Stocks are edging higher as optimism grows that the U.S. and Iran may resume talks, easing concerns about prolonged geopolitical disruption.
BNN Bloomberg spoke with Ian Shaffer, president and chief investment officer at Galliant Advisors, who said investors should look past short-term volatility and focus on long-term opportunities, particularly in AI infrastructure and industrial sectors.
Key Takeaways
- Geopolitical conflicts have historically caused short-term market declines that are typically followed by strong rebounds.
- Markets are beginning to look past Middle East tensions as earnings season shifts focus back to fundamentals.
- AI investment opportunities are strongest in infrastructure and industrial companies rather than end-user technology firms.
- Valuations and entry points remain critical, with investors encouraged to wait for pullbacks to buy quality names.
- Utilities and infrastructure providers tied to rising data centre demand are emerging as defensive growth opportunities.
Read the full transcript below:
ANDREW: U.S. markets are up slightly today. Some investors are optimistic that the U.S. and Iran are moving closer to a resumption of peace talks. Our guest says he remains bullish on equities longer term and believes the conflict in the Middle East will not be an overhang for too long.
We’re joined by Ian Shaffer, president and chief investment officer at Galliant Advisors. Ian, thank you for joining us. It may be a risky game to bet on diplomacy, but you think investors should be looking past the current disruption in the Middle East.
IAN: Thanks for having me, Andrew. When you look at geopolitical events, we’ve seen a lot of them — the Russian invasion of Ukraine in 2022, the Israel war in 2023, and now Iran. History shows that drawdowns during these periods are typically measured in weeks, not months.
So if you’re a long-term investor, these selloffs can present opportunities to buy quality companies at discounted prices, and that’s what we’ve been doing. It’s hard to say when conflicts will end, but even as deadlines come and go, the market tends to move forward.
March was a bit of a vacuum for earnings, with more focus on macro headlines. Now that we’re into April and earnings season, markets are starting to shrug off some of that uncertainty. Investors are thinking that while clarity may not come immediately, it could come in the coming months. As a result, people are buying, and we’re adding names that are on sale.
ANDREW: We’ll get into some of your ideas in a moment, but it’s interesting that NVIDIA CEO Jensen Huang says the next generation of American millionaires could come from skilled trades like plumbing and electrical work.
IAN: That ties directly into the AI boom. While much of the focus is on technology companies, the infrastructure behind AI is where there are compelling opportunities. What used to be considered “boring” industrial and dividend-paying companies are now seeing significant upside because of AI demand.
It’s still early to identify a clear winner in AI. While NVIDIA has been a leader, the market is looking for the next wave, with companies like Marvell and AMD gaining attention. Our approach is to invest across different parts of the AI ecosystem rather than trying to pick a single winner.
ANDREW: Let’s talk about one of your ideas — EMCOR, ticker EME. What attracts you to it?
IAN: EMCOR is a leader in engineering and construction. The company builds data centres and provides a wide range of services, including maintenance and operations. These are the “nuts and bolts” of AI infrastructure.
The company has seen strong growth, and while it may not be the top performer in its space, we see it as a more attractively valued option. Its earnings multiple is around 25 times, compared to higher multiples in other AI-related segments, and we expect continued growth.
It’s not as “boring” as it used to be, but given its recent run, we would look to buy on a pullback.
ANDREW: You also mentioned Comfort Systems, ticker FIX.
IAN: Yes, it’s a similar business to EMCOR, but we don’t own it. The stock has rallied significantly and hasn’t offered much of an entry point. With EMCOR, we were able to buy during a pullback when expectations were higher than results. That allowed us to enter at a more attractive level.
The key is patience — having a watch list and waiting for opportunities to buy quality names at a discount.
ANDREW: And your final idea?
IAN: American Electric Power, ticker AEP. It’s a large U.S. utility that is helping build the power infrastructure needed for AI.
The company is contracting power supply well into 2030 and is expanding capacity to meet growing demand from data centres. It also has partnerships with companies like Bloom Energy, which adds potential upside.
It’s a more defensive name, offering about a three per cent dividend, but with additional growth potential tied to AI demand.
ANDREW: Ian, thanks very much for your time.
IAN: Thank you.
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This BNN Bloomberg summary and transcript of the April 24, 2026 interview with Ian Shaffer 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.
