What we described in earlier publications has now arrived with empirical force. When our last report was published, iShares Expanded Tech-Software ETF (IGV) was down 32% from its recent high while the Nasdaq held flat.

The binary is broken. CUSMA is no longer a three-party negotiation. The U.S. is building a bilateral deal with Mexico; formal negotiations commence May 25. Canada has had no talks since October 2025. The July 1 review is 67 days away.

A co-ordinated squeeze on energy supply, maritime access, critical minerals, proxy defence credibility, and allied cohesion — and the investment implications.

We’re pleased to share that Moneta has been engaged to advise the Province of New Brunswick on this initiative. We look forward to working with all stakeholders through a transparent process. An information session is scheduled for April 7, 2026. See the release below for registration details.

We are theorists. Not the freeze-dried food variety, but theorists nonetheless. For several years we, along with others, felt that paper commodity markets were suppressing physical prices, that sovereign accumulation would break that suppression, and that oil was structurally set for a reset consensus models could not see.

The first phase of the AI cycle rewarded abstraction. The second phase is rewarding control, causing sector-specific repricing.
Capital has moved decisively down the stack – toward power, silicon, data centers, grids, cooling, and sovereign compute. That shift is not cyclical. It is structural. Intelligence is no longer scarce; the conditions required to deploy it at scale are.