Electric feel

Good morning. And TGIF ahead of the Victoria Day long weekend!  We hope that, wherever you are, you find some time to unwind and hang out with loved ones — even if the weather refuses to cooperate. We’re taking Monday off too, but will be back in your inbox Tuesday.

Markets: Canada’s main stock index rose yesterday as Ottawa’s infrastructure spending plans (more on that below) and hopes for increased U.S.-China trade brought good economic vibes.

Like MGMT once sang, Ottawa wants to shock Canada like an electric eel.

What happened: Mark Carney announced a new plan to double Canada’s electricity generation by 2050 to keep up with the projected increase in demand. According to the PM, the Powering Canada Strong strategy could lower costs for up to 70% of Canadians. 

Zoom in: The strategy in its current form is light on details as Ottawa has just started consultations, but Carney highlighted increasing the use of natural gas for power generation as one area of interest. Existing clean energy regulations will likely be rewritten to do this. 

Why it matters: Compared to many of our peers, Canada already has very affordable and clean electricity, with 80% of our grid powered by non-emitting resources. However, with data centres set to come online, EV adoption (eventually?) ticking up, and the defence sector supercharging production, affordable renewable power will become harder to source.

Yes, but: Carney’s focus on natural gas will surely receive scrutiny — it may be the cleanest fossil fuel, but it’s still, ya know, a fossil fuel — especially because wind and solar have been heralded as the future of clean energy in recent reports.—QH

Honda had its worst year ever thanks to EV flop. The Japanese automaker reported an annual loss last year for the first time in its history, driven by about US$10 billion in losses from its EV division. Honda, which has already cancelled releases of three electric vehicles this year, confirmed yesterday that it has indefinitely suspended its planned $15 billion EV plant in Ontario. (CTV News)

Ottawa is considering banning AI chatbots for kids. The federal government is reportedly moving forward with plans for a youth social media ban, and is now looking into extending the policy to AI chatbots. In a Canadian first, Manitoba Premier Wab Kinew announced last month the province will implement a ban on social media and AI chatbots for minors, though he didn’t specify the age of the ban or how it will be enforced. (The Logic)

Cerebras notched the largest IPO of the year. The AI chipmaker had a banner debut on the Nasdaq yesterday, raising ~US$5.6 billion and jumping nearly 70% on the day. Cerebras’ better-than-expected IPO sets the stage for two even bigger AI public offerings expected this year: OpenAI and Anthropic. (Axios)

📡 What else is on our radar: 

Did you know? The CRA transitioned 1.4 million Canadians from paper to digital delivery in 2025. That’s right, taxpayers now access digital copies of notices of assessment and reassessment through their CRA online accounts. But for Canada's 22 million mutual fund and ETF investors? Still defaulted to paper statements and must actively opt in to go digital.

Fidelity is advocating for a policy fix that would bring investment communications in line with where the CRA,  Ontario public pension plans and other global markets already are, and where 90% of Canadian investors actually want to be¹,  while keeping paper available for anyone who prefers it:

If the government's own tax agency has modernized, there's no reason investor communications should be stuck in the past.

Read Fidelity's full breakdown on the eDelivery issue.

¹Environics Research, Fidelity Investor Perception Study, 2024

UniUni raises US$100 million as it reportedly prepares for an IPO. The B.C. company — a power player in last-mile delivery, delivering 238 million packages last year from sellers like Temu and Shein — is apparently planning to go public on the TSX via a SPAC merger. It also raised US$85 million earlier this year with backing from Chinese private equity and RBC.

Why it matters: Some analysts believe Canada’s IPO pipeline is the strongest it's been since the record-setting year of 2021. Xanadu has already made the jump, UniUni and Apotex will soon follow suit, and others like WestJet and General Fusion could make their moves, too.

About 10% of the global population is expected to have disabling hearing loss by 2050. A group of Canadian founders believes it has a solution. 

Driving the news: Amano Labs, a startup founded by three McMaster University students, is taking pre-orders for a $20 hearing aid — a device that typically costs between $1,000 and $5,000 in Canada. Amano claims it can produce the device for just $1, compared to ~$150 for most manufacturers. 

Why it matters: If Amano’s device works as advertised, it could make hearing aids far more accessible to the millions of people who simply can’t afford them. A Statistics Canada study found that nearly a quarter of Canadians in need of a hearing aid don’t get one, with 72% citing cost as a reason.

Zoom out: Globally, the picture is similar. Over 400 million people are in need of hearing aids, but only 20% get them. While most Canadian provinces cover at least some of the cost of hearing aids, many people in other countries, including the U.S., have to pay for them out of pocket.—LA

🌎 Hint: This city is known for its orange tree-lined streets, Moorish-inspired architecture, and one of the largest Gothic cathedrals in the world (which happens to be home to the tomb of Christopher Columbus). It’s famous for its ham, orange wine, and an enormous spring festival filled with horses, lanterns, and colourful dresses. 

Think you know where this is? Lock in your guess here.

Thanks to the generosity of everyone involved, Making Waves for Autism has raised more than $110,000 over the past two years and is back to paddling again this June 2026!

We're just getting started. Now, we’re making even bigger waves, and with your help, we can reach even more families in need.

Funds helped cover therapies, diagnostic assessments, mental health supports, respite services, and specialized programs that are often not covered by public or private funding.

Donate here!

🤖 34%. Share of Canadian hiring managers who cut jobs in favour of AI who then had to add those roles back because of various issues, according to a new Robert Half survey. Hiring managers reported that these roles required more human oversight than they’d initially realized. 

Congratulations to the winners of last week's cartoon caption contest and thanks to everyone who submitted!

Want to see this week's cartoon and try your hand at another caption? Click here and give us your best witticism.

It’s Friday, so you know what that means. It’s time for The Peak’s Weekly News Quiz!

Then, don’t forget about the mini-crossword, the daily sudoku, Codebreaker, and Who’s Who!