Kim Bolton, President & Portfolio Manager, Black Swan Dexteritas
Focus: Technology stocks
Top picks: Microsoft, Meta Platforms, Walmart
MARKET OUTLOOK:
Black Swan Dexteritas will summarize our stock market outlook for the month of December 2025, and our 2026 outlook for the technology arena.
U.S. stock markets have rallied strongly, with major equity indexes above short-term averages, signaling bullish momentum as December begins.
Seasonal strength, potential rate cuts, and extended ACA subsidies provide tailwinds for further gains and improved consumer sentiment.
Economic indicators, including stable labour markets and robust consumer and business spending, support the case for a soft landing.
2026 is expected to be a pivotal year for the entire technology stack: compute infrastructure matures as optimization overtakes raw expansion; autonomous systems (like robots, software agents, and operational AI) begin large-scale industrial deployment; and AI starts generating tangible economic gains across sectors.
This theme positions 2026 as the year where the global economy begins to feel the true impact of the AI era, unlocking one of the most important investment cycles of the decade.
If the audience is interested in those single stocks that we will be rebalancing from the compute infrastructure to the autonomy wave and those manufacturers, financial institutions, and healthcare providers that will be unlocking tangible productivity gains, margin expansion, and new industry-specific applications, please contact us. Your BSD Team is proud to be your investment ‘eyes and ears’ in the technology arena.
- Market-moving news, fast: Get the BNN Bloomberg App now
- Sign up for the Market Call Top Picks newsletter at bnnbloomberg.ca/subscribe
TOP PICKS:
Microsoft (MSFT NASD)
Meta Platforms (META NASD)
Walmart (WMT NYSE)
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| MSFT NASD | Y | Y | Y |
| META NASD | Y | Y | Y |
| WMT NYSE | Y | Y | Y |
PAST PICKS: DEC. 31, 2024
Oracle (ORCL NYSE)
Then: US$166.64
Now: US$202.28
Return: 21%
Total Return: 23%
Alphabet (GOOGL NASD)
Then: US$189.30
Now: US$316.77
Return: 67%
Total Return: 68%
Monday.com (MNDY NASD)
Then: US$235.44
Now: US$149.80
Return: -36%
Total Return: -36%
Total Return Average: 18%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| ORCL NYSE | Y | Y | Y |
| GOOGL NASD | Y | Y | Y |
| MNDY NASD | Y | Y | Y |
