Power & Profits

Good illustration of the earnings estimate surprise, especially considering Q1 had already ended before estimates started ramping higher. (Macro Tourist)

But Korea puts that to shame. Earnings expectations for the Korean index have doubled over the past six months. (DB)

Turns out Bitcoin has largely traded like a software stock. If Bitcoin is truly a distinct asset class, it should eventually decouple. (Callum Thomas)

With several mega IPOs on the horizon, history suggests they rarely move in a straight line higher.

One bull case for equities is that public market supply continues to shrink, while capital still needs a home.

The market also remains extremely top heavy, with the top 10 companies accounting for 36% of S&P 500 profits. (Apollo)

US grid upgrades are driving a major increase in construction spending, but deployment still is not happening fast enough.

Most data centers planned for 2027 have not yet broken ground. A key bottleneck remains power provisioning.

Even accounting for cancellations, Goldman expects data center power demand to increase by 40 GW by the end of 2027.

Transformer delivery times have now stretched beyond 100 weeks.

Canadian housing construction has increasingly shifted toward purpose-built rentals, as the pre-construction condo market has effectively disappeared. Without condo pre-sales to fund development, institutions are stepping in with larger equity cheques to finance projects and retain ownership of the units. (BMO)

Rising gold prices have pushed metals ahead of oil & gas as Canada’s largest export. (The Loonie Hour)