The Canadian Investor

In this episode of The Canadian Investor Podcast, Simon and Dan compare two of the biggest IPO stories of 2026: SpaceX and Anthropic. While both companies have major exposure to artificial intelligence, their business models, financial profiles and risks couldn't be more different.
They break down SpaceX's increasingly diversified empire, including Starlink, its reusable rocket and launch business, and xAI. They discuss why Starlink remains an important cash-generating asset, the explosive growth coming from xAI, SpaceX's plans to enter the U.S. cellphone market, and the enormous amount of capital required to expand its AI infrastructure.
Then they dig into Anthropic's S-1 and look beyond the eye-popping 1,300% revenue growth. The conversation covers customer concentration, Anthropic's reliance on third-party cloud providers, its heavily usage-based revenue model, improving compute economics and the hundreds of billions of dollars in future infrastructure and lease commitments it has signed.
Finally, Simon and Dan unpack Anthropic's complex financing arrangements—including its massive Broadcom agreement—and discuss dilution risk, AI pricing pressure and what investors are really betting on at a potential 1.5–2 trillion valuation. They finish by answering the big question: if they had to invest in only one, would they choose SpaceX or Anthropic?
Stocks discussed: SPCX, AVGO, AMZN, GOOGL, META, APO, TSLA
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This podcast Ad Read is intended for information purposes only. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment, tax, or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results. The viewpoints expressed by the speaker represent their assessment of the markets at the time of recording . Those views are subject to change without notice at any time. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.
See omnystudio.com/listener for privacy information.

In this episode of The Canadian Macro Investor, Simon and Dan break down the Bank of Canada’s latest rate hike and the major shift in its inflation outlook. The Bank now expects inflation to remain elevated for longer, has pushed its return to the 2% target out to 2028, and is openly acknowledging that higher rates could put additional pressure on already-weak housing markets in Toronto and Vancouver.
They then dig into new CMHC data showing growing stress beneath Canada’s mortgage market. Delinquencies among mortgage investment entities have climbed above 11% in the Greater Toronto and Hamilton Area, while more borrowers are seeing their credit deteriorate and mortgage losses continue to build. They also look at Allied Properties REIT after another massive distribution cut sent the stock plunging roughly 30%, and discuss whether the struggling office REIT ultimately needs to be acquired.
Finally, they turn to the AI trade after Google suffered a double-digit post-earnings selloff. Search growth is slowing, AI queries are proving harder to monetize, depreciation is surging and Google expects another significant increase in AI capital expenditures next year. Simon and Dan discuss why the strongest hyperscalers may survive the AI spending boom while heavily leveraged NeoClouds face a much more difficult path as financing dries up.
They wrap up with what companies such as Coca-Cola, Pepsi, Walmart and McDonald’s are telling investors about the increasingly stretched consumer—and why more households are choosing value and eating at home as higher prices and borrowing costs continue to bite.
Stocks discussed: GOOGL, META, MSFT, CRWV, ORCL, AP.UN.TO, TFI.TO, CP.TO, KO, PEP, WMT, MCD
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Asset Allocation ETFs | BMO Global Asset Management
This podcast Ad Read is intended for information purposes only. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment, tax, or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results. The viewpoints expressed by the speaker represent their assessment of the markets at the time of recording . Those views are subject to change without notice at any time. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.
See omnystudio.com/listener for privacy information.

In this episode of The Canadian Investor Podcast, Simon and Dan start with the Bank of Canada’s latest 25-basis-point rate hike and discuss why sticky inflation, energy costs and a weaker Canadian dollar could be complicating the outlook for rates.
They then turn to the Anthropic S-1, where revenue growth has exploded and compute costs have fallen dramatically relative to sales ahead of what could become one of the largest IPOs ever. They also look at Alimentation Couche-Tard’s latest acquisition ambitions and whether its increasingly aggressive M&A strategy is a sign that organic growth is becoming harder to find.
On the earnings side, Meta delivered another strong advertising quarter but is preparing to raise nearly $100 billion as AI spending surges and free cash flow turns negative. Microsoft is offering voluntary exit packages to tens of thousands of employees, while Celestica posted another monster quarter and raised its 2027 growth outlook dramatically. They finish with Coca-Cola and why it appears to be weathering the pressured consumer environment better than Pepsi.
Stocks discussed: ATD.TO, META, NVDA, AMD, MSFT, CLS.TO, KO
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Canadian Investor Podcast Network Twitter: @cdn_investing
Simon’s twitter: @Fiat_Iceberg
Braden’s twitter: @BradoCapital
Dan’s Twitter: @stocktrades_ca
Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast!
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Asset Allocation ETFs | BMO Global Asset Management
This podcast Ad Read is intended for information purposes only. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment, tax, or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results. The viewpoints expressed by the speaker represent their assessment of the markets at the time of recording . Those views are subject to change without notice at any time. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under
licence.
See omnystudio.com/listener for privacy information.

