Big air

Good morning. Mark Zuckerberg is hiring someone to work at his mega-compound in Hawaii. The job entails many tasks usually carried out by a lifeguard or deckhand, but instead of using these common terms, the role is billed as “beach water person” — a phrase previously unknown to man. 

We’re so thankful that weirdo Zuck has introduced this inane bit of nomenclature into the world. It’s going to be rattling around in our heads for the next six months, sparking joy.

Today’s reading time is 6 minutes.

Markets: Market darling Nvidia beat its lofty earnings expectations yesterday, reporting US$81.6 billion in revenue for Q1, thanks in large part to its data centre revenue for the quarter nearly doubling compared to 2025.

Airbnb is seriously shaking things up in the travel space. 

What happened: Airbnb unveiled a substantial overhaul of the platform at its 2026 Summer Release. Changes included a redesign of its app homepage, enhanced AI features, and a host (get it?) of new services that expand the company’s travel industry footprint, including:

Why it matters: With these new additions, Airbnb is continuing its evolution from rental site to one-stop travel agency. It’s indicative of a broader shift in the sector where once single-use apps are pushing to become travel super-apps to capture larger market shares.

What they’re saying: When asked whether he sees Uber and TikTok as rivals, Airbnb CEO Brian Chesky told The Peak he sees Uber as a “natural ally” and said TikTok “could be competition, but they are also a traffic generator for us, so they’re probably more allies.”

Zoom out: When asked if Airbnb leaning more into premium offerings was a hedge against the K-shaped economy and AI layoffs, Chesky said “It probably is a natural hedge… the more customer segments you do and more things you sell, the more everything hedges against any other thing being a risk.”—QH

Meta is laying off 8,000 employees. The company officially let go of about 10% of its workforce yesterday, with CEO Mark Zuckerberg writing to staff that the move was necessary because “success isn’t a given” in the age of AI. Meta had earlier told employees in a memo that the job cuts were intended to offset the cost of its AI investments. For those at Meta who managed to avoid the mass layoffs, good news! Zuck promised there would be no more companywide layoffs (for a little while, at least). (CNBC)

Police from across Canada just helped make the largest drug bust in Manitoba history. After a two-year long joint operation, police forces from Ontario, Alberta, and Manitoba arrested 33 people, laid 174 charges, and seized 525 kilograms of drugs yesterday. The suspects caught in the sting operation allegedly have ties to the highest levels of organized crime groups in Canada, as well as the Hells Angels and Mexican cartels. (CBC News)

It’s almost IPO time for OpenAI and SpaceX. OpenAI is reportedly planning to file for its public offering in the next few weeks, with an IPO slated for this fall that could value the company as high as US$1 trillion. The AI startup will be one of three blockbuster IPOs this year, with SpaceX and its rival Anthropic both expected to go public before the end of 2026. SpaceX officially filed paperwork for its public offering yesterday to trade under the ticker SPCX. (Bloomberg News)

📡 What else is on our radar: 

Right now, Canadian securities regulations default mutual fund and ETF investors to paper delivery, resulting in 882 tonnes of paper waste annually. The kicker is, according to Environics Research, the majority of investors want digital! All the while, the UK and Australia  have already moved on, with the European Union and the US well underway.  The Behavioural Insights Team, a global behavioural scientific research firm used by public and private sector institutions, confirms there's no comprehension difference between paper and digital statements.  So the regulation isn't protecting anyone. It's just slowing Canada down.

Fidelity is calling on regulators to flip the default to digital and bring Canada's capital markets in line with global standards, while protecting the choice of paper for anyone who wants it. Here's what that change would mean:

Other markets modernized. Canada's regulations should too.

Learn more!

Just in time for summer camping season, a team of Brazilian researchers has discovered a potential mosquito repellent alternative. A new study posits that patchouli oil mixed with an unscented cream creates a lotion that’s just as effective as chemical-based commercial mosquito sprays. The study involved participants sticking their bare arms into cages full of mosquitoes — we hope they were well compensated!   

Why it matters: While chemical-based sprays work well and are safe for human use, they can cause skin irritation and have potential negative environmental effects (for example, the chemicals leaching into waterways). An all-natural option that still works would be a welcome way to find relief from this classic Canadian summer irritation.

Young Canadians are thinking about trading in their 600-square-foot condos for lakefront cabins. 

Driving the news: According to a new Re/Max Canada report, 45% of Canadians looking to get into the housing market are planning to buy a recreational property, like a cottage, as their first property.

Why it’s happening: After a pandemic-era boom, the market for recreational homes has cooled, with Ontario cottage country hubs like the Kawartha Lakes and Orillia seeing double-digit price declines. That’s opened the door for young buyers who may not have the money for a $1 million house in the city, but can afford a modest cottage or cabin. 

Why it matters: The interest in cottages and other recreational properties is a reflection of just how unaffordable home ownership has become in Canada’s major cities, especially for young people. In both Toronto and Vancouver, the income needed to buy an average home is almost double the city’s median household salary.

Our take: Cottages and other recreational homes often require a lot more money to maintain than traditional houses, which is a big reason that over a quarter of current owners are looking to sell. It may be a cheaper foothold into the market (and far more beautiful than a shoebox condo), but for young people without a tonne of cash to fall back on, these types of properties can quickly become a money pit. And you’d better be sure your work is going to let you stay remote for the long haul.—LA

⚽️ ~$1.1 billion. Taxpayer dollars that have been put into hosting the FIFA World Cup in Canada, with an average of $82 million being spent per game hosted in the country. The Parliamentary Budget Officer warned that the estimate could still be on the low end because it only includes organization and venue costs.

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It’s the perfect time to play today’s mini-crossword, the daily sudoku, Codebreaker, and Who’s Who!