Kim Bolton Reveals Top Tech Picks Amid Market Uncertainty

Navigating Uncertainty: Top Tech Stocks to Watch Now

Editorial Team (ET)July 9, 2025

The world is not short on drama. The Middle East remains in turmoil, November's U.S. presidential election is too close to call, the Russia-Ukraine conflict continues without resolution, China's economic outlook appears bleak, and tensions with Taiwan are rising. This doesn't sound like a perfect environment for risk assets, yet the S&P 500 Index has managed to notch its sixth consecutive week of gains, reaching new all-time highs. How did we get here?

Amid all these uncertainties, the U.S. economy has been a pillar of strength, lifting the global economy along with it. Earnings season has started strong, and inflation seems to be easing not just in Canada but across the globe. Commodity prices have remained steady despite geopolitical tensions. With inflation behaving, central banks can continue their global easing cycle, setting the stage for further growth.

Market internals have also been robust, with the S&P 500's cumulative A/D line hitting another record high last week. Credit markets are strong as well, with both high-yield and investment-grade credit spreads at multi-year lows. The market is entering its most favorable period of the year in terms of median returns, but while there are many positives, we must also acknowledge the risks. The bull market has turned two years old, and historical trends suggest that returns during the third year could be softer. Valuations are elevated, and it's unlikely that credit spreads can tighten much further.

Even in a mixed landscape like this, there are still significant opportunities. For Kim Bolton, president and portfolio manager of Black Swan Dexteritas, technology stocks are in a prime position to benefit from the market dynamics. Today, we'll explore Bolton's top picks: Teradyne, Dassault Systèmes, and Hyundai Motor Company—three companies poised to make a major impact in their respective fields.

Teradyne (TER NASD): Automation and Precision

Founded in 1960 and headquartered in North Reading, Massachusetts, Teradyne is a leading provider of advanced testing solutions. It designs and manufactures test systems for semiconductors, wireless products, storage devices, and complex electronic systems. Essentially, Teradyne ensures that the high-tech products we rely on daily—from smartphones to automotive electronics—meet stringent quality standards.

Teradyne isn't just about testing; the company has also successfully branched into industrial automation. This shift has positioned Teradyne at the forefront of the robotics revolution. By providing automation solutions, Teradyne helps manufacturing companies improve efficiency and flexibility. The company serves a wide range of industries, including consumer electronics, automotive, industrial, and communications sectors—an impressive array that showcases its diversified client base.

Kim Bolton favors Teradyne for its continued innovation and expansion into new markets. With the growing demand for automation, particularly in the wake of labor shortages and the push for higher efficiency, Teradyne's automation solutions have never been more relevant. This dual focus on testing and automation provides a balanced growth opportunity, ensuring that Teradyne remains a significant player in both established and emerging tech markets.

Dassault Systèmes (DASTY ADR): Innovating with 3D Experience

Dassault Systèmes SE, a French multinational software company, has built a formidable reputation as a leader in providing software solutions for a wide range of industries. The company’s offerings include SOLIDWORKS for design, CATIA for engineering, and GEOVIA for natural resources management, among others. These tools are crucial for businesses that need to innovate and improve the efficiency of their product development processes.

Dassault Systèmes recently launched SOLIDWORKS 2024, introducing enhanced functionalities that are designed to streamline product development. Additionally, the company announced a significant leadership change: Pascal Daloz will take over as CEO starting January 1, 2024. These changes, along with a 12% increase in quarterly earnings, demonstrate Dassault's ability to adapt and grow.

For Bolton, Dassault Systèmes represents a compelling investment opportunity, given its strong position in the software industry and its consistent focus on innovation. The company’s ability to cater to multiple industries—automotive, aerospace, consumer goods, healthcare, and more—provides a diversified revenue stream. This resilience makes Dassault a standout pick in today’s technology-driven market.

Hyundai Motor Company (HYMTF ADR): Accelerating the Future of Mobility

Hyundai Motor Company, headquartered in Seoul, South Korea, is one of the world’s leading automakers. With a presence in over 200 countries, Hyundai has built a global reputation for producing high-quality vehicles across various segments, including sedans, SUVs, and electric vehicles (EVs) under the Hyundai, Genesis, and IONIQ brands.

Hyundai has also made substantial investments in sustainable mobility. The company aims to sell one million electric vehicles annually by 2030, targeting an 8-10% market share in the global EV market. Beyond EVs, Hyundai is a pioneer in hydrogen fuel cell technology, positioning itself at the forefront of clean energy mobility solutions.

Hyundai's strategic acquisition of Boston Dynamics in 2020 highlights its ambition to lead not only in the automotive sector but also in robotics. The company is leveraging Boston Dynamics’ technology for industrial automation and exploring innovative applications in mobility, healthcare, and smart cities. This diversification adds another dimension to Hyundai's growth story, placing it well ahead in the future of mobility and robotics.

Kim Bolton appreciates Hyundai's commitment to innovation and its proactive approach to future mobility trends. The company's broad portfolio, from traditional internal combustion vehicles to electric and hydrogen-powered cars, and its foray into robotics, provide a diversified growth path. Hyundai’s efforts to integrate robotics and clean mobility make it a solid choice for investors looking to capitalize on the next big shift in automotive and automation technologies.

Navigating the Current Market with Black Swan Dexteritas

The current market environment is a complex mix of risks and opportunities. Inflation is easing, central banks are supportive, and market internals are strong. Yet, geopolitical risks and lofty valuations keep investors on edge. In such times, a balanced approach is crucial—one that seeks growth but remains mindful of potential risks.

Kim Bolton’s strategy with the BSD Global Tech Hedge Fund and Separately Managed Accounts is centered around selecting high-quality technology stocks with significant long-term potential while managing risk through a hedging overlay. This strategy allows for upside participation during bullish markets while providing a safety net during bearish phases.

As Bolton mentions, the strategy involves trimming positions that have reached their intrinsic values and adding to those with longer, more lucrative investment runways. This disciplined approach ensures that the portfolio remains optimized, adjusting to the evolving market landscape without chasing unsustainable trends.

Conclusion: A Forward-Looking Perspective

Kim Bolton’s top picks for October 2024—Teradyne, Dassault Systèmes, and Hyundai Motor Company—represent a strategic bet on the future of technology, automation, and sustainable mobility. Each of these companies is a leader in its respective field, with strong fundamentals and a clear vision for growth. Despite the complex macroeconomic backdrop, these stocks are well-positioned to capitalize on the key trends shaping the future of technology and industry.

In an environment fraught with geopolitical risks and economic uncertainty, Bolton's balanced approach—combining strategic stock selection with hedging—offers a robust way to navigate the markets. By focusing on quality and innovation, these top picks provide a promising opportunity for investors looking to benefit from long-term trends in technology and mobility.

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