Tech Turmoil Is Done—Here’s What Comes Next

In the Money with Amber Kanwar

In this episode of In the Money with Amber Kanwar, CI Global Asset Management’s Peter Hofstra shares why he believes the worst of tech sector volatility is behind us and why he remains optimistic on AI. He points to strong and steady spending in the space as a sign that fundamentals are intact, even as market sentiment swings. While he uses puts to manage risk when valuations run high, Hofstra makes it clear: right now, he sees more opportunity than downside.

In the mailbag segment, Peter offers up his candid views on some of the most talked-about stocks. He breaks down whether Apple (AAPL) still deserves its premium valuation, why he thinks UnitedHealth’s (UNH) massive selloff might be overdone, and whether Alphabet (GOOG) can remain a dominant player in a post-search world. He also shares his take on Constellation Software’s (CSU) M&A model and culture, and weighs in on the risks of customer concentration in names like Celestica (CLS).

When it comes to his current high-conviction holdings, Peter points to Microsoft (MSFT), ServiceNow (NOW), and Thermo Fisher Scientific (TMO) as standout names that combine strong fundamentals, durable growth, and solid balance sheets. These are companies he believes are built to withstand any macro turbulence and continue compounding returns over the long term. It’s a glimpse into how one of Canada’s top innovation investors is positioning for the next wave of opportunity.

Timestamps

00:00 Show Intro
08:15 How do macro forces factor into his approach, and what about downside protection?

10:30 The tech valuation question and the Magnificent 7

12:55 Why is Nvidia going nowhere?
15:00 Deepseek, tariffs and the threat from China on AI and tech

18:15 Key risks with AI

19:15 What does it take to get into Peter’s portfolio and how active is he?

22:20 Why Peter is worried about Apple (AAPL) because it’s losing on AI
26:20 Peter’s thoughts on Palantir (PLTR) and its rich valuation

31:00 Peter’s view on UnitedHeath (UNH)

37:20 Is Celestica (CLS) a buy at these levels?

40:30 Constellation SoftwareN(CSU) has been a huge winner, is it still a buy?
43:05 Is Peter worried about Google (GOOG)?
50:45 Peter’s Pro Picks
59:45 Goodbye & coming up

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Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

Learn about CI Global Asset Management’s Global Alpha Innovation ETF here: https://funds.cifinancial.com/en/funds/ETFS/CIGlobalAlphaInnovationETF.html?currencySelector=1&classId=482&redirect_type=class_ida&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnershipQ225

Learn about CI Global Asset Management’s Global Artificial Intelligence Fund here: https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalArtificialIntelligenceFund.html?currencySelector=1&classId=482&redirect_type=class_id&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnershipQ225

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IMPORTANT DISCLAIMERS:

This segment of “In the Money with Amber Kanwar with Peter Hofstra” has been paid in part by CI Global Asset Management.

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