May 27, 2024 4:32 AM
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notifications@e-news.wealthsimple.com
💪 How Nvidia became nvincible
Weekly financial market update with a focus on Nvidia's performance and market insights.
Plus: the typo that (briefly) tanked the market
May 27, 2024 4:32 AM
-
notifications@e-news.wealthsimple.com
💪 How Nvidia became nvincible
Weekly financial market update with a focus on Nvidia's performance and market insights.
Plus: the typo that (briefly) tanked the market
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text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">IN THIS ISSUE </td><td valign="bottom" align="right" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:16px; line-height:100%; color:#32302F; text-align:right; padding:30px 0 5px; border-bottom:1px solid #32302F">8 min read </td></tr><tr><td colspan="2" valign="top" class="in-this-issue-list" style="padding:30px 0 4px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="in-this-issue-item" style="padding:7px 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="42" class="goomoji" aria-hidden="true" valign="top" style="font-size:21px">🙏 </td><td align="left" style="font-size:21px">Rate relief </td></tr></tbody></table></td></tr><tr><td valign="top" class="in-this-issue-item" style="padding:7px 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="42" class="goomoji" aria-hidden="true" valign="top" style="font-size:21px">😰 </td><td align="left" style="font-size:21px">Typo trouble </td></tr></tbody></table></td></tr><tr><td valign="top" class="in-this-issue-item" style="padding:7px 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="42" class="goomoji" aria-hidden="true" valign="top" style="font-size:21px">🤖 </td><td align="left" style="font-size:21px">Chipmaker conquers </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="in-this-issue-list" style="padding:30px 0 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0"><img width="540" height="360" alt="" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/665397be7aae140059e0c9bf/original.png?1716754365" style="display:block; border-radius:15px"> </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302F; text-align:left; padding:9px 0 25px">Nvidia chips have come a long way since they were used to render the zombies in <em style="">Quake</em> I. Read more in the Big Story below. | GT Interactive </td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">THE WEEK IN MARKETS </td></tr><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:30px 0 0"><strong style="">Nothing Doing Except For Nvidia</strong><br>It’s been said investing is like that old adage about war — “long periods of boredom punctuated by moments of sheer terror.” Last week was one of the boring periods. Nearing its end, Q2 earnings season let out a satisfied yawn, and both the U.S. and Canadian markets were flat, which is to say, still hovering around all-time highs. Not even news that interest rates might finally get cut (more like a trim; see below) could jolt investors out of their cat nap, maybe because they’ve all heard that one before? The week’s only non-boring bit of action was Nvidia’s 13.5% stock jump — more on the chipmaker’s enduring dominance below. </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">THE WEEK IN ONE CHART </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:30px 0 30px"><img width="540" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/665397be4e824b005a3114a4/original.png?1716754366" style="display:block; border-radius:15px"> </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 30px">As CBC’s Robson Fletcher reports, “Alberta’s recent population boom has been <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">well documented</a>,” but new numbers from StatCan show just how drastic that boom was (and why Calgary house prices led the country in growth <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">last year</a>). </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">WHAT HAPPENED LAST WEEK </td></tr><tr><td valign="top" class="in-this-issue-list" style="padding:30px 0 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="left" class="color-accent" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:22px; line-height:150%; color:#5C8145; text-align:left; padding:0px 0"><span style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600">IMPORTANT</span> </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:9px 0 0.75em"><strong style="">The interest-rate-cut wait might end in June. </strong>For real this time. Okay, probably. Maybe. We’ll see.