In this episode of The Canadian Investor Podcast, Simon and Dan take a deep dive into NeoClouds and the increasingly important role debt plays in the AI infrastructure boom.
They explain how companies like CoreWeave finance massive GPU purchases, why its unsecured bonds are now trading at distressed yields, and what the bond market may be signaling about the sustainability of its business model. They also break down the difference between secured and unsecured debt, the risks facing shareholders if CoreWeave is forced to raise more capital, and why even secured GPU-backed financing could become more expensive if AI demand eventually slows.
The conversation also looks beyond CoreWeave to the broader NeoCloud sector, including failed and delayed IPOs, growing competition for capital, and the potential ripple effects for hyperscalers, landlords, Nvidia and memory-chip producers if financing conditions continue to deteriorate.
Finally, Simon and Dan draw parallels with the dot-com infrastructure boom and explain why investors can be completely right about AI changing the world while still losing money by investing in the wrong companies at the wrong valuations.
Stocks discussed: CRWV, NVDA, HUT, MSFT, META, GOOGL, ORCL, BLK, BX, NBIS, IREN, MU, 005930.KS, 000660.KS

Stocks discussed: WSP.TO, STN.TO, ATRL.TO, MCD, QSR.TO

Subscribe to our Our New Youtube Channel!
Check out our portfolio by going to Jointci.com
Our Website
Our New Youtube Channel!
Canadian Investor Podcast Network Twitter: @cdn_investing
Simon’s twitter: @Fiat_Iceberg
Braden’s twitter: @BradoCapital
Dan’s Twitter: @stocktrades_ca
Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast!
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Asset Allocation ETFs | BMO Global Asset Management
This podcast Ad Read is intended for information purposes only. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment, tax, or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results. The viewpoints expressed by the speaker represent their assessment of the markets at the time of recording . Those views are subject to change without notice at any time. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under
licence.
See omnystudio.com/listener for privacy information.

In this episode of The Canadian Investor Podcast, Simon and Dan kick off earnings season with SpaceX, where revenue surged 161% as AI and Starlink growth accelerated. But the enormous growth comes with equally enormous spending, including nearly $10 billion of negative free cash flow and plans for another massive jump in capital expenditures. They also discuss Elon Musk’s comments on a potential SpaceX-Tesla merger.
They then turn to Netflix, where revenue growth continues to decelerate and management is providing investors with fewer operating KPIs, before breaking down another strong quarter from BlackRock. Larry Fink also offers a notable warning: for the first time in his 50-year career, he believes the world is facing a shortage of capital as governments and AI infrastructure projects compete for financing.
Finally, they look at Intuitive Surgical’s continued growth in robotic surgery and why its massive installed base could become even more valuable with AI, before wrapping up with A&W and the same affordability pressures showing up across the fast-food industry.
Stocks discussed: SPCX, TSLA, NFLX, BLK, ISRG, AW.TO
Subscribe to Our New Youtube Channel!
Check out our portfolio by going to Jointci.com
Our Website
Canadian Investor Podcast Network Twitter: @cdn_investing
Simon’s twitter: @Fiat_Iceberg
Braden’s twitter: @BradoCapital
Dan’s Twitter: @stocktrades_ca
Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast!
Apple Podcast - The Canadian Real Estate Investor
Spotify - The Canadian Real Estate Investor
Web player - The Canadian Real Estate Investor
Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools.
Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.
Asset Allocation ETFs | BMO Global Asset Management
This podcast Ad Read is intended for information purposes only. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment, tax, or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results. The viewpoints expressed by the speaker represent their assessment of the markets at the time of recording . Those views are subject to change without notice at any time. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under
licence.
See omnystudio.com/listener for privacy information.