Episode
Tech Stocks are Hot Again: What to Buy (and What to Sell)
- Published
- May 5, 2026
- Duration seconds
- 3147
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- https://share.transistor.fm/s/9d73ec6e
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Summary
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 energ…