Ernest Wong, Head of Research, Baskin Wealth Management

It seems as though the market's expecting that big tech will continue to spend on AI, regardless of what returns they're earning on this capital. That's what's powering the strong performance of companies that supply the data centres. All that while the share prices of big tech companies themselves haven't been going up as much.

Canadian stock market is much more commodity-driven. Given what's happening in the Middle East, investors have largely forgotten about the upcoming renegotiations (even though that will be a much more consequential event for Canadian equities and the Canadian economy).

Overall, he expects quite a bit of volatility as parties position themselves. Ultimately there will be a successful renegotiation, as both countries need what each other is offering.

Because of what's going on in the Middle East, the US may want a more secure supply of natural resources of the kind that Canada has (sulpher, rare earths, oil). The focus for Mexico will be more along the lines of auto jobs and onshoring. So the details between Canada and Mexico will differ substantially.

Focuses on selling electricity into the open market, rather than having contracts. Upside if there are electricity shortages. But in utilities, he looks for fully contracted revenues and predictable, long-term cashflows.

Sold off with software industry on AI concerns. Better places to deploy money. CEO change -- especially doesn't like when there's a debate about future of the company. They sold. Business remains strong and profitable.

Selloff related to worries about software. Great job turning business around. Look for clues that they're continuing to win contracts in the space, and adding AI solutions to transform offerings.

Yes, the logic is to isolate the part of the business that's less risky from the rest. With the Middle East conflict, there's been more focus for commodities in safe and reliable jurisdictions. Sector's still expensive.

Safe, reliable source of fertilizer in NA. Stock price has reflected constraints on supply from Middle East, and that'll be a shorter-term tailwind.

Current US administration is allowing competition in the space. Worries on competition for volume as well as on price. His firm doesn't see competition as material, as entrenched ecosystem makes it difficult to migrate to a new system.

Reason for stock underperformance is that market's just not liking defensive names today -- see that across utilities and consumer staples. It's a side effect of ETF's being forced to buy AI names when they're high, which dampens other sectors.

Can't go wrong. Safe, defensive banking provider. Attracts low-cost deposits. Built up wealth management. Great net interest margins, which go up over time. Yield is 2%, so not a dividend play compared to the Canadian banks.

Focused on making acquisitions; disciplined acquirers and good integrators. No reason for that not to continue. Investors today want to see exposure to infrastructure projects and data centres. Not sure why stock's fallen.

(Note the short timeframe.)  Popped up on WBD deal exit, and then fell on Q1's softer earnings outlook. Still a secular winner in streaming. Still attractive today.

(Note the short timeframe.)  Consumer isn't spending or eating out as much. Really fell after earnings, as same-store sales were worse than expected. Well-positioned to continue to gain market share. He'd put new $$ in today.

(Note the short timeframe.)  Settlement with DOJ for anti-trust lawsuit; some states are still proceeding with their own cases. Money has been set aside to pay claims. Business model remains mostly intact.