The Canadian Investor - TCI Podcast Stock Index Unveiled: 21 Hidden AI Winners

Episode Date: June 15, 2026

AI investing is often focused on the obvious names: Nvidia, Microsoft, Google, Meta, and the rest of the hyperscalers. But the AI buildout is creating massive demand across the entire infrastructure stack, from electricity and grid upgrades to cooling, data centers, semiconductors, uranium, industrial automation, and specialized software. In this episode, we unveil the TCI Podcast Index: Hidden AI Winners, built in partnership with Questrade’s new custom indexing feature. We explain how custom indexing works, why we chose this AI infrastructure theme, and then break down the 21 companies selected for the index. This episode also looks at why AI demand may benefit companies far beyond the usual tech giants, especially businesses tied to power generation, electrical equipment, liquid cooling, semiconductor manufacturing, data center construction, and nuclear energy.  Tickers of stocks discussed: PWR, GEV, STN, TT, NET, VRT, NEE, GLW, FIX, CCO.TO / CCJ, ASML, ROK, ECL, CLS.TO / CLS, HUBB, QXO, SNPS, GNRC, ETN, CEG Questrade custom indexing contest: This information is for educational purposes only. Not intended to be financial advice. Paid partnership with Questrade. Not financial/investment advice. The creator is not a registered adviser. Views and experience shown are the creator's own; results are not representative. Custom Indexing is a self-directed product; Questrade does not recommend securities or assess suitability. Investing involves risk, including loss of principal. FX and other fees may apply. Past performance is not indicative of future results. No purchase necessary. Open to Canada (age of majority). Skill testing question required. One Prize: 3-night Nimmo Bay (BC) retreat for 2 + 10 annual payouts of $7,000 CAD to winner's non-registered or TFSA account. ARV: $100,000 CAD. Odds depend on entries. Terms apply. See full rules: https://www.questrade.com/disclosure/remix-your-life-contest---terms-and-condition Subscribe to our Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Our New Youtube Channel! 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 Asset Allocation ETFs | BMO Global Asset Management 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.  See omnystudio.com/listener for privacy information.

Smart investing doesn't have to be complicated or time-consuming. With BMO all-in-one ETFs, you get a complete diversified portfolio wrapped up in a single ticker. It's easy. Whether you're conservative investor or more aggressive, BMO has an all-in-one solution for you. And now, it's even more cost-effective. BMO has cut management fees to just 0.15% on select asset allocation ETFs, helping you keep more of what you earn. Simplify your investing today at bemoetifs.com.

Investing is simple, but don't confuse that with thinking it's easy. A stock is not just a ticker. At the end of the day, you have to remember that it's a business. Just my reminder to people who own cyclicals. Don't be surprised when there's a cycle. If there's uncertainty in the markets, there's going to be some great opportunities for investors. This has to be one of the biggest quarters I've seen from this company in quite some time.

The Canadian Investor Podcast, welcome back to the show. You hear my voice, you know, it's the boys are back. The band is back together for our quarterly appearance. And today is a very, very special episode. I think it's one that people are going to enjoy a lot. And it's timely as well, too. So today we are going to be talking and to unveil, availing our custom index that we're working together with Quest Trade for.

So, how about you explain a little bit about what it is? And then we'll talk about why we're doing it now and the launch. And then the three of us are going to go through the name that we picked for the index. So before I do that, we named it hidden AI winners. So Simone, how about you go through and explain?

what we're doing here. Yeah, exactly. So like you said, we've partnered with Questrade, our great sponsor to build the TCI podcast index. So the IDNAI winners, like Brayin said. So it's part of their new products that they're launching.

Custom indexing is brand new, a brand new feature being launched by Questrade. Custom indexing is like building your own version of an index. So instead of buying an ETF and owning everything inside of it, because the SMP 500, you may not want every single company. You can start with a template and then customize it. You can add companies, you can remove companies, you can adjust sector exposure, and make the index better fit your own views and portfolio.

And that's why we partnered with Questrate to create the TCI Index. The index is built around companies that could benefit from long-term structural trends, specifically related to AI. But it's not meant to be blindly copied. It's meant as a starting point. You may hear companies that you've never heard of before. And that's the whole point. We didn't want to get those obvious companies or there's some pretty obvious, but not all of them.

You can review it, change it, make it your own. And with Quest Trade custom indexing, you directly own the shares of the underlying stock through fractional shares. There's no management fees charged by Questrade and no trading fees. though foreign exchange fees may still apply. You can also rebalance the index with one click if it drifts from the target allocation that you have. The product is available in cash accounts, TFS, RSPs, and FHSAs. And the main idea is more control than a traditional ETF, but more structure than building everything manually. So that's how it works as a general rule.

But on top of that, Questrade is doing a contest. So they have a Questrate custom indexing. contests in some pretty sweet prices. I wish I could take part of it. I'm sure you guys too because they're pretty cool, but unfortunately we cannot. The contest runs from June 1st to July 15, 2026. The winner will be drawn on July 30th. The grand prize winner gets TFSA contributions for a decade.

So that's $7,000 per year for 10 years for a total of $70,000. So if you were looking to max out your TFSA contributions, that would be a great way to do it. The prize also includes a three-night luxury wilderness getaway for two to Nimo Bay Wilderness Resort in Bree C, valued at over $30,000. To enter the contest, users have a need to open a Questrade custom indexing account and save an index and draft from a template in the library. So that's the overview of Questrade custom indexing, the contest. So make sure you stick to the end for this episode because we will. be going over every single name that we have in the index and a few reasons why we're adding it.

Yeah. And, you know, when they came to us like, hey, we should, you should enter with the portfolio. My first thought is like, okay, Simone, Dan, like, let's just put together like the long-term portfolio of a company's we always talk about that we like. But then I was like, that's kind of, it kind of defeats the purpose because there's, There's a window of June 1st to July 16th. And I think that's an important place for us to start as like the general thesis and criteria is like we didn't want to just put together.

Here's a portfolio of stocks that we like. You know, we already do that on joined dcii.com. This is kind of like what's an opportunistic, thematic area that we can go explore, that we can go learn and that when you guys bring names to the table here, there's a bunch of tickers I've never heard of. and I look at stock tickers all day long. So, you know, like that's kind of the one of the big points here. So I just have five points here is we wanted to have it generally a downstream winner of

AI infrastructure. Two, I wanted the title to be catchy and interesting. So hidden AI winners is obviously there. Three, some of them are obvious AI winners and have had stellar performance. But some, many retail investors would have done. is never heard of ever, too, which is quite interesting. And then last two is the positions should be market cap weighted is one that I think we all felt would be appropriate with a 10% cap.

