From the Desk

Artificial intelligence is moving quickly and in a lot of directions. It’s a common subject of everyday conversations. It’s the theme most mentioned on earnings calls. Take any knotty problem in the world and AI is likely pitched as a solution. Three private U.S. AI companies planning their initial public offerings soon are forecasted to be the largest ever. Many visions pitched about its potential could easily be confused with science fiction.

However, after an early push by most companies to get their workforce AI literate, they are now worrying about overuse and bottom-line impact. There has been a recent surge in companies’ suggesting more targeted use and rationing. Large employers in the consumer sectors have started capping employee use. Even major tech names are placing tighter control over who has internal access. Some large banks are doing the same.

The shift by model providers to more usage-based pricing is forcing enterprises to focus on tracking results. This week at Microsoft’s annual developer conference, Microsoft AI CEO Mustafa Suleyman acknowledged the austerity vibe. And in a Bloomberg interview he stated that top models are “extremely expensive and I think many people are urgently looking for alternatives.” Therefore, as part of their budget conscious approach, Microsoft pitched “ultra efficient” coding models and other optimized AI solutions that are cheaper than alternatives.

The message seems to be getting through that a lot of companies adopting AI are focused on the here and now. If the tools are not helping the bottom line, they will remain on the shelf. Therefore, model developers will need to focus on efficiency, getting computing costs down and helping end users.

Sources: Bloomberg, The Financial Times, 2026.

The Canadian Indigenous Investment Summit is a platform that connects investors, asset managers, policymakers and Indigenous leaders to advance dialogue, economic development and investment opportunities across Canada. The 2026 summit held earlier this Spring highlighted the evolving role of Indigenous participation in major Canadian projects and the significant pipeline of projects in energy, natural resources and infrastructure, opening new financing opportunities for private capital investments.

A central theme throughout the summit was the growth of Indigenous communities into increasingly proactive investors and equity partners in projects of national significance. Indigenous partnership structures are more frequently being recognized not only as a matter of social responsibility, but as a competitive advantage and an essential component of delivering major projects in Canada, particularly in the resource and infrastructure sectors. Speakers highlighted how Indigenous ownership from the outset can function as a form of credit enhancement through access to lower-cost funding supported by Indigenous loan guarantee programs, increased project certainty and stronger alignment with regulatory and permitting processes. Indigenous partners are also increasingly viewed as preferred long-term investors given their strategic alignment with project development and community engagement.

A recurring message was that Indigenous equity ownership is becoming the new standard. Employment opportunities and consultation alone are no longer viewed as sufficient as Indigenous communities more often seek and secure meaningful ownership stakes in projects developed on or near their territories. The growth of Indigenous loan guarantee programs has created a new framework that can encourage private capital to facilitate Indigenous partners’ participation in essential energy and infrastructure projects. These financings benefit from high-quality backstop provided by provincial or federal agency loan guarantees while delivering a spread premium over the corresponding government credit.

This year’s summit reinforced the importance of long-term partnerships with Indigenous communities in supporting sustainable economic growth, responsible project development and economic self-determination.

Source: Canadian Indigenous Investment Summit, 2026.