $3 billion business by the end of the year. Super Cruise is their hands-free driving system which is sold as a subscription while OnStar is its connected car platform and could have 13 million subscribers by the end of the year. And it only trades at 6x earnings.
Don’t miss the next episode! Tech has been wrecked, what should you be buying? Click here to submit a question!