So just given there's small names, there's big names, that made sense. And I think a bit of an obvious one here, but when we look at the name and do research for ourselves, without being an expert in every single stock here, we generally like the prospects here today. So that's kind of the five criteria that we put together. Mr. Kent, any any thoughts here? No, I think it's actually a pretty unique index because I think when a lot of people think of AI plays, they look to semiconductors, whether it be the hyperscalers, things like that. There's a lot of companies on this list that, yeah, a lot of people probably have never heard of before. Or if they've heard of them, they wouldn't have really known about the

potential AI exposure. And that's, you know, obviously, the name of the index is hidden AI exposure for a reason. So yeah, there's, there's a lot of interesting companies on here. Oh, well, you know what I'm thinking? We really messed up. Doesn't Zoom, Zoom the like video conferencing software own a bunch of Anthropic? That would have been yeah. Yeah, they are not in the index. They're not in the index. Spoiler alert. Zoom is not in there. That's a hidden, hidden exposure. That is definitely hidden exposure. And a lot of these names do as we go over you'll see that sometimes only part of the business has that exposure to AI, which is not necessarily a bad thing, right?

Because I think we've talked about it quite a bit. There's a lot of hype around AI right now. So it's not necessarily a bad thing to have a little bit of exposure to other types of industries within also having that exposure to the AI. So people will notice as we go through the names. No, I think what we'll do is to each. you guys have an extra one or two than me. That's no problem.

We wanted a kind of a 20, I think it ended up being 21 names. We capped it there. We didn't want to come with a 60 company index here. I think this episode is not meant to be an ad, by the way. We're happy to be partner with them. But I will say is I went to their launch event.

And a lot of things were very much so trading and maybe not necessarily for me or this audience. But this feature, I was like, okay, this is the one that I want to talk about to the audience. This is the one that I want to use because how nice is it to be able to remix even just a passive S&P 500 type of index? It's like, oh, I want S&P exposure, but I don't want, you know, 7% of the portfolio to be in Tesla or whatever the exposure is today. I mean, so like, that could be where some people really enjoy what we're doing here. Yeah, because I think you could, like before, if you wanted, say, the S&P 500 X Mag 7, you had to go to an ETF and probably pay, I don't know, what those funds would charge,

probably 20, 30 basis points, and now you can get it no fees. You can do it in a few clicks. So, yeah, it's definitely a huge feature. Yeah, maybe you want to overweigh certain sectors over other, but still keep all the same constituents in the SMP 500. And one of the main options right now, if you're just looking at the ATF route, is just getting equal weighted, right?

Or like Dan just mentioned, you might not want equal weighted. You might still want to weigh it more heavily on certain other sectors that don't necessarily align with what the index is right now. I am also, while you're talking around, I'm punching all of these names into a fiscal dashboard right now. I want to do an analysis of all the performance too.

I should have thought of this before, but we're doing it live. Yeah, and I guess maybe the last thing before we get started is also like, I don't think we looked. I certainly didn't, and you can let me know if that's right for your names, but I didn't look too much at the valuation. I really looked at more the company and the prospects longer term in terms of the AI exposure. If you look at the valuation, there are a lot of these companies that are still pretty richly valued right now.

Yeah, let me speak on behalf of all of them. They're expensive. Some are not as much as others, but for the most part, yes. So should we get started? I have some interesting facts on performance here, okay? There's 21 names on a trailing one year basis. 19 of them have had a positive performance over the last 12 months in terms of up. It's pretty good.

Um, one, two, three, four, five, six. Well, we did a few of them we did and we thought they were expensive then and, you know, we're a year later and they're, they're, yeah. Eight of them have more than doubled and two of them have nearly quadrupled during that time. So very interesting. I mean, anyone associated with the infrastructure here hasn't at this point, it's not just like, oh, this might be some speculative. play. A lot of the times, you've already seen these come out in the financials, which I think is kind of more style, our style anyways. Yeah. Having cash on hand is essential for any business. Traditional business accounts hit you with high

fees while paying little to no interest on the cash you need for day-to-day operations. That was our experience too, until we switched to the new EQ Bank business account. Now, every dollar earns high interest with no monthly fees and no. minimum balance. You also get free everyday transactions like EFTs, bill payments, mobile check deposits, and 50 outgoing and 100 incoming free interackey transfers. And to sign up, quick and fully online, no branch visits because, let's be honest, no business owner has time for that. We use it for our own business and it's the first account that actually helps our money work harder while keeping operations simple. Check it out today at eqbank.ca slash business.

There is an old saying in investing. It's not about timing the market, but time in the market. The most successful investors aren't usually the ones trying to catch every top and bottom. They're the ones who spend the most time in the market. I've been a quest trade user for over five years, and the reason I stick with them is that they remove the friction of regular investing. With no commissions on stock and ETF trades, you don't have to wait until you have thousands of dollars saved up to make a move. You can contribute small amounts regularly and keep your portfolio growing consistently, removing the stress of trying to time the market. And they keep making it easier to build a well-rounded portfolio. Soon, you'll be able to trade precious

metals through Questrade, giving you even more ways to diversify. Questrade makes the whole process seamless, allow you to focus on what really matters your investment strategy, not trying to avoid fees. Ready to invest, head over to questray.com, open and fund your account with code TCI and receive $50. Conditions apply. You know that moment when you're on the couch, shopping online, ready to check out, and then you realize you don't have your credit card nearby, and you have no idea where it is. And then you see that purple button. That's shop pay from Shopify. It completely changes the experience.

One tap and you're done. No forms, no hassle. Honestly, it's happened to me plenty of times where I just abandoned the purchase because of that extra friction. From a business perspective, that really matters. Less friction means fewer abandoned carts and higher conversion. But Shopify isn't just about checkout. You can build your store with customizable templates, manage inventory and payments all in one place,

and even use built-in AI tools to speed up product uploads and content creation. Plus, you can run marketing campaigns directly through the platform to reach customers where they already are. See fewer carts abandon and more sales go chiching with Shopify. Sign up for your $1 per month trial today at Shopify.com. Go to Shopify.ca. That's Shopify.ca. Cheching. So I guess I'll get started.

I'll start with my first two names. Two names that I'm pretty sure have doubled at least over the last year. So the first one is Qantas services, ticker PWR. It's a name that I've talked quite a bit on the podcast. I wish I would have invested in the name when I first talked about it because it would have been quite the returns. It's a Picks and Shovel Infrastructure Company for Electrification, Grid Upgrades, Renewable Data Centers, Utilities, Pipelines, and Communication Infrastructure. They provide engineering, construction, installation, repair, and maintenance services for critical infrastructure. They have two main segments here, electric power and renewable energy infrastructure solutions, which is by far the largest segment and revolves around electric infrastructure.

