Kim Bolton, president and portfolio manager at Black Swan Dexteritas, shares his outlook on Technology Stocks.

Kim Bolton's Market Outlook: Technology Stocks (April 15, 2026)

Market Call

# Full Transcript

**Podcast:** Market Call

## Participants

- **Mirella Fernandez** (BNN Bloomberg)
- **Lindsay Biscay** (BNN Bloomberg)
- **Kim Bolton** (Black Swan Dexteritas)

## Transcript

Thanks for joining us today on Market Call. I'm Mirella Fernandez, Lindsay Biscay with us on the show. He's President and Portfolio Manager of Black Swan, Dexteritas. Taking your questions today on Technology Stocks. Here's how to reach us. 1-855-326-6266 if you would like to call in. You can also email your questions, marketcall at bnnbloomberg.ca. Kim, good to see you. Thanks for coming in. Thanks, Mirella. Nice to be here.

Let's talk about the first quarter of 2026 and where we're at. Factor in for me the last six weeks with the Iran conflict and how that has changed the course so far, if it has in your mind. Well, let's see. So we had 12, 13 weeks in the first quarter and so the first 10 hurt and then the last three everything's come back.

Sort of reminiscent of 2025. What does that tell you? I think we're going higher. That the concerns about the conflict have now been pushed aside? You know, the market is supposed to be a future predictor and so, you know, three weeks ago people thought that there'd be another taco.

So, and so they've sort of walked back and it sort of looks like the Iran war is in the rear view mirror and we're back to, and here we are in earnings season, so it's perfect timing. And I think we're back on the bandwagon for AI. I was going to say, tech has been lagging for a lot of the time.

I know Nvidia though up today almost to that $200 mark which it hasn't seen in much, in quite a while. What's your take on why tech has been lagging so far to date? It's a great question. You know, if you go back, last time we were up here would have been back the end of October, first half of November 2025.

And then everyone talked about, you know, that rotation, you know, out of growth in the value. I disagree. I think there was a rotation whereby people took some money out of sort of the AI infrastructure picks and shovels build out.

Didn't get out of them, just sort of took some profits and put it into the end users that are really truly using AI. They're employing it, they're embedding it, and it's starting to show up. But it's really been showing up for the last couple of quarters on some of, for some of these end users. You know, for the financials, you even see it in the last couple of days with the big US banks coming in.

And they're talking about how AI is not only making them more productive, but it's actually generating revenue. And you can see it in healthcare, you see it in retail, logistics and so on. So, I think that that rotation was actually investing into end user AI players.

And now, here we are, and the whole AI stack has matured. So, we'll talk a little bit more about that as we go through the show. Because we haven't talked at tech for a while. We've been so busy talking about oil and other things. Let's take a qui...

Kim Bolton's Market Outlook: Technology Stocks (April 15, 2026)

Transcript

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Kim Bolton's Market Outlook: Technology Stocks (April 15, 2026)

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.