Two neighbours are sitting at different points in the same cycle. The United States is testing whether its giant AI boom can survive going public, while Canada is testing whether its recession is already ending.

A wave of AI companies is racing to the stock market just as the AI trade itself wobbles. North of the border, the economy is showing early signs of life even as households face a mortgage squeeze.

Today’s USA & Canada Intelligence Brief covers the region’s finance, markets, economy, and politics. It is a domestic brief, drawn from English and French Canadian sources, and we have left out any war coverage.

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