The other one is underground utility and infrastructure for things like. like utilities, pipelines, gas distribution, and broadband. And obviously, the play here is you're just betting that AI will demand more and more power. It's going to demand expansion of the grid. And Qantas services will just be a big beneficiary of that, especially being the largest segment. They have a market cap over $109 billion. Over the last five years, revenues have increased 18% annually. and in the last three years, a backlog has grown at a rate of 24% per year.

So pretty phenomenal. It is a company that is not cheap, but it's highly profitable and definitely will be a big beneficiary here. I would say probably for decades to come. Being an electrical engineering firm right now who specializes in working with data centers is a good place to be. Yeah, good place to be exactly. The next one here is GE Veranova, ticker GEV. GV was spun out of GE and is now focused on equipment services needed to generate, move, and manage electricity.

They have three main segment, power, which include things like gas turbines, steam power, nuclear hydro, wind, which is, of course, wind turbines and services, and electrification, which is grid equipment, grid automation, storage, etc. They reported an RPO or backlog of $163 billion in their latest quarter and added $18 billion worth of new orders alone in that last quarter. They have a market cap of $279 billion roughly. And they were spun off, like I said from G. I think it was in early 2024. And their revenue growth seems to be accelerating with 16% in the last quarter. GV is a bet on the world will need more and more power. any way it can get.

So that's essentially what you're betting on. You're saying, okay, there's going to be this need for power, whether it's through natural gas, nuclear power, hydro, wind, you name it. And G, B, is definitely going to be a big beneficiary from that. Yeah, and I think the main focus there is clean energy. I think a lot of these companies want to go the clean route. I know I have a few companies on the list here. I think, you know, there's already potentially a lot of bad stigma around AI in general. So I don't think, you know, if they were seeking out dirty power, I guess you could guess, like, I think they're really going to put pressure on the clean route as well.

Well, you know, it's a winner is natural gas. Yes. Power plants, which is not particularly clean. Cleaner. Yeah, I mean, a little bit. You mentioned they spun out March 2024. Guess what the stock? Guess how much this stock is up?

By the way, I need to build an AI agent that just gives me, okay, I actually have an idea. We have this new new service. I'm going to build an AI agent that gives me an update for every spinoff. Spinoffs is a great way to make money, by the way. And this spinoff is up 700%. since then. What I think they spun it off because they were struggling so much as like the full conglomerate too.

And yeah, the individual. They spun off a bunch of different things. It's not just a GV. They spun off a few other ones. All right. We'll get into my first two. The first one would be Stantec.

So they are a engineering and design firm. And the company does have a small but growing data center segment. So back in 2025, they won the contract for. for a few of the data centers here in Alberta. They're a midcap with a market cap of around 12 billion Canadian. They're dual listed so they trade in the U.S. And the company is largely seen as a boring infrastructure play,

but I do believe with that data center segment growing, if it can execute properly on the projects it has right now, there's a good chance to lead to larger growth, being able to acquire more of these projects. The company's backlog has grown at a 10% constant, compound annual growth rate over the last decade and has accelerated in the last three years, nearly 14%. And another hidden element, AI element here is just the improvements that can be made on the AI front in terms of efficiency. A lot of these companies work on billable hours. A ton of

these billable hours are repetitive work and work that can probably be supplemented reduced by AI. And if they can introduce this all while keeping pricing the same, there's a bit of operating leverage here as well. But yeah, they're more that engineering design firm on data center plays for the most part in regards to StanTech. WSP or Stan Tech? You own both, right? I own WSP, but this was US stocks only. So, yeah. So I found I did, I have a few Canadian plays on here that are dual listed and that's why they're on here. Yeah. I didn't know that would go on the requirements. Yeah, they don't have fractional trading for Canadian shares. yet, but it will come apparently.

So yeah. Yeah, that's the first one. The second one is train technology. So cooling is probably one of the most underrated bottlenecks in AI infrastructure. And Train is one of the companies in the United States large enough to handle hyperscalor level cooling and is already seeing a huge amount of demand for this. So the backlog is historically grown at a 67% pace annually. We're now sitting at 12.4% since 2020.

They've added more than 35% to the backlog since 2023. The company's single orders for data center projects often exceed $100 million for order, and they're getting a lot of them. And from 2012 to 2020, trains revenue was effectively flat, but since 2020, it's been growing at a 10.5% pace. They have a market cap of around $100 billion, and it is no doubt expensive. It trades around 35x trailing earnings right now,

but these large data center projects and liquid cooling have also bumped margins meaningfully. So they were around operating margins, where around 11% pre-pandemic. They're around 18% today. And this is a company that needs data center buildouts to be maintained in order to justify that price point. But, I mean, we've seen a lot of companies report earnings recently. I don't see them slowing down at this point. In fact, I think they're going to increase. I did not know train was involved in this heavy of infrastructure.

I mean, I knew they made air conditioners, things like that, but I didn't really know before I did this segment that they were that involved in, you know, the liquid cooling, the cooling of these huge, you know, buildings, things like that. So, yeah, it's definitely an interesting option. Yeah. I mean, this is I never heard of it before we started working on the index. So definitely learning about a few companies here. Yeah.

I will kick us off with my first one, the company I've talked about before, which is Cloudflare. You know, Cloudflare, I have two names in my list where it's like, the market's like, this is software, right? We don't like software. And it's like, wait, but it's an AI winner of software. Do we, where do I put this? And Cloudflare is a phenomenal business, phenomenal product. And basically what they do, the OG business.

which is now giving them lots of benefits in other places, which I'll talk about. But it's basically an edge network. So around 350 cities, they're very close to about 95% of the human population is what they say. So that if you are deploying a website, you are not having wherever you are in the world going to that website, you are going to be served it at the edge at a location close to you. so that you don't have to ping, go find a U.S. East data center when you're in Europe. There's actually going to be an edge node that you're going to connect to through Cloudflare much closer. 20% of websites in the world use Cloudflare, including fiscal.

It's still led by the founder, CEO, Matthew Prince. And so the OG business you can think of as help websites and the internet run faster, 95% of the population is within 50 milliseconds. They've now layered on different products like cybersecurity, which has been a big revenue generator. The company has grown about 30% a year on the top line. 76 billion in market cap. It's never really cheap.

