Becomes compelling after losing about 50% from the peak.

This video makes a powerful point: The real bottleneck behind AI, national security, and economic power may be electricity. I had posited this in an earlier post using first principles. Everyone is talking about GPUs, data centres, and AI models. But all of that depends on one thing first:⚡Power. If AI needs massive compute, and compute needs massive electricity, then energy infrastructure becomes one of the most important investment themes of the next decade. That means investors should probably be paying more attention to: • Grid modernization • Power generation • Transmission infrastructure • Nuclear and natural gas • Data centre energy demand • Copper, transformers, and electrical equipment • Utilities and infrastructure companies • Energy storage and grid software The key insight for me: AI is not only a technology story. It is an energy story. It is an infrastructure story. It is a national security story. And therefore, it is an investing story. The companies that help solve the power constraint may become just as important as the companies building the AI models themselves. This does not mean blindly buying anything connected to energy or AI. It means asking better investor questions: Where is demand growing faster than supply? Where are the bottlenecks? Who owns the scarce infrastructure? Who benefits from more electricity demand? Who gets hurt if power remains constrained? Which companies are essential, not optional? My takeaway: The next wave of AI investing may be less about chasing headlines and more about understanding the physical systems underneath the digital economy. The picks-and-shovels of AI may not only be chips. They may be electrons.⚡⚛️

🍁Canada is not the U.S. Canada is not China. And that differentiation may actually be the point. The U.S. is the main AI demand engine. China is the industrial-scale electricity and manufacturing engine. Canada is the clean-power optionality story. Canada does not have the same AI investment scale, data centre footprint, or hyperscaler concentration as the U.S. It also does not have China’s industrial buildout speed or massive electricity system. But Canada does have some strategic advantages: • Clean electricity • Hydro and nuclear • Cold climate • Land availability • Energy security • Data sovereignty • Political stability • Growing sovereign AI compute policy So from an investing lens, Canada may not be the centre of the AI trade. But it may become a strategic location for the next layer of the AI infrastructure trade: power, grid, clean compute, transmission, utilities, data centres, and sovereign digital infrastructure. The key distinction: The U.S. is where the AI demand is concentrated. China is where the industrial scale is concentrated. Canada is where clean-power optionality may matter. That makes Canada less of a headline AI story and more of a long-term infrastructure story.

It's getting cheap. I hope they will push it to $70. I am selling puts in the meantime.

I checked prior discussions on MRK and PFE before posting. We’ve covered both Pfizer and Merck extensively since 2023 across various threads, and a new post in those would likely get buried or lack context. MRK and PFE report earnings this week and next, respectively. Both stocks have been climbing steadily, mirroring gains in XLV (Health Care Select Sector SPDR Fund) and XBI (SPDR S&P Biotech ETF). It seems they’re finally attracting buyers. Both companies face a common challenge: patent expirations. To address this, they’re actively acquiring other firms to bolster their pipelines. I’m looking forward to their earnings reports. Thoughts on their outlook or recent moves?