Apple’s leadership transition is putting renewed focus on its artificial intelligence strategy, as investors assess what comes next for the tech giant. Broader volatility is also reshaping how investors approach stock selection.
BNN Bloomberg spoke with Grant White, portfolio manager and investment advisor at Endeavour Wealth Management, who said Apple’s approach to AI may centre on ecosystem integration, while highlighting opportunities in fundamentally strong companies.
Key Takeaways
- Apple’s CEO transition is expected to bring continuity, with a focus on integrating AI into its existing ecosystem rather than leading early innovation.
- The company’s large installed base positions it to scale AI adoption, even without heavy upfront spending compared with competitors.
- Markets are at record highs but could see near-term volatility, making fundamentals and selectivity more important for investors.
- Fairfax Financial is seen as a stable, fundamentally strong option benefiting from higher interest rates and disciplined management.
- Canadian Natural Resources and Colliers International offer exposure to strong cash flow and data-driven growth trends over the next three to five years.
Read the full transcript below:
ANDREW: Tim Cook had what is seen as a highly successful tenure as Apple’s CEO, but he leaves his successor with a big gap to fill when it comes to the company’s position in AI, where it is seen as a laggard. John Ternus, the head of hardware engineering, is set to take over the top job at the start of September. We’re joined by Grant White, portfolio manager and investment advisor at Endeavour Wealth Management. Thanks very much for joining us, as ever, Grant. I guess that’s going to be one thing Tim Cook may regret — not having established Apple as a leader in AI.
GRANT: You know, that’s an interesting comment. I’m not so sure, actually, to be quite honest. I think this is kind of typical of Apple’s playbook, actually, Andy. What we’ve seen is that they rarely lead in a new space, but they will definitely take over, and they will do it better. I think they’re actually going back to the old well on this one. I also think the appointment of John Ternus is a piece of that.
So it remains to be seen how Apple is going to play this out. But the reality is they’ve got two billion active users on their devices, so they are going to be a player in this one way or the other. At the same time, they’ve been able to not spend tens of billions, if not hundreds of billions, of dollars like many of their competitors trying to compete in this space.
I think there’s still a great opportunity that Apple could be one of the leaders in this, and it’s not a zero-sum game. There are going to be lots of opportunities here. I wouldn’t count them out just yet.
ANDREW: That’s interesting. If you buy an iPhone, as long as it has AI on it, perhaps you’re happy — it doesn’t have to be Apple-developed AI.
GRANT: That’s exactly it. I think, at the end of the day, they’re happy being the gateway for AI usage as part of their ecosystem. You see them already making arrangements with companies like Google and others.
I think that’s going to be the play here — Apple is happy being the gateway. But there’s lots that could go on. There’s potential for acquisitions, opportunities, or partnerships. They’ve got a lot of cash and a fantastic ecosystem, probably the best in the world. So I think Apple is sitting in the weeds, and they’re OK doing what they’re doing here. I think they’re going to do just fine.
ANDREW: What about the broader market? Do you think it’s fragile right now?
GRANT: “Fragile” is an interesting word. I think it’s interesting, to say the least. Investors need to be very careful about what they’re looking at right now. Fundamentals are really important at this stage of the game.
It’s amazing — the TSX is up about 48 per cent over the last 12 months. We’re sitting at record highs despite everything going on in the world. So investors should focus on fundamentals, because it’s easy to see where we could get a pullback here.
That doesn’t mean I’m not optimistic. I think things can carry forward and do very well, but there’s going to be some chop, and you want to be careful about what you’re owning right now.
ANDREW: You had some stocks on your radar. One you like is Fairfax Financial. What draws you to that?
GRANT: I’m laughing a bit because Fairfax is like the poster child for boring companies, but this is exactly what I was talking about — fundamentals being really important right now.
Fairfax is in a great position. They’re benefiting from a solid balance sheet, and as interest rates go up, that benefits their bond portfolios. They’re priced extremely well, and they’ve got a great track record and strong management. Prem Watsa is one of the best in the business.
This isn’t something that’s going to hit the headlines every day, and that’s a good thing. While everyone is chasing AI stories, you’ve got a really solid company that you can get at a great price. Over the next three to five years, I think they’re going to do very well.
ANDREW: If people want to hold an energy stock, you would recommend Canadian Natural?
GRANT: Yes. We’ve held CNQ for a long time and still love the company. Higher energy prices benefit their bottom line.
One of the things I really like is the yield. If you’re cautious about entering right now, you’re getting a good dividend yield of about four per cent, plus buybacks that bring total yield closer to eight per cent.
When you factor all that in, along with strong margins from higher energy prices, it looks very good. That’s before even considering the longer-term energy story.
ANDREW: Because you’re in Winnipeg?
GRANT: That’s correct.
ANDREW: Are people in Manitoba excited about possible expansion at the Port of Churchill?
GRANT: It would be huge. We need to be talking about it more. There are a lot of good things going on in Winnipeg, and there have been discussions in Ottawa recently. People are excited. It’s seen as a major opportunity, and one we need to make happen.
ANDREW: Another stock you like is Colliers International.
GRANT: Yes, and not for the reasons most people think. I like Colliers because of the services they provide around real estate — particularly the advisory side. This is more of a data play for me.
Real estate is cyclical, but they’ve done a great job focusing on services. Because they are data-driven, AI is actually helping them become more effective. It’s still early days, but the opportunity is there.
Valuation is also attractive — they’re trading below historical averages. So I think this is a good entry point into a strong company leading in this data-driven shift. Over the next three to five years, there’s significant upside, and potentially more depending on execution.
ANDREW: Are you paying attention to the nomination hearings for Kevin Warsh at the U.S. Fed?
GRANT: Yes. I’ve been encouraged by his language. I’m a big believer in independent central banks, and his comments around that have been reassuring.
He’s done a good job communicating that independence remains important. I think he has a good opportunity to lead effectively. It’s a strong succession opportunity.
He may be more open to rate cuts than his predecessor, which could be supportive. But importantly, that’s balanced with independence, which is key.
ANDREW: Thank you very much.
GRANT: Thanks, Andy. Always a pleasure.
ANDREW: Grant White, portfolio manager and investment advisor at Endeavour Wealth Management.
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This BNN Bloomberg summary and transcript of the April 21, 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.