Even when it sold off a lot, it wasn't really particularly cheap. So here's the AI Bull case. Workers, which is one of their products, it's one of their big products. It's an amazing concept. really, which allows software to be executed on the edge. So not just the website, but actual inference now, which is a huge market for AI, AI inference, is now actually going to be happening right at the edge and faster.

And so that's why everyone's using it. Prince said on the latest call that AI usage on the network and specifically with workers was up 600% in the last quarter, over quarter. order. So that's not year over year. They have a new deal with Anthropic as well, too, which is basically agents need sandboxed compute close to the edge with code execution, identity, off, security, baked right in. And so Cloudflare workers essentially allows code to be executed at the edge. In other words, closer to the user, faster speeds, better inference. Cloudflare has always been a very compelling product for people compared to just using the hyperscalers. And with agents, it's a perfect combo. So right place, right time for historically very great product. And I think Cloudflare is going to keep growing from here on out.

It's expensive stock as per usual. Yeah. And Cloudflare is the one that replaces amongst other things, the CAPTCHA stuff, right? Yeah, that's the security layer. Like bot identification, bot protection. That's what Cloudflare will do in what it calls its network or security services. Hey, if something can replace the frustrating endeavor of selecting all the buses in the picture, that's apparently I don't know how to do well because oftentimes it takes me five times to get it right.

Robots are way better at determining which is a bus than me, by the way. There's no way it helps serve bots. All it does is hold me out of the website. So what's your second name here, Braden? The second one has been a pretty obvious winner, but it is in that second order effect, which is Vertev, ticker VRT. This is the leader in power and thermal cooling for data centers, 75% of their revenue comes from cooling inside of data center.

So again, right place, right time and second order effects. Stock has been an absolute monster. The backlog is up 81% now up to 15 billion. They're guiding for another 35%. But now it's, wow, it's 120 billion in market cap now. I did not realize that. Here I am thinking, you know, this is still a great, great play. It's become quite a big company now.

Here's the AI bull case. Every megawatt of GPU capacity needs matching power cooling. Liquid cooling is required because air cooling breaks down at this size of a rack. So you break down on cooling of each rack about 100 kilowatts. They're trying to scale these mega, like colossus, gigacent data centers with one megawatt racks you need air cooling so um sorry you need liquid cooling sorry not you cannot use air cooling is what i meant to say um so so it's just a phenomenal right time right place business yeah and i think that's going to be i do have a name that will be in that

uh liquid cooling type of field as well so it's uh it's pretty amazing i don't to see this different kind of businesses that are just benefiting massively. And it's not surprising when they come out with the GDP numbers that they say like, you know, it's getting a boost from AI build out. Yeah. People can probably understand now just with some of the names we've talked about. All the biggest winners, you know, other than maybe the like the models themselves, like the L11 models themselves have been, hmm, what we do really matters in this market. Like, Nvidia's pre-GPT launch, Nolan was really going out there and saying,

hey, by the way, they're going to make these Blackwell chips that are going to be running every advanced AI workload on them. That was not the bull case for Nvidia, which is the largest company by MarketCap. No, exactly. Having cash on hand is essential for any business. Traditional business accounts hit you with high feet,

while paying little to no interest on the cash you need for day-to-day operations. That was our experience, too, until we switched to the new EQBank business account. Now, every dollar earns high interest with no monthly fees and no minimum balance. You also get free everyday transactions like EFTs, bill payments, mobile check deposits, and 50 outgoing and 100 incoming free interrackee transfers. And to sign up, quick and fully online, No branch visits because, let's be honest, no business owner has time for that. We use it for our own business and it's the first account that actually helps our money work harder

while keeping operations simple. Check it out today at EQBank.ca slash business. There is an old saying in investing. It's not about timing the market, but time in the market. The most successful investors aren't usually the ones trying to catch every top and bottom. They're the ones who spend the most time in the market. I've been a quest trade user for over five years, and the reason I stick with them is that they remove the friction of regular investing. With no commissions on stock and ETF trades, you don't have to wait until you have thousands of dollars saved up to make a move.

You can contribute small amounts regularly and keep your portfolio growing consistently, removing the stress of trying to time the market. And they keep making it easier to build a well-rounded portfolio, Soon, you'll be able to trade precious metals through Questrade, giving you even more ways to diversify. Questrade makes the whole process seamless, allow you to focus on what really matters your investment strategy, not trying to avoid fees. Ready to invest, head over to Questrade.com, open and fund your account with code TCI and receive

$50. Conditions apply. You know that moment when you're on the couch shopping online, ready to check out, and then you realize you don't have your credit card nearby, and you have no idea where it is. And then you see that purple button. That's shop pay from Shopify. It completely changes the experience.

One tap, and you're done. No forms, no hassle. Honestly, it's happened to me plenty of times where I just abandoned the purchase because of that extra friction. From a business perspective, that really matters. Less friction means fewer abandoned carts and higher conversion. But Shopify isn't just about checkout. You can build your store with customizable templates,

manage inventory and payments all in one place, and even use built-in AI tools to speed up product uploads and content creation. Plus, you can run marketing campaigns directly through the platform to reach customers where they already are. See fewer carts abandon and more sales go Cheching with Shopify. Sign up for your $1 per month trial today at Shopify.ca. Go to Shopify.ca. That's Shopify.ca.

Cheching. So let's move on from my next two here. So still on the energy front, next era, energy, ticker NEE. This is another one on the energy side. And Nextera is a combination of a regulated utility along with a large-scale renewable power business. They recently announced a mega merger agreement with Dominion Energy. I don't know if you both saw that, but it's a similar business to Next Era. It's just the geography that they serve is different.

So that's key. Next Era has heavy exposure in Florida, while Dominion has a big footprint in Virginia, North Carolina, and South Carolina. and Virginia is important because there's a whole lot, I think it's called like Data Center Alley, if I remember correctly. So there's a whole lot of data centers being built out in Virginia. There are some regulatory concern in terms of the merger, whether this goes through or not, we'll have to see. And as we build out the index,

the news of the merger actually came out afterwards. But even if it doesn't go through, you're betting that energy demand will stay elevated because of AI and that utilities and power generating businesses will keep benefiting from that. And next era is a market cap of $184 billion. So should the merger go through, it will become a much larger entity considering that Dominion Energy has a market cap of around $60 billion. So it's not, it's pretty meaningful, especially when you're thinking about power generation

and utilities, two businesses, the size of both of them merging together. You don't see that happening very often. Yeah, it's pretty wild in the like the regulated utility market, how like these slow growing businesses are just seeing huge tailwinds. I mean, even then, it's more of a, I would say the regulated side of things is more of the long term bull case in regards to AI rather than like an independent power producer or something like that. But because they're only, well, at least here in Canada, they're only allowed to kind of increase their rates by whatever their rate base is, however much they grow. But, yeah, I think this is probably the biggest bottleneck in the space. I mean, there's a lot of bottlenecks, but this is definitely, you know, power production is definitely one of the larger ones. Human, humans are, have this unsatiable demand for two things, compute and electricity.

