FidelityNow: AI trade: Where can Canada add value?
Maxime Lemieux, portfolio manager, explores where Canadian companies are positioned to benefit from the artificial intelligence (AI) trade and why capital expenditures remain a key focus.
Transcript
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Same impact we see in the US.
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I just want to remind people that, yes, maybe it feels bubbly as we
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speak because it's been very much exponential, but it
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doesn't mean that five years from now that we might not be higher on
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some of these type of companies and services.
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So we have, it's hard to time it and we have to pay attention
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to this intensity of CAPEX and look at the US right now, the CAPEX
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as a whole versus GDP.
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We're closer to the 20%. That's what we used to have during the tech bubble.
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Is it top here or not?
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As long as people want to pay for these services.
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And there's revenue and problems. In tropics, it's mostly focused on
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enterprises, right? So companies pay for this.
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But it's not an exact science, and it's gonna improve over time.
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So we'll see how that's gonna evolve. But I think in Canada, we've got the
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energy, and we've companies in the industrials and automation and
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companies that can help. In terms of the construction or adding racks
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into these data centres.
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The question is, can we also be part of the servicing or
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the AI agents, AI subscriptions, etc.?
