A Token For Your Thoughts 

For some time now we have been considering the possibility that AI could be just shiny new version of a pet rock. What I mean is that up until a few months ago, AI was just a convenient way to edit videos, pictures, with questionable commercial or monetary value.  Many of you likely remember the start of the internet.  Web pages were clunky and very limited in their usage, and emails were just a fancy way to send correspondence, or pictures.  Obviously, the internet became far more than it’s early roots…and we are starting to see that AI may experience a similar growth patter, albeit with a much faster trajectory.  More recently token usage (I’ll explain more on “tokens” later) is up over 400% in the first 3 months of 2026 and expected to grow by 2400% by 2030. 

Market Review: Spring Recap & Summer Outlook 

I think it’s fair to file the first ½ of 2026 under “I didn’t see that coming”.  With already high levels of anxiety around Iran, fuel prices, and a slowing Canadian Economy, a rally of this magnitude was unexpected to say the least. At the same time, consumers and businesses have remained quite resilient. While Canada may be dipping into a technical recession, south of the border, job growth continues to be strong, further enforcing the view that rates may stay higher for longer.  U.S. stocks have shown strength, led by both technology and energy.  We’ve even begun seeing some signs of sector rotation as the AI revolution expands.  In Canada energy and financials have run, with energy being pushed by continued angst in the middle east, and financial being supported by strong earnings and a positive sloping yield curve.  Looking ahead, there is some concern about the consumer worldwide, however, policy makers still have some tools to support the consumer, including monetary policy and lower interest rates.  One thing is for sure…the AI story is a strong one. 

 

Tips & Tricks from the Admins 

As administrators, we love makings lists…so much so that we even do it on vacation! Angela, Helen, and Gigi invite you to create a summer bucket list and embrace the season’s adventures. Angela is already ahead, having explored Ireland last month…a dream she’s had for years.  Helen’s top priority is cultivating rosemary and basil in pots near her patio, hoping their fragrant leaves will keep mosquitos at bay.  Gigi is excited to try her first lobster during her trip out east in August.   
What’s on your summer bucket list? 
Angela, Helen and Gigi 

Theme Spotlight: Tokens…What Are They? 

For many the term ‘token’ was foreign as it relates to AI. In simplest terms, a token is the most basic building block of text that a large language model (LLM) uses to read and generate content.  Instead of analyzing whole words, the AI model breaks the text into chunks in order to analyze it.  So, when you ask and LLM a question, it breaks your question into small chunks or tokens.  At the moment, tokens are a great way for us to monitor the usage of AI. 

What Are We Reading? 
Superconvergence: How the Genetics, Biotech and AI Revolutions Will Transform our Lives, Work, and World 
by Jamie Metzl 
 

While there is a camp that is terrified of the future of AI, I am much more optimistic…in particular as it relates to our health.  Author, Jamie Metzl explores how the convergence of artificial intelligence, genetics, and biotechnology is radically transforming our world, with innovations accelerating exponentially.  At the same time, this growth is currently outpacing our systems of global governance, creating a very challenging situation.  This is quite an interesting read with a silver lining of some hope for the future!   

Summer 2026: Guess Where You Will Go? 

I’m not certain of whom, but one of our wonderful clients gave me a great idea for what turned out to be a well-received Christmas gift to my wife, Dana.  The idea was that there was a company that would put together a day trip, somewhere in Ontario, to head out and see a number of “hidden gems”.  While I chose the “Local Markets and Picturesque Towns” trip, there are a great many to choose from including; Bayside Wonders, Vista’s and Caves, and many more.  If you are looking for a very well-priced excursion, filled with many surprises and great ideas…all under 100km’s away, check out www.guesswheretrips.com and see what turns up! 

 

The Closing Bell… 

We’ve definitely said it before but 2026 continues to be the year of “despite”.  Markets have remained incredibly strong despite tariffs, inflation, Iran, and higher than expected interest rates.  That said, and at the risk of being repetitive, the AI story is clearly one that investors feel comfortable embracing.  The “risk on” story has been one that has driven markets much higher. It’s important to note that it isn’t just speculation.  Earnings are quite good in most cases and look to continue so.  Over the coming months we will be looking to see more productivity gains from industry where AI is concerned, and hopefully, as we all try to enjoy the coming summer weather, some calmness on at least the political front.  This may be wishful thinking as U.S. mid-term elections are less than 5 months away.  Here’s hoping!  Have a great summer filled with relaxation, family, friends, and fun! 

Upcoming Events 

Gilda’s Club Golf Tournament 
In support of Simcoe Muskoka Gilda’s Club Wednesday, July 15, 2026 
Bear Creek Golf Tournament 
www.gildasclubsimcoemuskoka.org 

 

"Building advanced AI is like launching a rocket.  The first challenge is to maximize acceleration, but once it starts picking up speed, you also need to focus on steering” – Jaan Tallinn 

 

 

 

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