And that is now has been given steroids officially, right? Like we are that we've already had this unsatiable demand for those two things since the late 90s. And now it's like, hmm, what if we give you peptides and gasoline on that fire right now? And that that that's basically what's happening. The problem is is like you can't just bring gigs online quickly. Yeah, it's not easy. You can't just. Yeah.

Yeah. Yeah. I mean, yeah, it just takes over. I mean, throughout human history, right? we have this growing need for energy. Even before railways and the locomotive, I mean, you are seeing things like horses, pulling, you know, pulling things around,

still requiring energy. It just, it grows over time, but obviously right now it's on steroids with DAI demand. So the next one here on the list, Corning, ticker GLW. So this is a material science company that makes highly engineered glass ceramic, optical fiber and related components.

They have four main segments, optical communications, which includes fiber optic cables, connectivity products, data center interconnect products, network infrastructure. It's by far their fastest growing segment and represents about half of their revenue. Glass innovation includes display glass using things like TV, cell phone displays, things like that. There's also automotive. And they also have a solar division, which includes hemlock, which they majority own, which makes polysexual. silicon and is used in solar and semiconductor related applications. So it's a key part of the semiconductor life cycle, if you like, and is another way that they have exposure to the AI boom.

Their market cap is around 170 billion. This company has grown quite a bit over the last little while. Revenues have now increased more than 15% for five quarters in a row. I think this one, people listening, probably pretty obvious how it can get some pretty significant tailwinds from AI, just, again, just on the kind of more infrastructure side of things. Yeah, this is why I don't know about them at all, so I don't have any comments.

This is the one that even I had no idea about. It's funny how many companies that, like, you know, were going through and some of them we didn't know about, and you look at these companies, and they're a hundred billion market. Yeah. Like, it's pretty wild. Just the sheer size of, you know,

a lot of companies that people, may not have heard, and they're not small companies either. No. Corning's been around a long time. Yeah. Yeah, they have. All right. So Comfort Systems USA is the next one.

So if we think of Train as the company that kind of sells a physical hardware, chillers, cooling systems, temperature regulation, comfort systems is kind of the one installing the guts of the data center. So HVAC systems, electrical rooms, piping, all that type of stuff. And with something like train, they will need to win the manufacturing equipment contractor, or else they generate no revenue with something like comfort systems. They don't really care what equipment is in the data center. They're just there to kind of install the guts of the buildings.

And with something like comfort systems, there's also the element of, I mean, in my opinion, very little AI level disruption. So these are, for the most part, skilled trades workers of which there is a massive shortage in North America. and comfort systems have seen a much larger impact from AI data centers than something like train, and this does make sense. There's a boatload of manufacturers, but there's not a lot of companies at scale that can kind of deploy the manpower needed to build. The backlog has more than doubled since 2024, and the majority of what's driving the business is new construction revenue.

Since 2022, it has grown this segment at a 45% compound annual growth rate. It was nowhere close to that pre-AI pre-pandemic. Data Center buildouts have been a huge play on margins as well. This company is moving to a modular base installation. We used to do this all the time in the oil and gas industry. You get a mod yard. You kind of build the whatever needs to go into place and then you ship it there. It's much easier than building it on site from scratch.

So that's helped their margins quite a bit. Operating margins before the big AI boom were around 6%. They're now 16%. And kind of a similar situation with Train. They need the data center buildout boom to continue because this one is pricey and most of the tailwinds right now are from data centers. Thankfully for them, all the hyperscalers keep increasing their CAPEX spending projection every single quarters. So they should keep for a little bit.

How many quarters in a row have investors just like jaw dropped the floor on CAPEX guides for the hypers? when they just dropped their jaw on the floor three months ago on the last quarterly print. Like for the last 10 years. And the number always go always go up, you know. And it's crazy. And they like, it's crazy because the hyper-scalers don't even know themselves, right? They'll come out and they'll say, well, it's going to be significantly higher.

Yeah, that's what Alphabet said. Yeah. Next year will be significantly higher. And I remember it was a variance of that word right there. Yeah. Yeah. And I remember it was wild back when they were going to spend 90 billion and now Alphabet spending what, 180. So if next year is significantly higher, what does that even mean? 250? Yeah, you never even. Yeah. I think all the big ones I think combined are over half a trillion now projected this year. Even probably higher than that. Yeah. Yeah. And then Vida was projecting that it could be one trillion by I believe it was the end of 2027. So, yeah, I don't think the build out is slowing down, which is what kind of makes these interesting infrastructure plays. The next one that I have is more of a critical mineral play, I guess you could say, with Camico. This is another Canadian company that's dual listed. So power demand, as I had mentioned, is probably the biggest story around AI.

And many say that nuclear is kind of the only sustainable, reliable, zero carbon method that gets it done. Camico is the largest publicly traded company publicly traded uranium producer. I think they have one in Kazakhstan or something that is larger, but in the North America area, it is the largest. And most of its contracts are long term with pricing escalators. And it took a 50% stake in Westinghouse with Brookfield

that gives it exposure to small modular reactors, which are an increasingly popular method of nuclear power generation. I know absolutely nothing about them because I'm not far from an expert in that area, but I know a lot of the hyperscalers are already. I know too much. Okay. Well, maybe after I finish, you can comment. So apparently they're much smaller, safer can be built in small chunks shipped out to the destination assembled.

