NeoClouds & the Debt Problem Behind the AI Boom

In this episode of The Canadian Investor Podcast, Simon and Dan kick off earnings season with SpaceX, where revenue surged 161% as AI and Starlink growth accelerated. But the enormous growth comes with equally enormous spending, including nearly $10 billion of negative free cash flow and plans for another massive jump in capital expenditures. They also discuss Elon Musk’s comments on a potential SpaceX-Tesla merger. They then turn to Netflix, where revenue growth continues to decelerate and management is providing investors with fewer operating KPIs, before breaking down another strong quarter from BlackRock. Larry Fink also offers a notable warning: for the first time in his 50-year career, he believes the world is facing a shortage of capital as governments and AI infrastructure projects compete for financing. Finally, they look at Intuitive Surgical’s continued growth in robotic surgery and why its massive installed base could become even more valuable with AI, before wrapping up with A&W and the same affordability pressures showing up across the fast-food industry. Stocks discussed: SPCX, TSLA, NFLX, BLK, ISRG, AW.TO Subscribe to Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense. Asset Allocation ETFs | BMO Global Asset Management This podcast Ad Read is intended for information purposes only. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment, tax, or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results. The viewpoints expressed by the speaker represent their assessment of the markets at the time of recording . Those views are subject to change without notice at any time. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence. See omnystudio.com/listener for privacy information.

Braden Dennis returns to The Canadian Investor as Simon and Dan look beyond the handful of mega-cap stocks driving much of today’s market and ask a simple question: where can investors still find value? With more than 100 S&P 500 companies sitting in corrections despite strong headline index returns, they discuss how extreme market concentration is creating opportunities away from the obvious AI winners. The conversation covers beaten-down apartment REITs, engineering firms trading at unusually low valuations, utilities, healthcare and several long-term compounders that have fallen out of favour. They also discuss why AI could actually become a tailwind for companies like WSP and Intuitive Surgical rather than a threat, and why investors shouldn't assume every cheap stock is automatically a bargain. Finally, they look at FICO’s massive buybacks, a new wave of private-equity firms buying yesterday’s internet darlings at steep discounts, and the widening generational wealth gap between younger and older households. Stocks discussed: WSP.TO, STN.TO, ISRG, FICO, LULU, PEP, ADBE, FTS.TO

In this episode of The Canadian Macro Investor, Simon and Dan dig into growing stress beneath the AI infrastructure boom. CoreWeave’s debt is now trading at distressed yields as its borrowing costs surge, raising questions about how long heavily leveraged AI infrastructure companies can continue financing aggressive expansion. They discuss what a slowdown could mean for Nvidia, memory producers and the broader market if the AI spending cycle begins to unwind. Pasted text Pasted text They also look at hotter U.S. inflation, the possibility that central banks keep rates higher, and whether the bond market is beginning to price in weaker growth and demand destruction. Meanwhile, the U.S. housing market has fallen into an unusually deep buyer’s market, even as Berkshire Hathaway continues adding to its position in Lennar. Pasted text Pasted text Finally, they discuss mounting evidence that consumers are trading down as food companies and restaurants struggle to pass along higher costs, what that says about the increasingly K-shaped economy, and why affordability remains the issue households are feeling most directly.

In this episode of The Canadian Investor Podcast, Simon and Dan break down growing stress at CoreWeave as its unsecured bond yields surge to roughly 15%. They discuss why the company’s enormous debt load, reliance on new financing and potential shareholder dilution are becoming increasingly difficult for the market to ignore. Pasted text They also look at two companies benefiting heavily from current trends. ASML delivered record revenue as semiconductor equipment demand remains so strong that it expects difficulty fully meeting customer needs through 2027 and 2028, while Aritzia posted another huge quarter with 34% comparable-sales growth and continued rapid expansion in the U.S. Pasted text Pasted text Finally, they discuss what Pepsi and Domino’s are revealing about a consumer increasingly focused on value, an open-source project attempting to recreate Adobe’s software suite using AI, and Jamie Dimon’s latest comments on inflation, higher yields and risks building beneath an otherwise strong economy. Pasted text Pasted text Pasted text Stocks discussed: CRWV, ASML, ATZ.TO, PEP, ADBE, JPM, DPZ

In this episode of The Canadian Investor Podcast, Simon and Dan look at the sharp selloff in engineering firms like WSP Global, Stantec and AtkinsRéalis. Despite record backlogs, improving margins and solid earnings growth, valuations have collapsed as investors worry AI could disrupt the traditional billable-hour model. They discuss whether those fears are justified—or whether AI could actually become a tailwind by easing labour shortages and improving productivity. They also dig into the challenges facing fast-food restaurants as inflation squeezes both consumers and franchisees. McDonald’s is seeing weak traffic and focusing heavily on value, loyalty programs and restaurant upgrades, while Restaurant Brands International is seeing stronger results at Burger King after years of reinvestment. The discussion looks at why cheap prices alone may no longer be enough—and why grocery stores may be becoming fast food’s biggest competitor. Stocks discussed: WSP.TO, STN.TO, ATRL.TO, MCD, QSR.TO