<strong style=""></strong> After four consecutive months of slowing prices, Canada’s inflation rate currently stands at <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">2.7%</a>. Since that’s well within the Bank of Canada’s 1–3% target, <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">economists</a> now widely suspect that Team Tiff will pull the rate-cut trigger. (Early this year, <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">markets thought</a>, wrongly, that the first cut could come as early as April.) The trouble is that even if Tiff does start cutting rates, it’ll likely be a mere <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">0.25%</a> trim, not a deep slash, so <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">high rates</a> could still be a <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">serious stressor</a> on banks, homeowners, and borrowers alike. </td></tr><tr><td align="left" class="color-accent" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:22px; line-height:150%; color:#5C8145; text-align:left; padding:0"><span style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600">INTERESTING</span> </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:9px 0 4px"><strong style="">A typo costs Citibank US$79-million. </strong><a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font"><em style="">Bloomberg</em></a><em style=""></em> has the full story of how a single Citi trader made a nine-figure oopsie, but here’s the gist: in 2022, a U.K. trader woke up on a holiday morning to make a trade and accidentally typed in 58 million as the <em style="">quantity</em> of the shares they wanted to sell instead of US$58 million in <em style="">value</em>. Then, for some reason, the trader overrode <em style="">711</em> warning messages and sent the trade through, triggering a US$1.9-billion “<a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">flash crash</a>” across Europe that vaporized two years’ worth of revenue for Citi’s trading desk. Worse, regulators fined Citi US$79 million for ruining their holiday. In a related story, a U.K. trader is looking for a new job, in case you’re hiring. <span style="display:block; line-height:0.375em"><br><br></span><strong style="">The U.S. shoots another cryptocurrency into the ether.</strong> The Securities and Exchange Commission officially blessed <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">Ether Exchange Traded Funds</a> last week, transforming it, Pinocchio-style, into a real security and making it easier for traders to invest in the Ethereum network’s token, by trading it like a stock instead of on a crypto exchange. No surprise, then, that the price of ETH — number two in the crypto value standings behind BTC — jumped more than 22%. So is the SEC finally surrendering to crypto or is this more of a “keep your enemies closer” situation? The latter, writes Alex Tabarrok at Marginal Revolution, who observes that regulators are becoming convinced “that crypto <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">doesn’t have to be destroyed</a>, it can be tamed.”<span style="display:block; line-height:0.375em"><br><br></span><strong style="">China is crushing Canada’s EV makers. </strong>Chinese EV exports to Canada <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">grew fivefold</a> last year, thanks to low tariffs (6%), government cash-back rebates, and the fact that <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">heavy subsidies</a> make Chinese EVs pretty cheap to begin with. That all poses a problem for North American EV makers, who can’t compete on price. The Biden administration recently increased its <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">25% tariff</a> on Chinese EVs to 100%, to protect the U.S. auto industry, and Canada’s trade minister is floating the idea of <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">following suit</a>. That could mean a stronger domestic EV industry but also pricier cars. <span style="display:block; line-height:0.375em"><br><br></span><em style="">—Sarah Rieger</em> </td></tr></tbody></table></td></tr></tbody></table><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">FROM OUR SPONSOR </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:30px 0 30px"><a href="#"><img width="540" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/665397be015ba0005a3126e6/original.png?1716754366" alt="Let your mortgage pay you for once" style="display:block; border-radius:15px"></a> </td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-size:18px; line-height:130%; color:#32302f; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302f"><span style="font-weight:600">THE FOMO INDEX</span> <span style="font-style:italic">by Stacey Woods</span> </td></tr><tr><td align="left" class="color-accent" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:500; font-size:18px; line-height:112%; color:#5c8145; text-align:center; padding:30px 0 10px">IMPORTANT </td></tr><tr><td valign="top" class="fomo-index-chart" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0 0 16px"><table width="256" valign="top" class="fomo-item" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="left"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">🔬 </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Alarming new study finds microplastics present in every human and dog testicle it looked at. Microplastics not thrilled about it either. <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="center"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">🫒 </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Heart-healthy-olive-oil prices up more than 25% in Canada since January. Wallet-healthy canola looking better and better. <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td><td width="18" valign="top" align="right"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd666924c004c551200/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="padding:1px 0 0; display:block"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd68bfc58004f7ef7b0/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:1px 0 0; display:none"> </td><td