And I think there's still a ways out that won't necessarily stop the demand for them. But from what I've been reading, most of them are not expected to be deployed until, 2029 at least. Most of the deals signed by hyperscalers for these have been for power commitments signed into 2030 and beyond. And the one interesting thing here and it kind of reflects on my comfort systems

and train stocks is these hyperscalers are signing power deals for five plus years out. So what does that tell you about, you know, the build out? It's, yeah. I don't know if you have any comments on this one on the SMR's brain because I have no idea about it. The promise and the idea of,

of small modular reactors is a no-brainer on the surface. You can stand up, you know, hundreds of megs quickly overnight and plug it in. The problem is the plug-it-in part, the permitting part, the regulatory part, if you put in four one-gigawatt reactors versus one tiny little, SMR with just maybe 50 megs, for example, is the same kind of operating license that you require to operate a nuclear facility. And it's like, here's the technology and we're still like basically falling in line

with the regulatory framework of building large scale, large scale, huge nukes. And so that's one of the main problems with them so far. But the ability, hypothetically, to stand up that much reliable, stable base load power is a no-brainer. Like the promise of them is like, of course, you would stand them up everywhere you possibly could. and Westinghouse and OPG have done stuff together and you know they're building basically can do Canadian Deuterium uranium versions of SMRs which are closed loop used heavy water like D3O which is called Deuterium to cool the reactor it's all it all makes a lot of sense

but we're still stuck in this regulatory framework of if I'm standing up an entire Bruce power. You know what I mean? So that's one challenge that you have. Except if you're China, right? I think they're advancing pretty quickly on it. That's kind of the thing when you have a CCP and that is non-elected. They just, if something, yeah, is a top priority, they're going ahead with it. So yeah, I was just kind of looking that up because I figure, I remember China being involved in some SMR and I think they have a couple that are supposed to be, become operational the next year or so. Okay, so next on the list, or I guess it's you, Braden, you go, yeah, your turn.

I have this company. I don't know if you guys have heard of it before. I think I know which one. It's small. ASML. It's a brand new, brand new company. No, I mean, when I was thinking about the second order winners here, you know, look no further than like kind of TSMC, a smell. and they're probably some of the most obvious winners in terms of the supply chain of AI.

But I'm curious to you guys, if I asked 100 people, my office is here downtown Toronto, if I asked 100 people if they know what ASML is, like, how many do you guys would say, like what they do and what they make? Like, what percent do you think? Would know? Yeah. Like 5 percent, maybe less? I would say less than 1 percent.

Yeah. It's just like one in a hundred that's that's it yeah I'd say five and a hundred just because of I don't know the state of the markets right now how many people are kind of torn down with AI investing hot stock yeah yeah it's just not talked about all that much compared to the uh you know invidia's uh sure like or open AI like I know they're they're not yeah same kind of businesses but they're not I think they're not every Uber driver picking me up no would like to talk to me about Nvidia stock, but they might not know what ASML.

So I guess that's kind of like where my head was going is like, where can we try to get other folks like engaged with some of the other winners here? And ASML, a lot of people who are listening to the podcast is the only company in the world that today makes extreme ultraviolet lithography. There has been many apparent challengers coming out of China, who's to say if they're able to pull it off, what they do is actually bend physics itself to make it happen.

They sell to TSM, Samsung, Intel, SK. Iynex, Micron, for example, so all of these fabs to give them extreme ultravioletography. So you can potentially go to two nanometers with these latest prints. So they cost about $380,000, called $400 million each. They have over 100,000 suppliers in each one of them. This is a massive company. The market caps over 600 billion now today. It's just been on such a tear, too.

And I'm assuming all three of us have rode the wave of the last couple years in terms of the stock. Yeah. Before Alphabet's run up, it had ran up to the largest holding I had because it's done quite well. It wasn't a large position for me, but now it's starting to be decently up. And I guess the one thing, too, you didn't mention for SML is just the maintenance on those machines. Yes. There's a nice revenue. Yeah, for them.

Yeah. The installed base maintenance service revenue is high margin, recurring in nature, required from customers. It's not like having a car and going to a mechanic that can probably maintenance those cars. It's highly special. Yes. You're not paying $400 million for a machine and calling your local electrician to fix it. No, absolutely not. They have 100% market share at the Leading Edge, Blackwell, TPU, Traneum, all custom A accelerator

pass through some sort of ASML tool via lithography. And, you know, all of their customers are increasing demand for more machines when it comes to fabs. I guess it's also the- explain it like for someone in the street it's essentially the machines used to print right those chips yeah yeah you're printing the actual wafer yeah um how about i i'll do that one you guys go around because then i then it'll be even i got i got two at the end here and so yeah sure okay so the next one here something that has not been talked about a whole lot about AI. There's a lot of focus about coding, a lot of the LLMs, a lot of efficiencies within

businesses, processes affecting white collar works. But Rockwell Automation, Ticker, ROK, is basically an industrial automation company. So think of it as Rockwell helps factories, plants, industrial facility run more automatically, efficiently, safely, and digitally. So Rockwell is basically a bed that AI adoption eventually moves beyond software, chips, data center into the physical economy. So they have three main segments, intelligent devices. So factory, floor hardware, like drives, motors, sensor, safety systems, motion controls that physically automate industrial equipment. They also have software and control. So control system and industrial software that monitor coordinate and optimize production lines and manufacturing processes.

And then the last one here, life cycle services. So consulting, integration, maintenance, cybersecurity, and support services that help customer design run and improve their automation system. Always something you'd like to see those kind of reoccurring maintenance type services, a bit like you talked about with ASML, because it does bring in some continuing revenue, especially when you have these highly specialized type of businesses. pretty small company compared to like an ASML for example, believe it or not, it's 51 billion. I think ASML is around 600 billion in market cap.

And revenues have increased more than 10% in the last three quarters. So definitely seeing a pickup in revenue here. Any anything you gentlemen want to add there? Nope, nothing for me. Braden, you got anything? I was just looking. It's unrelated. You guys know me.

I'm like a research guy. India electricity availability went from 50% to 95 to 99.5% for individuals. On the concept of since 1995. Okay. From half the population to 99.5% of the population. So, you know, we're talking about all these like companies, power being constrained. We always can use more electricity. it is amazing how we will

reform our entire economy just to get more power and that's just going to continue to happen you get these kind of like bearish oh you know this cab-ex cycle is going to slow down like you know we're not going to build all this out and then what like do people actually make positive ROI and all this like compute spend bogus

like it's so short-sighted. Like the demand for intelligence in the sky is unprecedented and it's not going to randomly slow down. No, especially for these companies earlier on in the line, I guess you could say. The ones who are making money just to build out the KPEC spend. I mean, they're getting paid long before it's proven to roll over into profitable ROI for the hyperscalor companies. Yeah, yeah, exactly. So I'll move on to my next name here. Ecolab, ticker ECL.

So ECOLab, it's definitely in that water cooling type of play for AI here. It helped businesses use less water, key facilities, clean safe, prevent contamination, improve efficiency, and comply with operating standards. So definitely it's a play that data center. They'll need cooling system, water treatment, filtration system. Semiconductor manufacturing also needs extremely clean. clean water, often ultra pure water, because contamination can ruin production. So the more fabs get built, the more need for ultra pure water. And that would be a big tail win for eco-labs over here.

