Investor enthusiasm for high-growth tech is expanding beyond the Magnificent Seven, with attention shifting toward overlooked companies building real infrastructure and breakthrough science.
BNN Bloomberg spoke with Eric Jackson, founder and president of EMJ Capital, who says the next generation of 100-bagger stocks could come from areas like AI compute, cell therapy and digital housing. He also discussed the “rising dynasty” philosophy behind his investment approach, emphasizing conviction and narrative-driven growth.
Key Takeaways
- Jackson says Sana Biotechnology’s early data suggests it may be able to reverse Type 1 diabetes, calling it the “Tesla of cell therapy.”
- He sees Iris Energy as a top infrastructure play in the AI boom, with data centres ready to power hyperscalers like Microsoft and Meta.
- The investor focuses on “100-bagger” opportunities, citing parallels to Carvana’s dramatic rebound from US$3.50 to US$400.
- Jackson believes small-cap tech stocks could deliver generational wealth as investors look beyond the Magnificent Seven.
- His “rising dynasty” philosophy promotes conviction investing and early backing of transformative companies before Wall Street catches on.
Read the full transcript below:
ANDREW: Okay, let’s talk tech. We’ve got the S&P 500 and the Nasdaq in record territory once again on optimism about profits from that sector. We’re joined by Eric Jackson, founder and president of EMJ Capital. He’s got some stock ideas for us — always has some fresh thoughts. Eric, great to see you.
ERIC: Hey, Andy.
ANDREW: Let’s get into a theme that you’re seeing now in tech investing. It’s a very broad subject, but if there’s one overriding message that you have for us when it comes to investing in tech, what is it right now?
ERIC: Well, I feel like this year I’ve been focused on 100-bagger ideas. A couple of years ago, I found Carvana very early when it was in the midst of a comeback. It had gone from US$400 to about US$3.50 at the end of 2022, and now it’s come all the way back to 400. Yet when I talked about it two years ago, there wasn’t much interest in it.
This year, I’ve started talking about the next Carvana — companies that I think have 100-bagger potential — and I’ve noticed a lot of interest, especially from the middle class. Not just in Canada, but in the U.S. and around the world, people are finding it harder to get ahead financially. They’re squeezed by taxes, inflation and the cost of living. Many see the stock market as a way to build generational wealth.
A lot of investors tell me, “I missed the last Carvana. I’m not going to miss the next one.” So there’s a desire to go beyond the Magnificent Seven in tech and look at smaller-cap names that, with a buy-and-hold approach, could multiply in value over the next few years.
ANDREW: You have some ideas. Sana Biotechnology — you reckon this could be called the “Tesla of cell therapy.” What draws you to this stock?
ERIC: In my family, I’ve got four kids, and one of them has Type 1 diabetes, which 100 years ago meant a death sentence. Thanks to Canada, we discovered insulin, and that changed everything, but there’s still no cure. Sana is a biotech company taking a different approach — a platform built on stem-cell research.
They’ve already found evidence in a few human cases where they’ve been able to reverse Type 1 diabetes through gene therapy, essentially curing it. The global market is enormous, and if they can replicate those early results on a larger scale, it could open the door to treating other diseases the same way.
It’s about a US$1-billion company today, but if the science holds up, this could grow into a US$100-billion business in the coming years. That’s why I like it — it’s been largely ignored despite remarkable early data.
ANDREW: Iris Energy — you think it’s a good play on the infrastructure of the AI economy. What do they do, and why do you like them?
ERIC: We all agree AI is the future — we’re not going to stop using ChatGPT anytime soon. But we usually think about Nvidia or maybe Palantir, the companies building the AI apps. We don’t think as much about what powers it underneath — the data centres.
You’ve got to buy the land, strike power deals with local authorities and ensure access to cheap energy. Iris Energy has been at the forefront of that. They’ve got facilities in Prince George, B.C., and are now building large new ones in Texas.
What’s exciting is that they have three gigawatts’ worth of data centres set to come online in the next 12 months. That makes them highly attractive to hyperscalers like Oracle, Microsoft, Meta and Google, which need capacity now, not years from now.
A similar company, Nevius, recently signed a one-gigawatt deal with Microsoft in New Jersey, doubling its share price overnight. Microsoft committed about US$18 billion in revenue over six years for that single gigawatt. You can do the math — Iris has three. And as more of these deals get signed, the remaining available players become even more valuable. Iris is best in class among them.
ANDREW: Eric, we could talk to you all day. I’m sorry — we’ll have to leave it there. Thank you very much.
ERIC: Thanks, Andy.
ANDREW: Eric Jackson, founder and president of EMJ Capital.
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This BNN Bloomberg summary and transcript of the Oct. 28, 2025 interview with Eric Jackson 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.