width="1" valign="top" align="center" class="arrow-bg" style="background-color:#5c8145; line-height:1px; font-size:4px"> </td><td width="18" valign="top" align="left"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6c88f5b004ce512e9/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="padding:1px 0 0; display:block"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6e18044004d3768bc/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:1px 0 0; display:none"> </td><td valign="top" style="padding:0 0 16px"><table width="256" valign="top" class="fomo-item" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="center"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">🧊 </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Perfect for when taste and hunger are not an issue: Nestlé releasing frozen meals for people on weight-loss drugs. <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="left"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">🕥 </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Millennials are “quiet vacationing” instead of using their PTO. Want to save that for “quiet looking for other jobs.” <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="75" align="left" class="color-accent" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:500; font-size:18px; line-height:112%; color:#5c8145; text-align:center; padding:0">CRASH <br>& BURN </td><td valign="middle" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="bottom" align="left"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd666924c004c551200/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="display:block; padding:0 0 0 1px"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd68bfc58004f7ef7b0/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:0 0 0 1px; display:none"> </td></tr><tr><td height="1" valign="top" align="center" style="background-color:#5c8145"></td></tr><tr><td valign="top" align="left"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6c88f5b004ce512e9/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="display:block; padding:0 0 0 1px"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6e18044004d3768bc/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:0 0 0 1px; display:none"> </td></tr></tbody></table></td><td width="40" valign="middle" align="center" aria-hidden="true" style="padding:0; color:#32302f; text-align:center"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd68ae57b004d1e3646/original.png?1671122902" width="20" height="20" alt="" border="0" style="display:block; margin:0 auto"> </td><td valign="middle" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="bottom" align="right"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6c88f5b004ce512e9/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="display:block; padding:0 1px 0 0"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6e18044004d3768bc/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:0 1px 0 0; display:none"> </td></tr><tr><td height="1" valign="top" align="center" style="background-color:#5c8145"></td></tr><tr><td valign="top" align="right"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd666924c004c551200/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="display:block; padding:0 1px 0 0"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd68bfc58004f7ef7b0/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:0 1px 0 0; display:none"> </td></tr></tbody></table></td><td width="75" align="left" class="color-accent" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:500; font-size:18px; line-height:112%; color:#5c8145; text-align:center; padding:0">TO THE <br>MOON </td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0"><table border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0 0 16px"><table width="256" valign="top" class="fomo-item" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="center"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">✈️ </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Pilot shortages to blame for WestJet’s delay in integrating Sunwing. That, and Sunwing keeps cancelling and rebooking them. <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="left"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">🫎 </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Ontario ambulance responding to car/moose collision crashes into different moose. Moose/vehicle relations at all-time low. <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td><td width="18" valign="bottom" align="right"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6c88f5b004ce512e9/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="padding:0 0 1px; display:block"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd6e18044004d3768bc/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:0 0 1px; display:none"> </td><td width="1" valign="top" align="center" class="arrow-bg" style="background-color:#5c8145; line-height:1px; font-size:4px"> </td><td width="18" valign="bottom" align="left"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd666924c004c551200/original.png?1671122902" width="4" height="4" alt="" border="0" class="light-img" style="padding:0 0 1px; display:block"> <img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4fd68bfc58004f7ef7b0/original.png?1671122902" width="4" height="4" alt="" border="0" class="dark-img" style="padding:0 0 1px; display:none"> </td><td valign="top" style="padding:0"><table