The Exchange OpenAI's Make or Break Year, Intel Interrupted, and Blizzard Bracing 1/23/26
Jan 23, 2026
Matt Miskin, Co-Chief Investment Strategist at Manulife/John Hancock, shares his take on positioning for quality value and industrials. He warns against FOMO in metals. The conversation also covers AI cash burn vs. hyperscaler competition and Intel’s recent momentum hit.
AI Snips
Chapters
Transcript
Episode notes
Incumbents Are Best Placed To Win AI
- The AI wave benefits incumbents because they can integrate models into existing profitable businesses.
- New entrants will fight over new surfaces, but incumbents' business models remain advantaged.
Consider Reweighting Back To MAG-7
- Investors should consider buying the MAG-7 trade again as narratives normalize and fundamentals matter more.
- Be selective: trim gains and watch for CapEx and supply constraints that could hurt earnings.
AI Growth Hits Physical And Political Limits
- AI demand collides with supply limits across memory, energy, and data-center capacity, creating real constraints.
- These bottlenecks force higher CapEx and could reignite political and regulatory scrutiny.