Party’s over

Good morning. It’s that time of year again where we ask you to help us find and honour the ambitious young Canadians making a splash in their industry. That’s right: Nominations for The Peak’s 2026 Emerging Leaders are now open. Get your nominations in now.

Today’s reading time is 5 minutes.

Earnings to watch: Dollarama will kick off the week with its earnings call on Tuesday, while Canadian Ski-Doo maker BRP — which saw its Q3 profits more than double from a year ago — will follow with its fourth-quarter results on Thursday.

It seemed like nothing could stop the AI boom, but the war in Iran may just do the trick. 

What happened: The World Trade Organization’s chief economist warned that high energy prices “could put a crimp on the AI boom” given the energy-intensive nature of the technology and the data centres that undergird it. 

Zoom out: It’s not just the electricity for data centres that’s going to get more expensive; production of the advanced semiconductors used in the data centres is also being disrupted. Asia’s chip industry — South Korea’s Samsung and SK Hynix dominate memory chips, while Taiwan's TSMC makes nearly all the world’s advanced AI chips — depends on gas and chemicals (like helium and sulphur) from the Middle East to keep its production lines running.

And don’t forget: Much of the funding for AI megadeals has come from the Gulf states, which will now need to redirect at least some of their wealth toward local reconstruction. AI companies may soon find the seemingly endless pools of capital they’ve been able to draw on suddenly shallower.

Why it matters: AI investment — approaching US$1.5 trillion in 2025 — was (by some measures) the driving force behind whatever growth most developed economies saw last year and fuelled a run-up in stock markets. Subtract that spending, and we could very quickly be staring down a nasty global recession.—TS

Trump threatens to destroy Iranian power plants unless the Strait of Hormuz is opened. The U.S. president gave Iran a 48-hour deadline to reopen the critical shipping route before he would order attacks on their power plants. Iranian officials said they would retaliate and “irreversibly destroy” Middle East energy infrastructure if the U.S. makes good on those threats. The sudden ultimatum is a sharp reversal from Trump’s comments last week that he was considering winding down the war. (Axios)

OpenAI is doubling its workforce. The AI startup is planning to add another 3,500 employees by the end of the year, part of a push to sell its products to more enterprise customers. The AI company is reportedly planning an IPO for as early as this year alongside its chief rival, Anthropic. (Financial Times)

Cuba’s power grid shut down for the third time this month. The island was left without electricity for the third time in March, as the U.S.’s oil blockade continues to exacerbate fuel shortages and blackouts. After blackouts on the island earlier this month, Donald Trump said he would soon have “the honour of taking Cuba.” (Associated Press)

📡 What else is on our radar: 

🧑‍⚖️ Supreme Court hears challenge to Quebec secularism law. A landmark hearing on a constitutional challenge to Quebec’s Bill 21 begins at Canada’s Supreme Court today. The law bans public sector workers in positions of authority (including teachers and government lawyers) from wearing religious symbols while on the job, and is being challenged by a number of groups including the World Sikh Organization of Canada, the Canadian Civil Liberties Association, and the National Council of Canadian Muslims. The court is being asked to impose limits on the usage of the notwithstanding clause, which Quebec invoked to pass the law.

📈 All eyes on energy prices. Prices for oil and gas are in for a rocky week, with Donald Trump threatening to attack Iranian power plants this week and Iran promising to retaliate by destroying more regional energy infrastructure. The direction of energy prices will depend on whether those threats are carried out. Meanwhile, the flow of LNG from Qatar is about to end as well, with the final batch of tankers from the country reaching their destinations in the coming days and the country’s LNG facilities offline.

🏦 Canada hosts defence bank talks. Foreign Affairs Minister Anita Anand said talks between Canada and other NATO allies will take place this week in Montreal to establish a bank to encourage more private investment in defence companies. All six of Canada’s big banks have signed on to the initiative, as well as JPMorgan, Deutsche Bank, Commerzbank, and ING Group.

It’s possible Canada’s oldest national park has become too popular for its own good. 

Driving the news: Banff National Park saw a record high 4.5 million visitors last year, a 36% jump from a decade ago. The banner year was driven by domestic travel from outside the province and free admission via the Canada Strong Pass, which has been renewed for 2026.

Why it matters: Tourism brings in billions of dollars to the region and supports almost the entire local economy, but the surge in visitors has also sparked overtourism concerns. Some locals have petitioned for a cap on the number of tourists to help protect the park and ease congestion. 

Zoom out: Popular travel spots around the world are grappling with the same problem, trying everything from cruise ship restrictions to visitor caps to midnight snack bans to ease the overcrowding. 

Our take: Tourist overcrowding is largely because travellers all come at the same time wanting an identical Instagram picture in front of the bright blue water of Lake Louise. As locals point out, there are tons of beautiful trails and lakes 15 minutes away from the marquee sites, often with zero people. Maybe the answer lies in pushing tourists off the beaten path a little?—LA

🛢️ $90 billion. Windfall revenue that Canadian oil producers will receive if West Texas Intermediate oil prices stay at the elevated levels they’ve reached since the Iran war began for the rest of the year. Energy market researcher Enverus forecasts that for every $10 rise in crude prices, revenue for Canada’s oil industry rises by as much as $30 billion.

Wakey-wakey! It’s time to take on today’s mini-crossword, the daily sudoku, Codebreaker, and Who’s Who.