border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0 0 16px"><table width="256" valign="top" class="fomo-item" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="left"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">✊ </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Disneyland characters and parade actors vote to unionize. First demand: Mickey and Minnie get regular cheese breaks. <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:16px 0 0"><table class="tldr-tile" width="66%" border="0" cellspacing="0" cellpadding="0" role="presentation" align="right"><tbody><tr><td valign="top" class="fomo-item-bg" style="padding:15px 10px; background-color:#fff; border-radius:12px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" aria-hidden="true" class="goomoji" style="padding:0; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:36px; line-height:36px; color:#32302f; text-align:center">☕️ </td></tr><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:120%; color:#32302f; text-align:center; padding:4px 0 0">Man who’s been to 19,300 Starbucks plans to visit every location in the world. Might even finish that screenplay. <br><a href="#" style="color:#32302f; text-decoration:underline; font-size:10px">Source</a> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td align="left" class="color-accent" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:500; font-size:18px; line-height:112%; color:#5c8145; text-align:center; padding:10px 0 15px">WHO CARES </td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">WHAT’S UP THIS WEEK </td></tr><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:30px 0 0"><strong style="">Canadian banks report earnings.</strong> TD reported a solid second-quarter performance last week, with profit falling by 22% but still well above analyst estimates, which might provide a preview of how Scotiabank (Tuesday), BMO (Wednesday), CIBC and RBC (Thursday) are doing. </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">THIS WEEK ON THE PODCAST </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:30px 0 30px"><a href="#"><img width="540" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/665397bdcdb87d005ba7c376/original.png?1716754365" alt="You deserve a new favourite podcast" style="display:block; border-radius:15px"></a> </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation" class="big-important-story"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">THE BIG IMPORTANT STORY </td></tr><tr><td valign="top" class="in-this-issue-list" style="padding:0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:14px; line-height:100%; color:#32302F; text-align:left; padding:30px 0 0">1 COMPANY, 1 CHART </td></tr><tr><td align="left" class="headline" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:40px; line-height:100%; color:#32302F; text-align:left; padding:8px 0 25px">How Nvidia Slowly, Then All at Once, Conquered the World </td></tr><tr><td align="left" class="body-copy" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0 0 30px">A few weeks ago, we traced the history of <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">Microsoft</a>. This week, we’re turning our attention to the company that’s all but owned market news for the past two years: Nvidia, the maker of the world’s most bleeding-edge microchips and supercomputers. The company has continuously blown past analysts’ expectations, even as expectations have grown almost impossibly lofty. As a result, shares in Nvidia — which is America’s third-most valuable company, worth US$2.6 trillion — have rocketed up since 2022. And its stock went even higher last week after it announced that it had tripled its quarterly revenue, to US$26 billion, from a year earlier. Its stock finished the week up 13.5%. Nvidia, despite its rapid rise of late, is far from an overnight success. </td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:0px 0 30px"><img width="540" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/6653dcf5e3cc3f005aa851bf/original.png?1716772084" alt="The story of Nvidia in one chart" style="display:block; border-radius:15px"> </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:0px 0 30px"><strong style="">THE VIDEO-GAME ERA</strong><span style="display:block; line-height:0.375em"><br><br></span><strong style="">1993:</strong> At a Denny’s in San Jose, California, Jensen Huang (now CEO) and two microchip designers decide to launch a company — Nvidia — that builds graphics chips for PCs and, above all, video games. It’s a “fabless” chipmaker, meaning it outsources manufacturing to companies like <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">TSMC</a>, which frees up money for R&D. Aiming to make the core building blocks for supercomputing, Nvidia at first struggles to find its exact use case — and customers. Within three years, Huang would have to <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">lay off half of the company’s 100-person headcount</a> to keep the firm afloat.<span style="display:block; line-height:0.375em"><br><br></span><strong style="">1996–2005: </strong>Nvidia survives in part thanks to a US$5-million lifeline investment from video-game manufacturer Sega.