Essentially, they also have customers in other type of areas. So you're getting not only that AI play, but you're getting also the obvious plays in terms of restaurant, hotel, food service, retailers, food processor, things like that. Again, relatively small company compared to some other names of 71 billion. And revenues I've been picking up over the last quarter with growth in the mid to high single digits, but definitely a bit more lumpy on the revenue side here compared to other names. Yeah, it's funny we talk about how tiny these companies are, but all of them would probably be top 10 market cap in Canada.

There's just not a lot of options here in terms of size in Canada. But in the States, 71 billion is peanuts in terms of market cap. cap yeah it's so funny because we're it's it's Toronto Tech Week here now today and everyone's talking about AI talking about this about AI and I'm like what are we doing uh you know I we just got a fiscal just got a couple million box grant for it's actually it's not a grant but I have to get into the deal details financing from the from the from the government and it's like 14 companies that's selected across Canada, I'm sure they're all great.

Just like, I've never heard of any of them. Like, I don't mean to like, you know, try to own the other startups that are in, in this list.

Like, we need to be doing something. Like, we're, like, you can't just keep calling on Shopify as our like huge win, right?

Well, you're going to like the next company I go over that. Because it's, it's, if you, we had talked earlier about like, AI,

falling into your lap. This is the absolute definition of AI falling into a company's lap. And that is Celestica. It's Canadian. It's Canadian. Hey. Well, it's dual. If it could just fall in their lap a little more, that'd be great.

I don't see it happening too often. If you look at the chart for this company, it is absolutely wild. If I, I don't know the exact, but if I were to guess, it's got to be up 4,000% over the last while. 47,000%. No, 4,700% in the last five years. Yeah. And the wildest thing is, is pre-AI, this was a poorly ran kind of sub-part business. Like margins were razor thin.

Revenue went nowhere for pretty much a decade. And now it is seeing just like a legacy tech company, right? For a long time? Yeah. And they make, well, they make GPU racks switching gear, custom designs, things like that. So like the racks that house the GPUs and the data centers, they produce those. Yeah, and kind of like a legacy. Well, I see, I would say like manufacturing type company for things like that, like very low margin.

And now like the demand has just gone through the roof. Me and Simone were doing a top 30 Canadian companies at the start of the year. And this company like pre-AI was a small cap stock. And when we did the top 30, it came into the top 30. I think the market cap, I don't know, might be close to 40 billion now, something like that. 60. 60 billion? Yeah.

It would have climbed up the list now. Yeah. 60 billion in CAD. Yeah, it's got to be top top 20, maybe even top 15 now. But one unique area of the business now is the fact that Celestica custom designs these solutions for the hyperscalers. So it creates kind of an element of stickiness and also it creates higher margins. So I think their operating margins have doubled over the last while and it's primarily because of this area. So they're building out systems that they're putting in these data centers,

custom solutions for like, let's just say the alphabets of the world. And once that system is built, it's very, it's not impossible, but it is unlikely that they would overhaul it and go somewhere else. So because, or again, the data center buildouts are key here. If they continue to amplify that moving forward, the demand for Celestis products will no doubt increase. The only element here is the customer concentration. So it pretty much solely relies on the hyperscalers. I don't think it actually states what companies it's working with, but it's fairly obvious as to which companies it's working with. And I believe over 60% of the company's revenue base is allocated to like three or four companies. So if it loses one of those clients, it would have a material

impact on revenue. But this is just another one that is just a pure, data center play, the more they build them out, the more demand for the products will be there. Here's a fun fact. The revenue from 2012 was $6.5 billion. In 2021, it was $5.5 billion. Yeah. So 10 years later, it was actually down. And then you can see things really start to take off. It's grown very handsomely since then. I find this interesting. forward revs are supposed to jump from today's 2025 or LTM ending nearly 14 billion to 33 billion. Wow. Yeah.

And it's not, if you look at a lot of these companies, they're fairly expensive on a forward basis. I don't think Celestica is all that expensive on a forward basis. Obviously, with a forward basis, you need that spending to continue. but you have to build. Yeah, you need the train to keep going. Yeah. And I mean, at some point, you could see this getting into a top 10 market cap in Canada. If 60 billion isn't already, it's got to be pretty close.

Maybe not all that close. Yeah, I'm not sure. We'd have that. Yeah. But yeah, wild run from this company. You would not find a better performer, especially mid to large cap in Canada. I'd be shocked if you could because, yeah, 4,700 percent over five years. is quite wild.

What's your next one then? Hubble. So Hubble is another infrastructure play. So it isn't directly involved in artificial intelligence, but it makes a lot of money off the back of the hypers, building it out. So we're talking transformers, switchgear, etc. And it's an interesting one because it would have been a unique play on the buildout

and expansion of the electrical grid anyway. So now you have that double tailwind of grid expansion plus AI data center buildouts. They have two segments. So they have utility solutions, which is the majority of the business. It's around 60%, 60%, 65%. And this is the segment that is selling all of the equipment to the utility providers that are then charging rates to the hyperscalers to provide power. It's growing at around 18% a year.

And then they have the electrical solutions, which is around 40%, where they sell all the switch gear, et cetera, to actual customers. That segment is growing 12% a year. And again, I mean, there's numerous bottlenecks in the AI space, but I do think the one that is going to stretch out the longest term is the power supply infrastructure space. And they kind of make, you know, the boring guts of what makes the entire operation run. I think they're fairly tiny. I think they only have a market cap of around $50 billion.

I was actually surprised at this. I thought Hubble was a lot bigger than that. But, yeah. Fairly tiny. Yeah, fairly tiny. 50 billion. Yeah. Just this.

I got a small loan of $50 billion. dollars. But yeah. My last two? Yes. Okay, two businesses that are very different. I've talked about QXO before. It's Brad Jacobs building products roll up.

I did a full episode on it. I own the stock. I bought it in the last two capital deployments. He's done this seven times with roll-ups. He's done it at a billion dollars. scale seven times. This is the biggest yoga stretch for me when it comes to AI winners. But I'm a shareholder for the long haul and we're throwing it in here because they just bought top build. Well, they have just, they're going to be buying top build. And if I look at the arbitrage on the

spread of what they're buying it for of 17 billion, it's so tight that market thinks there's no reason for this to not close. It is the now, after this, largest company in North America for insulation, the second largest company for roofing, the number one in waterproofing, and number one in lumber. Brad is the ultimate promoter, ultimate user of her stock to do these acquisitions. Of course, he's going to say it's a data set or winner. But I did do a little bit more research. and TopBuild actually bought two years ago a company called Progressive Roofing.

