Shares of Micron Technology are under pressure despite a sharp surge in revenue, as investors weigh profit-taking and rising spending concerns against strong AI-driven demand.
BNN Bloomberg spoke with Grant White, portfolio manager and investment adviser at Endeavour Wealth Management, who discussed the shift back to fundamentals, ongoing market volatility and investment opportunities across AI, energy and software.
Key Takeaways
- Profit-taking is weighing on high-performing AI stocks despite strong earnings, reflecting stretched valuations after major gains.
- Markets are shifting away from momentum-driven trades toward fundamentals, making stock selection more critical.
- Elevated capital spending in AI is raising questions about return on investment, though demand remains strong.
- Volatility is expected to continue in the near term, creating opportunities for disciplined investors to enter quality names.
- Companies with strong cash flow, cost control and recurring revenue models are better positioned in a more selective market environment.
Read the full transcript below:
LINDSAY: Shares of Micron Technology are under pressure despite reporting quarterly sales that nearly tripled, as demand for its products outpaced supply. Let’s find out why the stock is selling off. Joining us now is Grant White, portfolio manager and investment adviser at Endeavour Wealth Management. Good morning, it’s good to have you with us.
GRANT: Yeah, good morning, Lindsay. Thanks so much for having me.
LINDSAY: Let’s talk about why Micron might be under pressure this morning.
GRANT: Yeah, I mean, this was a really great report, and we’ve seen great reports from other AI-driven stories recently. So I think this is largely profit-taking. We know the environment we’re in — there’s a lot of volatility and uncertainty out there. You’ve got a company here that’s up more than 300 per cent over the last year. So I think this is a lot of profit-taking, but we still really like Micron. I don’t think the story is anywhere close to being over. We’ve got at least a couple of years of catch-up in supply related to memory, and as long as we’re not wrong on what AI buildout is going to do over the next few years, I think Micron is going to do very well. Ultimately, this could be a buying opportunity. It’s not cheap, but the growth story is certainly there.
LINDSAY: It seems Micron is talking about high spending in the next couple of years. Is there concern from investors about that level of spending?
GRANT: Certainly. I think the story is turning to what the return on investment will be from all this spending. We’re seeing companies spend hundreds of billions of dollars on new buildouts. So naturally, the focus shifts to ROI. I think this concern is overblown in Micron’s case, because there are only a few players in memory and a long way to go before supply meets demand. I think the spending is warranted and Micron will do well, but it is a broader issue across the sector.
LINDSAY: Let’s zoom out to the broader market. You’ve said markets can move higher from here, but not in a straight line. What do you mean?
GRANT: It’s been a very different market lately, with a lot of volatility — and that’s exactly what we expect to continue. We could see a more range-bound market in the near term until there’s more clarity. But there’s still a lot to like. This volatility is creating buying opportunities. Some great companies were overpriced before, and now we’re seeing better entry points. The fundamentals were strong then and remain strong now. Investors just need to be prepared for continued volatility and be willing to ride through it.
LINDSAY: Let’s go through some of your picks, starting with Strathcona Resources. What makes it interesting?
GRANT: They’re very well positioned in the current environment. We like Canadian producers, and with higher oil prices they should perform well. What stands out is their cost discipline and capital allocation. They’ve recently announced share buybacks, and when you combine that with the dividend, you’re looking at roughly an eight per cent shareholder yield. So you’re getting paid to wait, and we think the story is strong.
LINDSAY: You also like CNX Resources. Why?
GRANT: CNX is a strong natural gas story. What makes them unique is their cost control — they own part of the midstream infrastructure, which gives them better access to market and lower costs. That puts them in a strong position whether natural gas prices are stable or rising. They’re simply better positioned than many peers.
LINDSAY: And Constellation Software — what stands out there?
GRANT: The idea that software is being disrupted by AI is overblown. In fact, companies like Constellation are well positioned to benefit. They can integrate AI into their existing software platforms. The stock has been under pressure, but the business remains strong. They’ve proven over decades that they can allocate capital well and acquire strong businesses. AI should enhance their margins and growth, not hurt them.
LINDSAY: And lastly, Thryv Holdings. Shares are climbing today and you have a buy rating. Why?
GRANT: Thryv is a similar story. It started as a legacy Yellow Pages business but has been transitioning into software. They’re targeting small- and mid-sized businesses that can’t afford larger platforms like Salesforce. They’re building CRM and business tools for that segment. The stock has been beaten down, but we think AI integration will improve their offering. The story is just getting started.
LINDSAY: Great to get your thoughts. Grant White, portfolio manager and investment adviser at Endeavour Wealth Management. Thanks for your time.
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This BNN Bloomberg summary and transcript of the March 19, 2026 interview with Grant White are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
