Tech Stocks are Hot Again: What to Buy (and What to Sell)

The Nasdaq 100 went from a seven-month low to a record high in April—posting its biggest monthly gain since 2002. But as tech stocks rip higher, Kieran Moore says the real opportunity isn’t owning everything… it’s knowing what to avoid.In this episode of In the Money with Amber Kanwar, Kieran Moore, Equity Partner & Portfolio Manager at Munro Partners, breaks down what’s really driving the explosive rebound in growth—and why he’s getting more selective, not less. He explains why AI demand is quietly surging beneath the surface, with usage (or “token demand”) tripling in just a few months, and how that’s creating massive winners—but also real disruption risk. Moore makes the case that this isn’t the end of the AI trade—it’s the beginning of a more nuanced phase, where earnings growth, not hype, will separate the winners from the losers.He also lays out why he’s taking a hard stance against software stocks right now—even exiting long-time winners like Microsoft (MSFT) and ServiceNow (NOW)—arguing that AI could start eating into traditional software revenues. At the same time, he highlights where the real leverage to this cycle sits: semiconductors, memory, and the AI supply chain, where bottlenecks are driving powerful multi-year growth.In the Mailbag, Moore tackles your top questions on Nvidia (NVDA), Meta (META), Alphabet (GOOGL), Constellation Software (CSU.TO), memory stocks like Micron (MU), Adobe (ADBE), and Cameco (CCJ). He explains why Nvidia can still work despite multiple compression, why he’s stepped aside from Meta despite its massive scale, and why Alphabet may still have room to run thanks to multiple AI growth levers. He also weighs in on whether memory stocks are in a new supercycle, why he’s avoiding software broadly, and how to think about energy plays tied to AI demand.In Pro Picks, Moore leans into the infrastructure powering the next wave of growth. He doubles down on Contemporary Amperex Technology (CATL) as a global leader in batteries tied to EVs and energy storage, highlights Lumentum (LITE) as a critical networking play enabling AI data centers, and points to Taiwan Semiconductor (TSM) as a core bottleneck in the entire AI ecosystem. These are companies he believes can compound earnings as AI spending scales globally.If April proved anything, it’s that tech is back—but the easy money may already be made. The next move comes down to getting the right names.Timestamps02:20 Intro 04:10 What’s going on for growth stocks10:00 Not going back to software anytime soon14:00 The case for growth stocks & AI spending17:50 OpenAI vs. Alphabet & privates21:30 The bear argument24:30 Is Apple a genius for letting others build it out?26:20 Will the memory rally continue? 28:10 ITM Mailbag: Nvidia stock (NVDA)30:50 Meta stock (META) 33:05 Alphabet stock (GOOGL) 35:25: Constellation Software stock (CSU) 36:25: Memory stocks38:45: Adobe stock (ADBE)39:45 Cameco stock (CCO)42:20 Kieran’s Pro Picks (CATL, LITE, TSM) SponsorsFor over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more informationThis episode is sponsored by CI Global Asset Management. For more on Munro’s funds visit:  https://funds.cifinancial.com/en/funds/mutual-funds/CIMunroGlobalGrowthEquityFund.html?currencySelector=1&classId=481&redirect_type=class_idhttps://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalClimateLeadersFund.html?currencySelector=1&classId=482&redirect_type=class_idLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS The information 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 discus