<strong style=""></strong> Then its <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">fortunes reverse in 1997</a>, when it launches the RIVA 128, a chip used in Dell and Micron products, followed by the GeForce 256, which Nvidia markets as the world’s first graphics-processing unit, or GPU. What’s that? A GPU is a circuit board with a souped-up chip that can solve multiple calculations at once, resulting in superior video-game graphics. The GeForce 256, which kicks off a new computing epoch, catches on among players of the über-popular game <em style="">Quake</em>. Nvidia, riding high, goes public in 1999 with an almost US$600 million value. It soon wins contracts to develop GPUs for Microsoft’s Xbox console and Sony’s PS3.<span style="display:block; line-height:0.375em"><br><br></span><strong style="">THE MACHINE LEARNING ERA</strong><span style="display:block; line-height:0.375em"><br><br></span><strong style="">2006–2008: </strong>Nvidia dominates the video-game market with its GPUs, but Huang wants more. (A mercurial corporate oddity, Huang famously has <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">50(!) direct reports</a> and loves black leather jackets.) He notices that pioneering academics, like U of T’s Geoffrey Hinton (the godfather of AI), are using GPUs for machine-learning research. In late 2006, Nvidia launches CUDA, an innovative supercomputing platform. But sales are initially underwhelming, and Nvidia’s pivot to supercomputing is seen as a flop. In 2008, its stock falls by 80%. <span style="display:block; line-height:0.375em"><br><br></span><strong style="">2012–2019: </strong>Maybe CUDA wasn’t a failure after all:<strong style=""></strong> Nvidia’s bet on the platform begins to pay off as it gains traction as a crucial tool for machine-learning processing. One Friday in 2013, Huang, sensing that a major shift is afoot, sends a fateful email to colleagues: Nvidia is now a machine-learning company, he says, not a graphics-card company. The gambit works. Google and other tech giants buy Nvidia chips to beef up their machine-learning capabilities. From September 2016 to September 2018, Nvidia shares climb by almost 340%, giving it a US$170 billion value.<span style="display:block; line-height:0.375em"><br><br></span><strong style="">THE AI ERA</strong><span style="display:block; line-height:0.375em"><br><br></span><strong style="">2022:</strong> Nvidia’s stock gets a lift thanks to COVID, which spikes demand for <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">gaming and data-centre chips</a>. But the launch, in late 2022, of OpenAI’s ChatGPT, a chatbot that can converse (almost) like a real human and was trained on Nvidia supercomputers to handle complex computations, sends Nvidia’s stock straight up. AI’s potential world-changing significance becomes so clear that the U.S. government <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">bans</a> Nvidia from selling its cutting-edge GPUs to China.<span style="display:block; line-height:0.375em"><br><br></span><strong style="">2023:</strong> The AI boom accelerates, and companies depend on Nvidia, now undisputably one of the great powerhouses in the history of computing, not just for chips but also for AI data centres and software — it’s the whole package. Nvidia hits US$1 trillion market cap and then reaches the US$2 trillion milestone a mere 270 days later. Its stock finishes the year up <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">239%</a>, and it’s responsible for <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">15%</a> of the S&P 500’s annual gains. Thirty years after struggling to find a niche, Nvidia has cornered three major markets: gaming, machine learning, and AI.<span style="display:block; line-height:0.375em"><br><br></span><strong style="">2024:</strong> Last Wednesday, Nvidia reports that its net profit grew <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">sevenfold</a>, to $14.88 billion, from a year earlier, thanks to continued demand for AI chips. Its shares are up 121% on the year. Will the company that is arguably <em style="">the</em> big winner of the AI goldrush continue to defy expectations? We’ll have to wait until its next earnings announcement, in August, to find out.<span style="display:block; line-height:0.375em"><br><br></span>—Claire Porter Robbins </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">OTHER VERY GOOD READS </td></tr><tr><td valign="top" class="non-essential-list" style="padding:15px 0 25px"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" style="padding:15px 0 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="nonessential-item" style="padding:15px 0; background-color:#ffffff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="73" aria-hidden="true" valign="middle" class="goomoji good-reads-icon" style="padding:0; font-size:26px; line-height:26px; text-align:center">📚 </td><td align="left" class="good-reads-text" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:22px; line-height:112%; color:#32302F; text-align:left; padding:0 30px 0 0"><a href="#" style="display:block; color:#32302F; text-decoration:none"><span>Nairobi to New York and Back</span> <br><span style="font-size:12px; line-height:112%">The lives of Kenyans who study at elite schools abroad. | </span><span style="font-size:12px; line-height:112%; text-decoration:underline"><em style="">The Guardian</em></span></a> </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:15px 0 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="nonessential-item" style="padding:15px 0; background-color:#ffffff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="73" aria-hidden="true" valign="middle" class="goomoji good-reads-icon" style="padding:0; font-size:26px; line-height:26px; text-align:center">🎒 </td><td align="left" class="good-reads-text" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:22px; line-height:112%; color:#32302F; text-align:left; padding:0 30px 0 0"><a href="#" style="display:block; color:#32302F; text-decoration:none"><span>Why Did a B.C. Student Die in a Dorm Filled With People?