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Alberta Eyes Asia Pipeline

Alberta is evaluating three potential routes through northern British Columbia for a new oil pipeline that could transport 1 million barrels per day to Asian markets, a move aimed at reducing Canada’s heavy reliance on US energy exports.

The proposed pipeline, still in early planning stages, targets coastal endpoints including Prince Rupert and two other northern locations, as the province seeks to capitalize on growing demand from China and South Korea.

Premier Danielle Smith’s government is spearheading the project, investing millions in feasibility studies while emphasizing the economic advantages of a northern route over costlier southern alternatives. A southern route mirroring the recently expanded Trans Mountain Pipeline, which tripled capacity to 900,000 barrels per day at a cost exceeding C$30 billion, faces spatial constraints through the rugged Coquihalla region and urban challenges near Vancouver.

You can read more on the matter here.

What’s going on?

• Canada Faces ‘Entry Fee’ Demand from U.S. Ahead of CUSMA Trade Talks (theDeepDive)

• PM Carney says Canada has trade irritants with U.S., senator grills Lutnick on ‘they suck’ comment (BNN)

• Lutnick Vs. Canada: Senate Grills Commerce Secretary Over Fallout With Ottawa (theDeepDive)

• Crypto Billionaire Accuses Trump Family’s World Liberty of ‘Criminal Extortion’ (WSJ)

• B.C. Minister Slams Northern Pipeline Route as Unfeasible in Alberta-Ottawa Energy Pact (theDeepDive)

• Ontario government sold private jet back to Bombardier, Ford says (CBC)

• Cannabis to Be Reclassified Under Trump as Early as Wednesday (theDeepDive)

• SpaceX secures option to buy AI coding startup Cursor for $60-billion (Globe)

• Europe Moves To Unlock €90B Ukraine Package After Hungary Relents (theDeepDive)

What’s the latest?

• Crypto: Crypto exchanges are preparing for U.S. approval of perpetual futures (“perps”), with Kraken acquiring Bitnomial for up to $550M, while Coinbase and Robinhood expand offerings; perps allow no expiry and up to ~50x leverage, raising risk concerns. Trading volume hit $61.7T in 2025 (+29% YoY) vs $18.6T spot (+9%), with U.S. regulation still evolving under the Commodity Futures Trading Commission, which may soon formally allow the product.

• Tech: Vast Data raised $1B at a $30B valuation (up from $9.1B in 2023) with backing from Nvidia and others, as AI funding globally hits $280.5B YTD (including $170B+ for OpenAI, Anthropic, and xAI). The firm reports $4B+ cumulative bookings and $500M+ ARR, highlighting strong demand for AI infrastructure supporting large-scale GPU deployments.

• Markets: Canada’s TSX rose +121.56 pts to 33,929.86, supported by base metals and telecoms, while U.S. markets surged (Dow +371.90, S&P 500 +61.50, Nasdaq +314.34). Oil climbed to $91.76/barrel (+$2.09) and gold to $4,755.70 (+$36.10), while the Canadian dollar slightly weakened to 73.18 US cents (from 73.24).

• Tesla: Tesla is expected to report Q1 EPS of $0.37 and revenue of $22.64B (+17% YoY from $19.3B), while the stock is down 14% YTD vs the S&P 500 +3%. Deliveries hit 358,023 units (+6% YoY, QoQ decline) and energy storage dropped to 8.8 GWh (vs 14.2 GWh prior quarter), highlighting weakness in core segments amid rising competition from BYD and Xiaomi.

• Politics: Iran’s navy reportedly seized 2 container ships and attacked multiple vessels in the Strait of Hormuz—where ~20% of global oil/LNG flows—escalating tensions despite a U.S. ceasefire extension and ongoing diplomacy. Brent crude hovered near $99 (+0.5%) after briefly exceeding $100, while WTI reached $90.13 (+0.5%), reflecting continued supply risk amid confirmed attacks within 8–15 nautical miles of Iran/Oman.

Agnico Just Made a Massive Gold Land Grab

The stock market and stuff

• Air Canada Reportedly In Near-Miss Just Weeks After Fatal New York Crash (theDeepDive)

• Metro Q2 2026 Earnings Rise On Margins, Buybacks And Pharmacy Growth (theDeepDive)

• Switzerland hits UBS with proposed $20bn capital increase (FT)

• NexGen Sees Vertical Extent Of New PCE Discovery Expand By 33% (theDeepDive)

• 75% Of Google’s New Code Now AI-Generated (theDeepDive)

In the juniors

• Spirit Airlines Nears $500 Million Rescue Deal From White House Amid Liquidation Threat (theDeepDive)

• Cambria Gold To Spin Out Mt. Margaret Copper-Gold Project Into US-Focused Entity (theDeepDive)

• Eloro Resources Outlines Over 350 Million Silver Ounces At Iska Iska In Latest Resource Estimate (theDeepDive)

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