Investors may find opportunities in high-quality companies that have sold off on fears of artificial intelligence disruption, even as their underlying businesses remain strong, according to Jamie Murray.
BNN Bloomberg spoke with Jamie Murray, president of The Murray Wealth Group, about opportunities in software, autonomous vehicles and travel technology, and why he believes several companies currently viewed as AI losers could ultimately emerge as beneficiaries of the technology.
Key Takeaways
- Murray expects equities to move higher over the summer, supported by stable oil prices, improving consumer sentiment and greater clarity around U.S. Federal Reserve policy.
- He is focused on what he calls “quality losers” — established companies with strong earnings and cash-flow growth that have underperformed because of AI disruption concerns.
- Murray believes firms such as Microsoft, ServiceNow, Mastercard and Aon are more likely to benefit from AI adoption than be displaced by it.
- Uber’s expanding autonomous vehicle partnerships could strengthen its network and position it as a leading platform for robotaxi services over the coming years.
- Amadeus is positioned to benefit from changes in how consumers book travel, with its technology infrastructure remaining central to airline, hotel and travel reservation systems.
Read the full transcript below:
LINDSAY: Our next guest says a strengthening AI trade, oil stability, clearer rate policy and firmer consumer sentiment set the stage for markets to move higher. So, let’s get more from Jamie Murray, president of The Murray Wealth Group. Good morning. Great to have you join us.
JAMIE: Yeah, thanks for having me on.
LINDSAY: Given your view on the markets right now, what sectors are you seeing the most opportunity in?
JAMIE: Well, as you just alluded to, we think the market’s in for another good move higher over the summer here, with oil prices stabilizing, the Iran war winding down, and we’re actually looking for what we’re calling quality losers. These are companies that are high quality, have historically been great performers, have a great long-term track record of revenue growth, earnings growth and free-cash-flow growth, but for various reasons — whether it’s some softness in the end markets, AI sentiment weighing on these companies or fund flows moving away from these sectors — the stock prices are actually down, in many cases, 15, 20 or 25 per cent. So, there’s a group of companies out there that we’re really excited about buying today, and we think they’re really well positioned for a move higher.
LINDSAY: You have targeted some high-quality names, though, that have sold off on AI disruption fears. What’s giving you confidence that these names can kind of rebound despite concerns about slowing markets?
JAMIE: Yeah, so, I think in the AI trade, a lot of investors took the shoot-first, ask-questions-later approach. Certainly, back in February and March, it seemed like every week Anthropic or OpenAI would release a headline saying, “Oh, we have a new model targeting finance or targeting data services,” and you’d see entire sectors sell off 10, 15 or 20 per cent just on a product announcement.
As we move through the year, we’re not really seeing, in most cases, any tangible signs of impact. We’re actually seeing AI become an enabler for incumbents, and that’s because they have the customer at the end, they have huge data pools to draw on and can tailor their AI products to that end customer better. They also have the security, governance and brand name that a lot of enterprise customers are looking for.
So, yeah, we think as we move through this, these companies are going to prove that they are actually AI winners, not losers, and that’s going to set the stage for a rerating higher.
LINDSAY: And you do have some names you’d like to highlight. I’m not sure if these are some of the ones that are going to prove they’re winners. These are not your stock picks. I want to stress that first of all. But Microsoft is one of the names you’re watching right now. Is this one of the companies you think will prove that it’s a winner in the end despite some high spending right now?
JAMIE: Yeah, Microsoft’s a great example. There’s a subset of investors who think Microsoft is going to be massively disrupted by AI. We actually, like I said, think they’re going to be a long-term beneficiary from this. It’s going to allow them to deliver more products, more services and make their end users more productive, which is ultimately what investors look for in software.
Some other names along this theme are ServiceNow — again, a company that doesn’t really have a lot of competition in the software sector. Investors are worried that this company will just be vibe-coded away, which, for the enterprises they work with, with hundreds of thousands of users and thousands of devices and assets that they’re managing, we just don’t really see happening.
Other names include Mastercard and Aon. Insurance brokers are another attractive sector. So, these are, like I said, quality losers. If you look at these charts, they’re all, over the last year, down and to the right, which is not really where you want to be. But I think over the long term, they have a history of outperformance, and when you look out three to five years, they’re all set up really well.
It’s been mostly multiple compression that’s brought the stocks down. The actual earnings are holding in, and investors just aren’t valuing them as highly as they used to.
LINDSAY: Okay, so let’s get to your actual stock picks now. Uber is one of them. Uber announcing three new global autonomous vehicle rollouts. Is that why you like this company right now? Why you’re seeing opportunity there?
JAMIE: Yeah, Uber is another example that fits into this. Revenue is growing, cash flow is growing, but everyone is worried that they’re going to be disrupted by autonomous vehicles, specifically Waymo and Tesla to a lesser degree.
But we actually think autonomous vehicles are going to be a great enabler for Uber. It’s going to expand the supply of vehicles that can be on their network, delivering people and delivering goods.
What Uber is doing is they work with Waymo in some cities. Waymo is Google’s autonomous vehicle platform and the leader in the industry. Beyond that, they’re working with the next 10 to 15 autonomous vehicle companies. They have a partnership with Nvidia, lots of the car companies themselves, and startup driverless-vehicle companies.
The more they can announce in terms of partnership expansion and launching robotaxis and autonomous vehicles in various cities around the world, the better. That’s the other thing — Uber’s a global player in this. I think that’s going to lead to better sentiment.
When you look out two, three or four years, we think Uber will actually have the most autonomous vehicles on its platform, more than Waymo, more than Tesla. At 20 times earnings, that’s a pretty good bet in our book.
LINDSAY: Amadeus is another one you’re watching. Why is that?
JAMIE: Yeah, Amadeus. I’m not sure it’s quite as familiar a brand name, but Amadeus is really where a lot of global travel runs.
I think all of the big Canadian airlines use Amadeus technology as their booking and software engine. They also help run travel agencies and companies like Expedia and Booking.com. They’ve expanded into hotel inventory as well.
As you look out three to five years, we’re going to see the travel industry and the way we book travel change. It might not just be going onto Expedia or the Air Canada website and booking a flight. We might ask a large language model or an AI agent to plan a trip to Europe, find the best price and recommend hotels.
Amadeus is still going to be the infrastructure that powers that because it controls the inventory, the booking and the payment flow.
We think it’s a company that’s really well positioned. It trades at 14 times earnings. We think it’s going to grow earnings per share by about 10 per cent annually over the next five years, and it’s really the leader in this industry. They have the best technology, they’re buying back stock and they generate a lot of free cash flow. It seems like a really great bet, in our opinion.
LINDSAY: Okay, we’re going to have to leave it there. Jamie Murray, president of The Murray Wealth Group. Appreciate you taking the time. Thank you.
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This BNN Bloomberg summary and transcript of the June 17, 2026 interview with Jamie Murray 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.
