Sponsored by Cytophage Technologies

Trump Denies His Own Deal

President Donald Trump declared that “WE WILL NOT ALLOW ANY ENRICHMENT OF URANIUM” on Truth Social, following reports that his administration had offered Iran a nuclear deal permitting continued uranium enrichment, raising questions about his administration’s negotiating stance.

Trump’s post came hours after Axios reported that the US proposal delivered to Iran on Saturday would allow Iran to enrich uranium for civilian purposes under international monitoring, according to sources familiar with the offer.

You can read more on the matter here.

What’s going on?

• Alberta Premier Says Canada Has Lost $55 Billion In Potential GDP From Cancelled Pipelines (theDeepDive)

• Canadian wildfire smoke blows over to Europe (CBC)

• State Lawmakers Push Back on Trump AI Regulation Ban (theDeepDive)

• Nuclear power and the engineers behind it are vital to Canada’s clean energy future (HT)

• xAI Scales Back From $20B Fundraising to $300M Share Sale (theDeepDive)

• Carney’s Budget Delay Adds to Economic Uncertainty in Canada, Analysts Say (Bloomberg)

• China’s Rare Earth Export Curbs Threaten Global Supply Chains (theDeepDive)

• Canadian economy will be among those hit hardest by global slowdown, says OECD (CBC)

• Germany Faces Fresh Calls to Bring Home Gold Stored in US Under Trump (theDeepDive)

• Trump Seeks Congress’s Approval for Package of DOGE Cuts (WSJ)

What’s the latest?

• Hudson’s Bay: Canadian Tire’s $30M purchase of Hudson’s Bay trademarks, including “Bay Days,” “lowest price is the law,” and product lines like Distinctly Home, was approved by an Ontario judge. The deal follows the closure of all 96 Bay and Saks stores and Hudson’s Bay’s filing for creditor protection. Out of 17 bids, Canadian Tire’s offer was deemed the most competitive. Over 9,300 former Bay employees may now qualify for up to $8,844.22 under the federal wage protection program.

• Wall Street: U.S. stocks rose modestly Tuesday, with the S&P 500 up 0.4%, Dow up 0.2%, and Nasdaq up 0.7%. Dollar General jumped 12.7% after beating earnings expectations and raising its 2024 forecast. The OECD cut its U.S. growth forecast to 1.6%, down from 2.8% in 2023. U.S. job openings remained strong in April, and Treasury yields held steady at 4.44% amid tariff uncertainty.

• Meta: Meta signed a 20-year deal with Constellation Energy to secure nuclear power starting in 2027, boosting output at Illinois’ Clinton plant by 30 MW. The deal helps replace Illinois’ zero-emission credit program and supports Meta’s growing AI energy needs. The partnership will preserve 1,100 jobs and generate $13.5M in annual tax revenue. This continues a trend of tech firms investing in nuclear energy, with over 200 pro-nuclear bills introduced in U.S. states this year.

• Job Openings: U.S. job openings rose to 7.4 million in April, surpassing forecasts of 7.1 million. Quits declined and layoffs slightly increased, signaling mixed worker sentiment. Openings are down from the 12.1 million peak in March 2022 but remain historically high. The unemployment rate is expected to hold at 4.2% with 130,000 jobs added in May.

• Economy: The OECD lowered its global growth forecast to 2.9% for 2025 and 2026, down from earlier estimates of 3.1% and 3.0%. U.S. growth is now projected at 1.6% in 2025, revised down from 2.2%, amid tariff impacts and policy uncertainty. A 10-point global tariff hike could reduce world output by 0.3% over two years. The U.S. deficit is expected to reach 8% of GDP by 2026 due to tax cuts and weak growth.

Silvercorp Q4 Earnings

The stock market and stuff

• Saylor’s Latest Bitcoin Strategy Could Leave MicroStrategy With A $2B Annual Tab (theDeepDive)

• Court approves Canadian Tire’s $30-million acquisition of Hudson’s Bay assets (Globe)

• OPEC+ Maintains Oil Output Hikes for Third Straight Month (theDeepDive)

• Meta signs 20-year deal with nuclear plant to meet energy demands for AI (Globe)

• Gold Could Easily Double Again in This Run!? | Dan Wilton – First Mining Gold (theDeepDive)

In the juniors

• PTX Metals Intersects 97 Metres Of Mineralization In Latest Assay Results At W2 (theDeepDive)

• Seabridge Gold Begins Drilling Snip North Discovery (JMN)

• Goliath Resources Identifies 26.47 Metre Interval Of Visible Gold In Hole GD-22-64 (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies 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.