And that is the leading vendor for hyperscalers when it comes to roofing. So there is a little bit of truth to Brad's storytelling when it comes to the stock. But this is now one of North America's largest building products companies. And if we're talking about infrastructure, we can throw it in there. Yeah, I mean, definitely on the insulation side. I mean, at the end of the day, these data centers are buildings, right? They will need building components. Yeah, the thing is you don't want your insulation to be too good.

It gets too hot. Yeah, yeah, it's almost like, yeah, you want it to be good, though. Yeah, exactly, but you don't want to, you know, if you're in Texas in the middle of the desert, you don't want to. You do need waterproofing, though. Yeah. You got a lot of electricity in there. Exactly. All right.

My last one here, I hinted at this. It's like a SaaS company, but for semiconductors. It's like, hmm, do I pump this or do I hate it? Because it's software and SaaS. So this company is synopsis, ticker S&PS. It is EDA software and semiconductor design software. So basically what that means is what EDA, what EDAs are is basically, if you are a chip designer like Nvidia, like AMD,

you have your own custom silicon like a Traneum or Apple's M series, you need software to design the chips. And so they are in a duopoly with cadence. So think of them as like Autodesk for, if Autodesk is for architecture, cadence and synopsis are that, but for the semiconductor industry. Market cap is around $100 billion. Trades at 11 times next year's sales.

Every AI chip company, whether you're Nvidia, you're hyperscaler with your custom silicon, AI chip startups, Nvidia, whoever, you use one or both of these platforms. And there's a distant third player in the market, which is Siemens' EDA platform. But it's an essential part of the stack when it comes to semiconductors in this duopoly. And they have over 100% retention rates and have forever.

So it's a good business to own. Yeah. Yeah, I heard of the name, but wasn't too familiar. So that's a good breakdown. I guess should I get to my last two? so we wrap this up. Don't take too long. Yeah, we'll go through

because I have one more as well. Okay, so the last two here for me, Generac, so ticker G and RC, Generac sales power, generation, and backup power. They have both residential solutions and commercial solution and, of course, industrial within that commercial segment.

The play year is definitely for AI, the data center will need backup power to ensure that they stay online in case of power. outages. It's one of the smaller companies, probably the smallest. I'm not quite sure. I didn't double check all the market caps here, but it's around $16 billion in market caps, so really small compared to the $70 billion that we were talking about earlier in ASML. Revenues had been lumpy over the last five years, but after a decline in 2020, it's been slowly increasing over the

last couple of years. So definitely kind of the backup power generation angle here. And then my last name here is Eaton, ticker ETN. So Eaton sells electrical and power management products. They sell both to private and government entities. They have several segments, but the most relevant one is the electrical segment, which represents about two-thirds of their revenue. You can think of just grid equipment, for example. So grid modernization, substation, distributed energy, transmission, distribution. They also cater to data center power distribution, backup power, UPS system, switch gear, transformers, and electrical infrastructure.

So probably a very clean AI data center play in terms of Eaton. They have a market cap of $155 billion, so not a small company. And revenues have increased more than 10% for each of the last four quarters. So definitely seeing some nice growth there as well. All right. one I'm going to go over is Constellation Energy. So they are one of the largest electricity

producers in America. So they have around 55 gigawatts of capacity. Back in 2024, they locked in a 20 year power purchase agreement with Microsoft, which restarted some of its nuclear reactors. And then in 2025, they locked

in another deal with meta. I don't know how long it was, but it was long. I don't know if it was 20 years like the Microsoft one, but much like the the Camico edition, the thesis here is, you know, there's no way I build out without power. And a lot of these hyperscalers are going to be looking for carbon-free sources, reliable sources. You could argue you can't get that anywhere else except nuclear. And Constellation is kind of one of those companies that can bring that to scale.

And pretty simple here, higher demand for cleaner power, higher demand for Constellations services. That was three-mile island that they booted back up. Yes. I believe so, yeah. Yeah. Yeah, I remember that that was a big deal at the time. Yeah. Got to get power anywhere you can get it.

Yeah. And I think like this one, I think it's a bit volatile because I think their deal with Microsoft got pushed into the future, which kind of caused some rockiness in terms of share price. It's not like the 20 year deal is still a 20 year deal. It just got kind of pushed out. So they tend to trade quite wildly for a utility company. I'm not exactly sure why I would imagine that has something to do with it. But, yeah, it's a big, it's a big energy play. Well, that does it, folks.

Is that every, all of them? Yeah, that's all of the names, yeah. Okay. So, to recap, there was 21 names. This is live on the custom indexing under Hidden AI Winners. You can see on the platform with the kind of one year, five-year return of some of these names is. It's quite insane, to be honest. some of the performance of these companies.

And it's available now on the custom indexing platform. So it's pretty cool. This is one feature that a broker has actually brought in Canada where I'm like, I am actually going to use that. You know, putting fancy technical analysis charts and real-time trading data, I don't think it gets us going. But this is something I think that there's actually a lot of value. Yeah, definitely agree. I'll be playing with it, that's for sure. And hopefully people

really enjoyed us going over the names. I know when we kind of do some dives. Our listeners enjoyed it. So give us some feedback on the names we selected. Some companies, I'm sure you didn't expect to see there. And we'll see in terms of what it holds for future returns. Last thing here on the dock, you just said Constellation, energy, not software. Should I come back in the next week or two and do a recap of the Constellation shareholder meeting? I was there in person with 400 other shareholders. Well, we'll figure something out.

Yeah, we'll get some time and find some time for you to come back and share your experience comparing it to the Berkshire meeting. you intended a few years ago. I'm assuming it was quite different. Yep, quite different. Same types of folks, though. You know, similar types of M&A driven sidecar investors. It's the same group. So yeah, it's pretty cool. All right, thanks for listening, guys. Appreciate it. This episode was produced in paid partnership with Quest Rate and is for educational purposes only. It is not financial or investment advice. Simon, Brayden, and Dan, are not registered advisors and any views or experiences shared are their own and may not be

representative of others. Custom indexing is a self-directed investing product. Questrade does not recommend securities or assess suitability. All investing involves risk, including loss of principle. Foreign exchange and other fees may apply. No purchase necessary. Contests open to Canadian residents who have reached the age of majority. Skill testing questions required. There is one prize available, a three-night NIMO Bay BC retreat for two plus 10 annual payouts of $7,000 Canadian to the winner's non-registered or TFSA account. Approximate retail value, $90,000 Canadian. Odds of winning depend on the number of eligible entries receive, terms and conditions apply, a link to the contest full rules can be found in these show notes.