Running interference

Markets: Canada's main stock index had its worst session in more than a month yesterday as economic uncertainty about the war in Iran struck again. Materials shares were particularly hard hit, falling 5.4%.

There's a group of hot new YouTubers going viral in Canada. The only problem? They’re (likely) not Canadian, heavily AI-generated, and are actively trying to get Alberta to become a U.S. state. 

Driving the news: A new report from researchers at the Media Ecosystem Observatory found a collection of "deliberately inauthentic” social media accounts peddling misinformation and promoting the idea of Alberta joining the U.S. These videos, often touting public support for Alberta becoming the 51st state, have already amassed 40 million views. 

Zoom in: The report described the YouTube campaign as a “potential covert influence operation.” Some have pointed directly to the U.S. A University of Calgary professor told CBC News “It is clear that there will be foreign interference from American actors,” adding that Alberta is “excessively vulnerable to American interference.”

Why it matters: Only 17% of Albertans currently support the idea of joining the U.S., according to a recent Leger poll, but misinformation campaigns like these, which exaggerate the support for a political movement, can eventually generate real momentum. 

Bottom line: Foreign interference is nothing new in Canada, but the potential of U.S. involvement is jarring. Publicly, we’ve seen U.S. Treasury Secretary Scott Bessent voice support for the separatist movement (calling Alberta a “natural partner for the U.S."), while behind closed doors, separatist leaders claim to have met with high-level members of the Trump administration.—LA

Ottawa assembles Avengers of Canada-U.S. trade relations. The feds unveiled the 24 members of its new Advisory Committee on Canada-U.S. Economic Relations, which will provide input ahead of free trade talks with the U.S. later this year. Members include former Conservative leader Erin O’Toole, BMO CEO Daryl White, and TIFF CEO Cameron Bailey. (CBC News)

New bill opens the door for Canadian space launches. The feds proposed the Canadian Space Launch Act yesterday, which would provide the regulatory framework for rocket launches on home soil. Ottawa is working to build sovereign space capabilities, investing $200 million last month into a Canadian-owned commercial spaceport in Nova Scotia. (Reuters)

World’s top EV battery maker feeds the need for speed. China’s CATL unveiled a new battery that can recharge from 10% to 98% power in six minutes — a wickedly quick time that’s closing in on how long it takes to fill up an empty tank of gas. Faster charging times are frequently cited as a key to promoting widespread EV adoption. (Bloomberg News)—QH
 

📡 What else is on our radar:

🤝 Meet Shirin Soltani. She’s the co-founder of Uncle Studios, a boutique fashion retailer in Toronto that sprung up in 2019 with the sole purpose of creating the perfect t-shirt. The retailer set up its first flagship location in Toronto in 2024 (home of the $1 drip coffee), and has since built a loyal following. We sat down with Shirin to talk about the world of fashion, photo booths, and how shoppers' tastes have changed. 

What goes into making the perfect T-shirt? 

I guess it is personal, but for us, we definitely went for the angle of, what does the production look like? What does the impact on the environment look like and what's the fabric? My co-founder and I both lived in a white T and it was something that we just felt really amazing in. So we're like, why are we buying this, crappy H&M one every couple of weeks? It can't be that hard to make a good one.

There's integrity in the fabric, it's all organic cotton. It's a really good weight. So it can be washed and worn over and over again. Clean details and clean lines, so your collar isn't getting wrinkly. You don't need to iron it. It's just something that feels good and is easy. You throw it in your suitcase, you're taking it with you while you're travelling, you're wearing it on a date. 

Your store’s photo booth has built a cult following. What’s the story behind it? 

I have to give credit to my business partner, Allegra. She is a massive fan of photo booths. Anywhere she would travel, she would hunt them out. There's something that speaks to the brand: slowing down, analogue, film. It was sort of always envisioned to have more experiences in the store. It felt really right, and we've been really lucky, the community responded really well to it. It drives so much traffic into the store. On a Saturday, there's always a line at the store just for the photo booth. 

It's always been more than just clothes for us. Having a coffee shop in the store, having the photo booth, and hosting events. It's part of this world that we're building. 

How much of curating your products is responding to trends vs. trying to create new ones?

I think the way we approach trends is very mindful. The fashion cycle is obviously getting faster, but for us, because we take so much inspiration from styles in the past, we don't get sucked up into trends too much. Our products are more timeless, classic silhouettes. 

We try our best to stay away from trends in product design. We just honestly don't have the means. It takes about 12 to 18 months for us to produce something from idea to having it in our store. Trend cycles are like 30 days now, so it's almost actually more risky to try to keep up with the trends. By the time it's actually on our floor, it would be long gone.

This interview has been edited for length and clarity. Read the full Q&A here. 

Big Tech is muscling in on the media sphere.

What happened: MTS — short for Monitoring the Situation, a reference to a popular meme in the predictions market community — made its debut on X earlier this week. The news show is backed by powerful VC firm Andreessen Horowitz and a handful of other investors.

Zoom out: MTS is part of a growing ecosystem of media outlets that are tech-friendly, and increasingly tech-owned. The most notable of these is TBPN, a business and technology news show that found popularity on X and was purchased by OpenAI earlier this month, but there are many other examples.

Why it matters: Media coverage of tech has, broadly speaking, skewed negative for over a decade now as the bloom came off the rose of Y2K-era techno-optimism. What we’re starting to see now is a concerted effort by the tech world to take control of the narrative. 

Our take: Just because an outlet is tech-friendly or tech-owned doesn’t necessarily mean it can’t create content that’s enjoyable or even insightful. However, we have doubts MTS will make anything of value — we tried watching it and had to turn it off after a few minutes.—QH

⛳️ 300%. Surge in revenue at the popular golf simulator company, Trackman, since 2019. There’s been a boom in the golf sim business since the pandemic, with more people installing systems in their homes (for an average of US$45,000). As of last year, there were more than nine million sim players in the U.S. — up over 150% from 2019.

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