Wake me up inside

Good morning. The Louvre appointed a new director yesterday after former head Laurence des Cars tendered her resignation. The only thing surprising about des Cars stepping down was how late it happened, coming months after the infamous jewel heist last October. 

The world’s most famous museum has a lot of issues going on right now besides the fallout from the heist — including water leaks and a years-long ticket fraud scheme — and is also undergoing an ambitious renovation. 

Sounds like a lot of work! We probably would’ve passed on this gig. 

Today’s reading time is 5½ minutes.

Markets: Nvidia posted quarterly earnings after the bell yesterday, with earnings and revenue projections easily besting analysts’ estimates; the markets should react today. Meanwhile, at home, BMO and National Bank also posted earnings beats, contributing to another new record high for Canada’s main stock index.

After years in a Bay Street coma, Canada’s IPO market appears to have a pulse. 

What happened: Apotex, Canada’s largest pharmaceutical company, is planning to go public on the Toronto Stock Exchange (TSX) this year. The potential $1 billion share sale would mark the largest Canadian IPO in five years. 

Big picture: Some analysts believe this is the year Canada’s lacklustre IPO market finally wakes up. A record 42 companies went public on the TSX in 2021, but since then, the exchange has only seen a handful of IPOs a year, many of which have underperformed. 

Why it matters: The IPO market serves as a barometer for how businesses and investors feel about the country’s economy. A flurry of IPOs would be a major vote of confidence in the Canadian market, especially as businesses face pressure to relocate to the U.S.—LA

Ottawa threatens OpenAI with legislation if it doesn’t make policy changes. Justice Minister Sean Fraser said the feds will be forced to regulate AI chatbots if OpenAI doesn’t quickly address its policy around reporting suspicious activity to law enforcement. OpenAI has come under fire for deciding not to report violent discussions between the alleged Tumbler Ridge shooter and ChatGPT, with B.C. Premier David Eby going as far as to say the mass shooting could’ve potentially been prevented with their co-operation. (Globe and Mail)

Kalshi issues its first fines for insider trading. The popular prediction market has fined a California politician and a video editor for Mr. Beast for making trades on insider information, a grey area that Kalshi and Polymarket have been criticized for allowing. The video editor, Artem Kaptur, traded around US$4,000 on markets related to Mr. Beast’s videos while working for the YouTuber. (TechCrunch)

U.S. trade rep says any CUSMA deal will include tariffs. Trump’s top trade representative, Jamieson Greer, said that any trade deal with Canada, including a new version of CUSMA, will have some tariffs. Greer said the two sides have a plan to meet in the coming weeks to talk trade. (CBC News)

📡 What else is on our radar:

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University of Waterloo researchers have developed a novel approach to fighting cancerous tumours: bacteria that eat them alive. The team shared its findings in a new paper, detailing a potential treatment consisting of clostridium sporogenes.  This bacteria can only survive in places without oxygen — one such place is the centre of a tumour. Once inside the tumour, the bacteria will start to consume the nutrients, growing, and eventually killing the cancer.

Why it matters: While the lead researcher warned that this method won’t be a “cure-all,” it will be “another tool in the toolbox” to fight the scourge of cancerous diseases. Depending on funding, clinical trials could begin in three to four years, and initial patient treatments in five.

A legacy British luxury automaker has become the grand folly of a Canadian business titan.

Driving the news: Aston Martin’s CEO deflected speculation that Lawrence Stroll — the Canadian billionaire who owns the Aston Martin Formula One racing team and is also the automaker’s top shareholder — is angling to sell his stake after engineering an auspicious rights deal. 

Catch-up: Last week, AMR GP Holdings, the team’s holding company indirectly controlled by Stroll, paid Aston Martin £50 million for its naming rights in perpetuity. On its face, it looks like a way for Stroll to inject cash into the struggling automaker that he chairs. But some felt it was a move to secure his F1 team’s future before washing his hands of its namesake.

Big picture: Things aren’t going well for Aston Martin — the automaker or the F1 team. 

Why it matters: When Stroll took the wheel at Aston Martin in 2020, he promised to revive it as “one of the pre-eminent luxury car brands in the world.” Instead, it’s looking like a black mark for a big name in Canadian business.—QH

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🍿 1.7%. The share of movies Canadians saw in theatres last year that were Canadian. It marks the worst year for homegrown films in a decade outside of the pandemic years. The $13.9 million that Canadian movies made at the box office was down 41% from 2024.

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You can put off work for a little longer. Play today’s mini-crossword, daily sudoku, and Codebreaker instead!