TSX Subsector Trends: Mining vs Tech vs Energy

AI is powering a TSX breakout and mining, tech, and energy stocks are set to benefit from rising demand for minerals, software, and power.

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Key Points

  • Lundin Gold gives investors exposure to gold and copper, benefiting from higher prices and AI-driven copper demand.
  • Kinaxis earns recurring revenue from AI-powered supply-chain software, making it a durable, sticky tech investment.
  • Canadian Natural Resources generates strong free cash flow from low-cost, long-life assets, fueling dividends and buybacks.

When looking at what’s trending on the TSX today, three super sectors stand out, and my guess is you already know what they are. Mining, technology, and energy are three excellent options for future investment. And the key to all three? The investment into artificial intelligence (AI).

Whether it’s the minerals needed to support infrastructure, the technology behind the growth, or the energy to power these centres, AI supports it all. So today, let’s look at each sector, what it brings, and a stock to consider.

Mining

First up we have Lundin Gold (TSX:LUG), a solid gold producer that’s been surging as the price of gold shoots past US$4,000 per ounce. However, it’s also a copper producer, allowing investors to get in on the action of this product that supports AI growth.

Meanwhile, the gold stock continues to report strong operating performance and development progress tied to production throughput and recovery initiatives. Now, the single asset risk might look rough on the surface, but again as mentioned the company is also invested into other areas through its other branches. Therefore, it’s a solid gold producer for investors looking to get in on gold’s rise.

All together, Lundin gold stock is a prime option for those looking for gold exposure through a high quality operator, with a flagship, long-life asset and exploration upside. For now, investors will still need to watch gold price volatility.

Tech

Then there’s tech, but let’s look beyond the headline-makers and instead focus on a strong long-term hold with Kinaxis (TSX:KXS). Kinaxis stock is solidly using AI through its assisted planning and concurrent scenario modelling. This supports its software as a global supply chain provider.

The best part? Its software requires subscriptions, and that means recurring revenue. Enterprise-level companies now depend on this software, creating a very sticky situation. And I mean that in the best possible way.

Kinaxis now offers a strong long-term investment from its durable business model, long-term contracts, and mission-critical workflows. If you want in on AI but also the essential services it provides, this tech stock is therefore a prime choice.

Energy

Finally we have Canadian Natural Resources (TSX:CNQ) as a prime option from the energy trend. The energy stock is one of the lowest cost, longest life oil portfolios around the world. It offers oil sands mining and upgrading, conventional oil and gas, and LNG exposure. When the cycle firms, CNQ offers free cash flow that surges.

During the second quarter of 2025, the energy stock confirmed the usual disciplined capital spending, strong operating reliability, and huge free cash flow. This drives the base for dividend growth and buybacks, which were firmed up as well.

All together, if you’re looking for energy exposure that’s still going to support the energy transition, all without betting on a single shale basin or short-decline wells, CNQ is a top option. Plus, you’ll receive a durable and strong dividend to boot.

Bottom line

All three of these stocks are already exploding, but more growth could be on the way. LUG is surging from gold prices, KXS from ongoing AI strength, and CNQ from a stable operating portfolio. A great option would be a core holding in CNQ, smaller stake in KXS, and a small LUG stake for when the gold price stabilizes. Meanwhile, always discuss these options with your financial advisor before making any purchases.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Canadian Natural Resources and Kinaxis. The Motley Fool has a disclosure policy.

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