</span> <br><span style="font-size:12px; line-height:112%">A timeline of an overdose response with national implications. | </span><span style="font-size:12px; line-height:112%; text-decoration:underline"><em style="">Vancouver Sun</em></span></a> </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" style="padding:15px 0 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="nonessential-item" style="padding:15px 0; background-color:#ffffff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="73" aria-hidden="true" valign="middle" class="goomoji good-reads-icon" style="padding:0; font-size:26px; line-height:26px; text-align:center">🖥️ </td><td align="left" class="good-reads-text" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:22px; line-height:112%; color:#32302F; text-align:left; padding:0 30px 0 0"><a href="#" style="display:block; color:#32302F; text-decoration:none"><span>The Code That Controls Your Money</span> <br><span style="font-size:12px; line-height:112%">COBOL underpins the entire financial system. | </span><span style="font-size:12px; line-height:112%; text-decoration:underline"><em style="">Wealthsimple Magazine</em></span></a> </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F">THE WISDOM OF X </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left; padding:30px 0 12px">Real pain is knowing that you were a full-grown adult when Nvidia was $4/share, in 2014, and you didn’t buy it. </td></tr><tr><td valign="top" style="padding:0 0 15px; font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:18px; line-height:150%; color:#32302F; text-align:left"><a href="#" style="color:#32302F"><img width="540" border="0" class="responsive" src="https://braze-images.com/appboy/communication/assets/image_assets/images/665397be150200005a9b9c37/original.png?1716754366" alt="Real pain is knowing that you were a full-grown adult when Nvidia was $4/share, in 2014, and you didn’t buy it." style="display:block"></a> </td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:600; font-size:18px; line-height:133%; color:#32302f; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302f">THOUGHTS ON TODAY’S ISSUE? </td></tr><tr><td valign="top" style="padding:30px 0 0"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="survey-option" style="background-color:#fff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:150%; color:#32302f; text-align:center; padding:20px 0"><a href="#" style="display:block; color:#32302f; text-decoration:none"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4d549e12c0004a328bb2/original.png?1671122260" width="36" height="36" alt="" border="0" style="display:inline-block"> <br>Love it </a></td></tr></tbody></table></td><td valign="top" width="16"></td><td valign="top" class="survey-option" style="background-color:#fff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:150%; color:#32302f; text-align:center; padding:20px 0"><a href="#" style="display:block; color:#32302f; text-decoration:none"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4d549c4a91004b983a95/original.png?1671122260" width="36" height="36" alt="" border="0" style="display:inline-block"> <br>Good </a></td></tr></tbody></table></td><td valign="top" width="16"></td><td valign="top" class="survey-option" style="background-color:#fff; border-radius:12px; display:block"><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="center" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:14px; line-height:150%; color:#32302f; text-align:center; padding:20px 0"><a href="#" style="display:block; color:#32302f; text-decoration:none"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4d54ec2608004a63fb30/original.png?1671122260" width="36" height="36" alt="" border="0" style="display:inline-block"> <br>So so </a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="contributors" style="padding:0"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:700; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F"></td></tr><tr><td align="left" style="font-family:'FuturaPT-Book','Roboto',Helvetica,Arial,sans-serif; font-size:10px; line-height:120%; color:#32302F; text-align:left; padding:30px 0 0"><strong style="">This week’s newsletter contributors: Ben Mathis-Lilley (writer), Devin Gordon (writer), Stacey Woods (writer), Sarah Rieger (news writer), Ambrose Martos (fact checker), Ciara Rickard (copy editor), Clare Douglas (copy editor), Sara Black McCulloch (fact checker), Tyler Hamilton (senior lifecycle manager), Matthew Karasz (markets editor) Jared Sullivan (senior editor), Peter Martin (senior editor), Kat Angus (managing editor), and Devin Friedman (editor-in-chief).