In this special episode of In the Money with Amber Kanwar, we team up with The Scotiabank Women Initiative. Amber sits down with Swanzy Quarshie, Managing Director of Equities, Global Investment Solutions at Scotia Wealth Management, for a wide-ranging look at the biggest force in markets today: the AI boom.

Swanzy breaks down why equity markets are soaring even as the underlying economy lags, and how much of that strength traces back to AI optimism. She digs into the staggering amount of power and water the AI buildout requires, the limits on how quickly that energy can be supplied, and what happens if AI adoption doesn’t keep pace with the infrastructure being built.

They explore whether AI can truly deliver the productivity gains companies are banking on, why some sectors are already seeing real benefits, and how the next wave of AI winners may come from outside the hyperscalers — in places like consultants, utilities, and financials that learn to integrate AI effectively.

If you want a clear, grounded take on the realities behind the AI frenzy — and where the lasting opportunities could emerge — this episode is a must-watch.

The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more information check out: https://www.scotiabank.com/women-initiative/ca/en.html

Timestamps
00:00 Show intro
01:15 Swanzy’s career arc
3:30 Swanzy’s view on earnings growth & AI
05:30 Cautious optimism on AI
08:15 Energy demand, AI & productivity gains
13:30 Is there any choice but to be invested in AI?

16:50 How does Canada position itself for the AI boom?

19:00 The U.S. market & AI gains
23:00 AI disruption in the market

Sponsors
The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more check out: https://www.scotiabank.com/women-initiative/ca/en.html

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DISCLAIMERS

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

SCOTIA WEALTH MANAGEMENT DISCLAIMER
This publication has been prepared by The Bank of Nova Scotia for Scotia Wealth Management clients and may not be redistributed. It is for general information purposes only and should not be considered or relied upon as personal and/or specific financial, tax, pension, insurance, legal or investment advice. We are not tax or legal advisors and we recommend that individuals consult with their qualified advisors, including tax and legal advisors, before taking any action based upon the information contained in this publication. Opinions and projections contained in this publication are our own as of the date hereof and are subject to change without notice. Scotia Wealth Management is under no obligation to update this commentary and readers should assume the information contained herein will not be updated. While care and attention has been taken to ensure the accuracy and reliability of the material in this publication, neither The Bank of Nova Scotia nor any of its affiliates or any of their respective directors, officers or employees make any representations or warranties, express or implied, as to the accuracy or completeness of such material and disclaim any liability resulting from any direct or consequential loss arising from any use of this publication or the information contained herein. This commentary may contain forward-looking statements based on current expectations and projections about future general economic factors. Forward-looking statements are subject to inherent risks and uncertainties which may be unforeseeable and such expectations and projections may be incorrect in the future. Forward-looking statements are not guarantees of future performance and you should avoid placing undue reliance upon them. This publication and all the information, opinions and conclusions contained herein are protected by copyright. This publication may not be reproduced in whole or in part without the prior express consent of The Bank of Nova Scotia.

®Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management is provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided by Scotia Capital Inc. Financial planning services are provided by The Bank of Nova Scotia and ScotiaMcLeod. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and is regulated by the Canadian Investment Regulatory Organization. Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: [email protected]

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