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Trump Fires 12 Inspectors General

Reminiscent of his past life as a reality TV host, US President Donald Trump has abruptly removed the independent inspectors general of at least 12 major federal agencies. Emails sent by Sergio Gor, the White House director of presidential personnel, informed the watchdogs that “due to changing priorities,” their positions were “terminated, effective immediately.”

The move appeared to sidestep federal law requiring 30 days’ prior notice to Congress, along with detailed justifications, before a president may remove Senate-confirmed inspectors general.

You can read more on the matter here.

What’s going on?

• Sweden Detains Ship After Baltic Cable Damage (theDeepDive)

• Israel-Hamas ceasefire under strain as Trump proposes emptying Gaza of Palestinians (Globe)

• 51st State? 4 in 10 Young Canadians Would Accept US Citizenship Deal (theDeepDive)

• US pauses tariffs on Colombia after deal on deportations (FT)

• US, Colombia Strike Deal to Avert Trade War (theDeepDive)

• US New-Home Sales Jump at End of 2024 to Post Second Annual Gain (Bloomberg)

• BANANA REPUBLIC: Liberal Party Blocks Chandra Arya From Leadership Race (theDeepDive)

• Trump tariffs could raise prices on technology like laptops, smartphones and AI (CNBC)

• FTC Finds Retailers Using Personal Data for Individual Pricing (theDeepDive)

• Tesla sues EU over tariffs on electric vehicles from China (FT)

• Ontario Premier Urges Urgent Action on Critical Mineral Supplies (theDeepDive)

• India to Inject $18 Billion Cash to Plug Yawning Liquidity Gap (Bloomberg)

• Musk Clashes with Altman Over Trump’s $500B AI Project (theDeepDive)

What’s the latest?

• AI: DeepSeek, a Chinese AI startup founded in 2023, has temporarily limited new user registrations due to "large-scale malicious attacks," though current users remain unaffected. On Monday, it became the most-downloaded free app on the U.S. Apple App Store, surpassing OpenAI's ChatGPT. DeepSeek's recent R1 model release has fueled significant buzz amid the generative AI market's projected growth to over $1 trillion within a decade.

• Rent: Canada’s rental market is expected to cool in 2025, with average asking rents declining 3.2% year-over-year in December 2024, the first drop in 17 months, according to Rentals.ca. Economic factors, including reduced immigration targets and a weakening labor market, are contributing to slower demand. Purpose-built rental supply grew 4.1% in 2024, with a record number of completions expected in 2025, leading TD economists to forecast rental price growth easing to 3–4%.

• Musk: Elon Musk has asked a Texas federal judge to dismiss a proposed class action alleging his $1 million-a-day giveaway violated state lottery laws. The lawsuit claims Musk and his PAC, America PAC, misled voters into signing a petition supporting the U.S. Constitution by promising random cash prizes. Musk argues the offer involved reviewing participants as potential spokespeople, making it an opportunity to earn rather than a lottery. Filed on November 5, 2024, the suit seeks at least $5 million in damages for participants who shared personal information. A Philadelphia judge previously allowed the giveaway to continue, rejecting claims it was an illegal lottery.

• Economy: The Bank of Canada is expected to cut its key policy rate by 0.25% to 3.0% on Wednesday, following recent inflation and jobs data. Inflation dropped to 1.8% in December, aided by a temporary federal GST tax break, while the labor market added 91,000 jobs with unemployment falling to 6.7%. Analysts highlight risks from U.S. tariff threats, which could impact GDP and business confidence, justifying a cautious rate cut. This would be the bank's sixth consecutive rate cut, with officials signaling a slower pace moving forward amidst economic uncertainty.

• Meta: Meta CEO Mark Zuckerberg announced plans to invest $60–$65 billion in 2025 to expand its AI infrastructure, including a large data center and over 1.3 million GPUs by year-end. He described 2025 as “a defining year for AI,” with efforts focused on powering core products, innovation, and extending U.S. technology leadership. Meta AI, the company’s digital assistant, is projected to serve over 1 billion users, while an AI engineer will aid R&D efforts.

The real reason Trump is attacking Canada

The stock market and stuff

• Cameco Indicates Production Has Resumed At Inkai Joint Venture (theDeepDive)

• Nvidia leads Wall Street sell-off in Big Tech stocks (FT)

• Novo Nordisk Shares Surge After Next-Gen Obesity Drug Shows 22% Weight Loss  (theDeepDive)

• Ben & Jerry's accuses Unilever of muzzling it because of Trump (Reuters)

• Big Tech as Big Brother: Oracle’s Larry Ellison Says ‘Citizens Will Be on Their Best Behavior’ with AI Surveillance (theDeepDive)

In the juniors

• Discovery Silver To Become A Gold Producer With US$425 Million Purchase Of Newmont’s Porcupine Complex (theDeepDive)

• Power Nickel Update -Following up on 2024 Drill Successes, Expanding Exploration Target Areas, and Announcing a New Discovery 700 Metres East of The Lion Zone (JMN)

• Trilogy Metals: The Bornite PEA Isn’t For Investors (theDeepDive)

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