</strong> </td></tr></tbody></table></td></tr><tr><td valign="top" align="center" class="footer" style="padding:0 0 32px"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" class="section-divider" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:700; font-size:18px; line-height:133%; color:#32302F; text-align:left; padding:30px 0 5px; border-bottom:1px solid #32302F"></td></tr><tr><td valign="top" style="padding:16px 0"><table align="left" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td width="16" valign="top" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; 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margin:0 auto"></a> <a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/639b4bd85d4e31004d3c245a/original.png?1671121880" width="8" height="16" alt="" border="0" class="dark-img" style="display:none"></a> </td><td width="16" valign="top" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:35px; line-height:112%; color:#32302F; text-align:center; padding:0 16px 0 0"><a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/64dbe114abd604005031d014/original.png?1692131604" width="22" height="18" alt="" border="0" class="light-img" style="display:block"></a> <a href="#" target="_blank"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/64dbe114897cc00050a98360/original.png?1692131604" width="16" height="16" alt="" border="0" class="dark-img" style="display:none"></a> </td><td width="16" valign="top" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; 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Have questions? Visit our <a href="#" target="_blank" style="color:#94908D; text-decoration:underline">Help Centre</a> or <a href="#" target="_blank" style="color:#94908D; text-decoration:underline">submit a request</a> to our Client Support team. </td></tr><tr><td valign="top" align="left" style="padding:0 0 16px"><table width="66%" align="left" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:10px; line-height:120%; color:#94908D; text-align:left"><a href="#" target="_blank" style="color:#94908D; text-decoration:none">VIEW IN BROWSER</a> </td><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:10px; line-height:120%; color:#94908D; text-align:left"><a href="#" target="_blank" style="color:#94908D; text-decoration:none">PRIVACY POLICY</a> </td><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:10px; line-height:120%; color:#94908D; text-align:left"><a href="#" style="color:#94908D; text-decoration:none">UNSUBSCRIBE</a> </td></tr></tbody></table></td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:11px; line-height:120%; color:#94908D; text-align:left; padding:0 0 16px">Mortgage brokerage services are offered by Pine Canada Financial Corporation (“Pine”). If you use Pine’s services, Wealthsimple Mortgage Services Inc. (“Wealthsimple”) may receive a referral fee. Any information you provide to Pine may be shared with Wealthsimple to help us understand our clients’ needs and to improve our product offerings.<br><br><strong style="">Client Rebate Offer.</strong> Eligible Wealthsimple clients with a funded<br>Wealthsimple account who applied and received a Pine mortgage approval through <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">https://wealthsimple.pine.ca</a>, and close the mortgage within 120 days of the approval can receive a monthly mortgage payment rebate during their Pine mortgage term depending on their client status with Wealthsimple at the time the commitment letter for their Pine mortgage is issued, or on the 30th day after mortgage closing date, whichever is higher. Rebate equivalent to mortgage rate reduction of 0.05% for Core clients; 0.10% for Premium clients, and 0.15% for Generation clients. Subject to change. Max one (1) monthly mortgage rebate per Client. See full eligibility and T&Cs <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">here</a>.<br><br><strong style="">Deposit Offer.</strong> Eligible Wealthsimple clients who applied and received a Pine mortgage approval between May 7 and June 30, 2024 and close the mortgage within 120 days of the approval can receive a monthly mortgage deposit payment rebate of 0.05% during their mortgage term on every new $50,000 eligible transfer or deposit initiated within 30 days after the mortgage closing date. Fund holding period required. Max one (1) monthly mortgage deposit rebate per Client. See full eligibility and T&Cs at <a href="#" style="color:#32302F; text-decoration:underline; text-decoration-color:#5C8145; text-underline-position:from-font">here</a>. </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:11px; line-height:120%; color:#94908D; text-align:left; padding:0 0 16px">TLDR is offered by Wealthsimple Media Inc. and is for informational purposes only. Any views expressed are those of the individual author and/or of Wealthsimple Media Inc., not of Wealthsimple Financial Corp or any of its other subsidiaries or affiliates. The content in TLDR is not investment advice, a recommendation to buy or sell assets or securities, nor any other kind of professional advice. TLDR is not a research report and should not serve as the basis for making investment decisions. Wealthsimple Media Inc. does not endorse any third-party views referenced in this content. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. Always research before investing. </td></tr><tr><td align="left" style="font-family:'FuturaPT','Roboto',Helvetica,Arial,sans-serif; font-weight:400; font-size:11px; line-height:120%; color:#94908D; text-align:left; padding:0 0 16px">© 2024 Wealthsimple Media Inc. </td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></center></body></html>
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