Markets Edge

ReadingData center operators will soon discover that their cost structure depends on how early their supplier locked in Element's capacity. The bidding for allocation starts immediately.

ReadingOperators building AI infrastructure now face a choice: buy your own power plant, or watch your margin collapse to grid rates. The model has shifted from leasing to vertical integration.

ReadingDomestic asset managers will see fee pressure and capital inflows. Foreign managers will watch to see if Canada becomes a fund allocation hub or a capital extraction event.

ReadingAlkami's board will run a process. The buyer will be a bank, a fintech platform owner, or a private equity buyer willing to hold for cash flow. Multiples should cluster at 6.5x to 8x revenue.

ReadingOperators in midstream and upstream energy need to track activist entry. The capital structure is broken; activists see discount to NAV. Expect forced divestitures.

ReadingThe volume of activist campaigns is not dropping. The friction cost of running one is rising. Only deep-pocketed funds scale this. Smaller activists consolidate or exit.

ReadingThis is still a draft offer. Expect a higher price to be bid if other buyers are serious. French regulatory process will take 60 days minimum.