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Larry Summers Quits OpenAI, Harvard

Former Treasury Secretary Larry Summers resigned from OpenAI’s board and took leave from Harvard University on Wednesday, days after emails revealed he maintained close contact with convicted sex offender Jeffrey Epstein years after his conviction.

Summers announced his departure following intense scrutiny over correspondence the House Oversight Committee released last week showing ongoing communication with Epstein through 2019.

“I am deeply ashamed of my actions and recognize the pain they have caused,” Summers said in a statement Monday. “I take full responsibility for my misguided decision to continue communicating with Mr. Epstein.”

You can read more on the matter here.

What’s going on?

• What You Need to Know About Canada’s New Streaming Platform Rules (theDeepDive)

• The military plans for a volunteer force to defend Canada (CTV)

• Pipelines Anchor The Imminent Alberta-Ottawa Energy Accord (theDeepDive)

• Canadian dollar falls the most in four months after key U.S. data cancelled (Globe)

• British Columbia Abandons 2035 Electric Vehicle Sales Mandate (theDeepDive)

• Donald Trump’s support for pro-AI proposal fuels Maga backlash (FT)

• US, Saudi Arabia Sign Nuclear Energy Deal as Kingdom Pledges Nearly $1 Trillion in American Investment (theDeepDive)

• Energy Department Cuts Two Major Clean-Energy Offices (WSJ)

• Germany Signs $1 Billion Deal for Canadian Naval Combat System (theDeepDive)

What’s the latest?

• Commodities: Canada, the world’s No. 2 uranium producer, is facing surging global demand as utilities rush to secure nuclear fuel amid sanctions on Russia and supply constraints in Kazakhstan. Prices are rising, and U.S. utilities are increasingly reliant on Canadian uranium despite 10% tariffs. Cameco says it won’t expand production without long-term contracts and has even cut output forecasts due to operational delays. Analysts warn of a global uranium deficit by 2035, driven by new reactors, SMRs, and AI-powered data-centre energy needs.

• Markets: Markets climbed after Nvidia beat expectations, driving broad tech optimism. The S&P/TSX rose 143 points to 30,421.55, while the Dow (+330), S&P 500 (+62), and Nasdaq (+264) all gained. The Canadian dollar slipped to 71.05 cents US. Oil increased to US$59.84, while gold edged down to US$4,078.40.

• EVs: Vianode will invest $3.2 billion to build a synthetic graphite plant in St. Thomas, Ontario, creating 300 jobs initially and up to 1,000 at full capacity. Synthetic graphite is a key EV-battery material, also used in nuclear and defence systems. Ontario is supporting the project with a $670 million provincial loan. The news comes amid a cooling EV market, with Honda delaying its $15 billion battery plant and Umicore pausing its $2.7 billion project.

• Geopolitics: PM Mark Carney signed an investment-protection pact with the UAE and launched talks toward a full trade agreement. His visit included meetings with President Sheikh Mohamed bin Zayed and major sovereign wealth funds, following last month’s AI collaboration deal. Analysts say the UAE is emerging as a global AI and investment hub, while concerns persist over allegations the country is supporting Sudan’s RSF militia. Carney heads next to South Africa for the G20 summit.

• Exxon: Enterprise Products Partners will sell Exxon Mobil a 40% stake in the Bahia NGL pipeline, with the deal expected to close by early 2026. Capacity will expand from 600,000 bpd to 1 million bpd through new pumping stations and a 92-mile extension to Exxon’s Cowboy gas plant. The 550-mile pipeline will move Permian Basin NGLs to Mont Belvieu, supporting a region where NGL output is projected to rise 30% from 2024–2030. The extension—completed by Q4 2027—will operate as part of a combined system run by Enterprise.

Canada Risks Becoming the Next Argentina

The stock market and stuff

• Why Canadian Potash Giant Nutrien Picked A US Port (theDeepDive)

• Aris Mining To Acquire Remaining 49% Of Soto Norte For US$80 Million (theDeepDive)

• Nvidia sent a strong signal on AI infrastructure — but is it a bubble barometer? (CNBC)

• DPM Metals Hits 68 Metres Of 7.42 g/t Gold Equivalent In New Discovery At Chelopech Mine (theDeepDive)

In the juniors

• Mako Mining’s Revenue Boost Lands With Thin Margins In Q3 2025 (theDeepDive)

• Founders Metals Completes 36,000 Hectare Acquisition & Expands Upper Antino Gold Mineralization to 2.5 Kilometres (JMN)

• First Mining Sells Cameron Project For $27 Million To Fiore Group Backed Oronova Energy (theDeepDive)

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