Last week, Dow Jones rose 1.05%, S&P 500 fell 0.6%, Nasdaq Composite lost 1.6%. The AI trade slumped following Broadcom and Oracle earnings reports. Oracle’s unprecedented ~US$10 billion quarterly cash burn and higher FY2026 capex outlook (US$50 billion) highlights the financing and execution risk in hyperscale buildouts, with reports of some OpenAI-linked site timelines slipping. Sentiment is also twitchy, an AI data-center REIT (Fermi) plunged after a tenant walked away. Broadcom sold off on guidance/backlog optics. IPO and mega-deal momentum is rebuilding, and bankers are positioning for a busier 2026 calendar. SpaceX is reported to be advancing toward a 2026 IPO, with scenarios ranging up to a ~US$1.5 trillion valuation and revenue scaling driven primarily by Starlink. Wealthfront priced its IPO at US$14. IBM agreed to acquire Confluent for ~US$11 billion. Disney committed US$1 billion to OpenAI alongside a character-licensing partnership for Sora. U.S.-China chip policy whipsawed yet again, the White House signaled Nvidia could sell H200-class chips into China. Additional signals of the “next interface” race include, Meta’s confirmed stake in EssilorLuxottica, even as Meta’s mixed-reality glasses were delayed to 2027, and Google guided to AI glasses in 2026. Microsoft committed $7.5 billion over two years to expand Azure regions in Canada, while the market continues to debate what “data sovereignty” really means. In Canada, the public-market backdrop remains structurally challenged, TSX issuer count has fallen materially over time (down 45% since 2008 to 678 by Q3). Take-privates and delistings have continued to outpace IPOs even as the TSX Composite has been strong. Private capital’s depth (continuation funds, private credit) is increasingly a feature, not a bug, illustrated by General Fusion’s reported $51.5 million raise (mostly SAFEs) alongside pressure from at least one backer to pursue a public listing path (potentially SPAC). In news pertaining to Sophic