Sponsored by Cardiol Therapeutics

Are AI Data Centers the Next Bubble?

The most revealing test of the artificial intelligence boom may not be whether demand for computing power suddenly disappears. It may be whether data center owners can sell tomorrow’s capacity at today’s scarcity-driven valuations before much of that capacity has been completed.

Netrality Data Centers, DataBank, Edged, and EdgeCore Digital Infrastructure are working with bankers to market majority stakes in their businesses this summer, The Wall Street Journal reported, citing people familiar with the efforts. DataBank could be valued at as much as $25 billion, according to the report.

The four operators are not selling isolated buildings. They are reportedly seeking buyers for controlling interests in the companies that own operating facilities, construction projects, power agreements, land, and multiyear development pipelines.

You can read more on the matter here.

What’s going on?

• Book Authors Win $1.5B Settlement Against Anthropic On Copyright Suit (theDeepDive)

• Carney says he and Trump agreed to ‘intensify’ trade talks in phone call after latest tariff threat (Globe)

• After Canada, Trump Readies Fresh Global Tariffs But Advisers Wary Of Midterm Impact (theDeepDive)

• Donald Trump vows to attack Iranian nuclear facility as Middle East war escalates (FT)

• ADNOC Approves $6.2 Billion Gas Project Amid Hormuz Disruptions (theDeepDive)

• Israel Believes Iran Moved Nuclear Centrifuges Into Pickaxe Mountain (WSJ)

• New UK PM Andy Burnham Scraps Electricity VAT, Cancels Digital ID to Pay for It (theDeepDive)

• France first European country to ban social media access for under-15s (TG)

• Kash Patel to Visit Moscow and St. Petersburg in October, Politico Reports (theDeepDive)

What’s the latest?

• Crypto: Coinbase plans to expand beyond crypto in Canada with its “Everything Exchange,” aiming to let users trade crypto, stocks, ETFs, derivatives, and prediction markets in one app, though no launch date has been announced. The company also plans to introduce tokenized stocks for international users and says proposed Canadian stablecoin legislation could enable faster, lower-cost payments and unlock new blockchain-based financial products.

• Markets: Canada’s TSX rose 271 points (+0.8%) to 35,231, led by gains in the energy and base metals sectors, while U.S. markets also advanced (Dow +322, S&P 500 +60, Nasdaq +335). The Canadian dollar slipped to US$0.7094, WTI crude climbed to US$84.32/barrel (+US$1.84), and gold jumped to US$4,076.60/oz (+US$60.70).

• Trade War: Trump’s latest tariffs are expected to affect about 5% of Canada’s exports to the U.S. (roughly C$28B annually, or 0.8% of Canada’s economy), making them more targeted than initially feared. The 50% tariffs, set to take effect Aug. 19, exclude energy, potash, critical minerals, fish, and Section 232 goods, with economists warning the biggest impacts will be on chemicals, plastics, electronics, industrial equipment, and consumer products, while also increasing pressure ahead of CUSMA negotiations.

• Oil: Brent crude rose above US$91/barrel (+2.1%) and WTI climbed to about US$85/barrel (+2.5%) after fresh U.S.-Iran attacks and the Houthis’ threat to blockade Saudi Arabia, increasing fears of supply disruptions through the Strait of Hormuz and Red Sea. Oil prices were partly capped by reports that Iran is considering a proposed 10-day ceasefire, while tanker traffic continued to face disruptions and security risks.

• Politics: Prime Minister Mark Carney added a virtual meeting with Canada’s premiers to discuss the U.S.’s new 50% tariffs ahead of this week’s First Ministers’ Meeting, with premiers urging Ottawa to accelerate CUSMA negotiations and strengthen Canada’s trade strategy. The talks will also focus on internal trade, major infrastructure and energy projects, healthcare, affordability, wildfire response, and national unity, as provinces push for faster economic development amid growing U.S. trade pressure.

The Biggest Mining Boom Has Barely Started

The stock market and stuff

• Microsoft Weighs Chinese Open-Weight Model for Copilot as AI Costs Mount (theDeepDive)

• Novo Nordisk sues Eli Lilly, alleging misleading GLP-1 advertising (CNBC)

• IRGC Says It Destroyed Amazon Infrastructure in Bahrain (theDeepDive)

In the juniors

• Silver47 Confirms 2.74M Ounces Silver Equivalent Resource at Hughes In Tailings (theDeepDive)

• Getchell Gold’s Updated Fondaway Canyon PEA Pegs After Tax NPV at $905 Million (theDeepDive)

• NorthMin Adds 169 Square Kilometres at Tynagh, Lands Tailings Drill Permit (theDeepDive)

• Hemlo Q2 Gold Output Slips to 27,858 Ounces (theDeepDive)

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.