Bruce Murray, CEO & CIO, Murray Wealth Group
Focus: Global Equities
Top Picks: Nvidia, ServiceNow, Aritzia
MARKET OUTLOOK:
The market is in complicated place; the artificial intelligence (AI) opportunity is huge and continues to provide for very profitable opportunities for a wide range of companies, from the hyperscalers to the suppliers of high tech and power components to construction companies building the physical plants. We think this build will last into the next decade.
On the other hand, this build accompanied by affects or Trump’s tariffs and wars has pushed inflation to very uncomfortable levels for consumer’s which has depressed the outlook for large parts of the economy from consumer companies to home builders which has also driven interest rates higher. Very recent reports indicate the U.S. has been able to reduce Iran’s ability to restrict passage in the Persian Gulf and tanker traffic is picking up which may reduce pressure on fuel prices. We would continue to focus on investments in benefitting form the AI build even though you are not early.
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TOP PICKS:
Nvidia (NVDA:NASDAQ)
Nvidia remains a central player in the AI boom and continues to lead in the advanced microchip technology powering its expansion. Although growth is expected to moderate, the outlook remains exceptional: revenue is forecast to increase by 73 per cent, earnings per share are expected to nearly double, and data centre demand remains approximately twice last year’s level.
The company is using a portion of its substantial excess cash flow to repurchase shares. At approximately 22 times this year’s estimated earnings and 13 times next year’s estimate, the stock appears attractively valued. Many reputable analysts have price targets approaching US$400.
ServiceNow (NOW:NYSE)
A leader in AI-powered cloud platform that connects people, processes, data, and devices to digitize workflows and improve productivity. Its Now Platform supports key functions including information technology (IT) operations, human resources (HR) service delivery, workflow data management, telecommunications operations, and identity security.
The stock fell by more than half from its January 2025 peak of US$234 amid fears that generic AI would displace its services. However, NOW quickly added AI to its products, sales growth remained strong, and we built a position in the first half of 2026 at a low twenties price-to-earnings ratio (P/E) based on estimated 2026 earnings per share (EPS). Revenue growth is forecast to remain in the high teens for the rest of the decade.
Aritzia (ATZ:TSX)
A well know Canadian retail success story which is selling over $50 lower than its peak price of $173 in June of this year as fears of consumer’s losing spending power to a tougher consumer environment. We continue to like the stock as ATZ has substantial room in the U.S. and Europe to grow store count. As well ATZ is a trendy fashion setter with reasonable pricing for younger and middle-income consumers. ATZ’s year over year revenue growth has continued to accelerate; its latest quarter showing 43 per cent. We have confidence that growth will remain strong as they increase their global store count. The mean analyst target price is over $185 or 50 per cent higher than today’s price.
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| NVDA:NASDAQ | Y | Y | Y |
| NOW:NYSE | Y | Y | Y |
| ATZ:TSX | Y | Y | Y |
PAST PICKS: AUG. 7, 2025
Amazon.com (AMZN NASD)
Then: US$223.13
Now: US$252.73
Return: 13%
Total Return: 13%
Hammond Power (HPS.A:TSX)
Then: $132.00
Now: $294.17
Return: 123%
Total Return: 124%
Tourmaline Oil (TOU:TSX)
Then: $58.22
Now: $60.62
Return: 4%
Total Return: 10%
Total Return Average: 49%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| AMZN:NASDAQ | Y | Y | Y |
| HPS.A:TSX | Y | Y | Y |
| TOU:TSX | Y | Y | Y |
