Sponsored by Cardiol Therapeutics

Altman Denies Seeking U.S. Guarantees

A formal letter sent by OpenAI to the White House in late October sought federal financial support for AI infrastructure, contradicting statements made days later by CEO Sam Altman that the company wants no such government backing, according to documents and reports reviewed this week.

The 11-page document, submitted to the White House Office of Science and Technology Policy on October 27, outlined policy proposals including grants, cost-sharing agreements, loans, and loan guarantees aimed at expanding the capacity of AI data centers and electrical grid infrastructure.

Ten days after submitting the letter, Altman wrote in a lengthy post on X that OpenAI neither has nor wants government guarantees for its data centers. He added that governments should avoid picking winners or losers and that taxpayers should not rescue companies that make poor business decisions.

You can read more on the matter here.

What’s going on?

• Carney to Announce Second Round of Fast-Track Infrastructure Projects (theDeepDive)

• U.S. tourism faces $5.7B US loss as Canadians continue to stay home (CBC)

• Europe Moves to Standardize Cash Limits and ID Checks (theDeepDive)

• Epstein alleged Trump ‘spent hours’ with a victim at his house, in e-mails released by Democrats (Globe)

• Flight cancellations ease, hitting lowest rate in almost a week, with end to the shutdown in sight (CNBC)

• Gold Isn’t In A Bubble, Currency Is. – Doug Casey (theDeepDive)

• US House to vote on deal to end longest government shutdown in history (Reuters)

• Tether Focused On Gold, Hires HSBC Metals Chiefs As Holdings Top $12B (theDeepDive)

• U.S. Insurers Are Binging on Private Credit, Moody’s Says (WSJ)

What’s the latest?

• Loblaw: Loblaw Cos. Ltd. reported Q3 profit of $794 million (66¢/share), up from $777 million (63¢/share) last year. Revenue rose 4.6% to $19.40 billion. Same-store sales grew 2.0% in food retail and 4.0% in drug retail, with pharmacy and health-care sales up 5.9%. Adjusted earnings increased to 69¢ per share from 62¢ a year earlier.

• Markets: Canada’s S&P/TSX composite index rose 296.72 points to 30,705.97, driven by gold miners as gold neared US$4,200/oz. The Dow climbed 335.51 points to 48,263.47, while the S&P 500 fell 7.30 and the Nasdaq dropped 149.73. The Canadian dollar traded at US$0.7141, crude oil fell US$2.16 to US$58.88, and gold surged US$78.70 to US$4,195.00 per ounce.

• MEG: MEG Energy Corp. reported Q3 net earnings of $159 million, down from $167 million a year earlier, with EPS steady at $0.62. Revenue slipped to $1.18 billion from $1.27 billion, despite record production of 108,166 barrels per day (up from 103,298). The update follows shareholder approval of Cenovus Energy’s $8.6-billion takeover, expected to close later this month pending final approvals.

• Politics: Doug Guzman began his role as CEO of Canada’s new Defence Investment Agency (DIA), created by PM Mark Carney in October. Guzman, formerly of RBC and Goldman Sachs, will oversee defence procurements over $100 million. His first task is choosing a supplier for the Canada Patrol Submarine Project, a 12-submarine deal potentially the largest defence procurement in Canadian history. Finalists Hanwha Ocean (South Korea) and TKMS (Germany) must submit proposals by March 2, 2026.

• AI: Anthropic plans a $50 billion U.S. AI infrastructure build-out, beginning with data centers in Texas and New Yorkdeveloped with Fluidstack, going live in 2026. The project will create 800 permanent and 2,000 construction jobs and aims to bolster U.S. AI compute capacity. Anthropic serves 300,000+ businesses and expects to break even by 2028, outpacing OpenAI’s projected losses. The move follows its $11 billion Indiana data center with Amazon and expanded Google compute deal, as federal debates grow over AI infrastructure funding.

Kinross Gold Q3 Earnings

The stock market and stuff

• NexGen Energy Expands High Grade Subdomain At PCE With Latest Assays (theDeepDive)

• Anthropic to invest $50bn in new US data centres (FT)

• Hudbay Minerals Sees Earnings Jump Despite Revenue Drop In Q3 2025, Thanks To Impairment (theDeepDive)

In the juniors

• Dryden Gold More Than Triples the Scale of the Elora Gold System with its 2025 Exploration Program (JMN)

• PMET Resources Acquires 10 Kilometres Of Additional Greenstone Trend In James Bay Region (theDeepDive)

• Vizsla Silver Delivers Positive Feasibility Study For The Panuco Project (JMN)

FULL DISCLOSURE: Cardiol Therapeutics is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cardiol Therapeutics. The author has been compensated to cover Cardiol Therapeutics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.