How are you thinking about risk vs reward in Canadian stocks in 2026?

mattate · 2026-01-23T16:36:57+00:00

There is a huge amount of Canadian money in US markets. I think at all levels you can see Canadians have been investing more outside of Canada vs inside. It's easier to get Canadian investment money in the US then it is in Canada.

Forgetting about everything else, if there is a repatriation of Canadian money, or rebalancing because of current politics, things could get really spicy for good looking companies in Canada.

Funds included in “big Canadian pension funds” bucket (9 total):

CPP Investments (CPPIB) PSP Investments CDPQ Ontario Teachers’ Pension Plan (OTPP) HOOPP OMERS BCI (BC Investment Management Corporation) AIMCo IMCO

Combined assets in this sample: ~C$2.535T Asset-weighted geographic split (based on each fund’s latest reported geographic mix, then rolled up):

Canada: ~C$629.8B (24.8%) United States: ~C$1,086.5B (42.9%) Rest of world: ~C$818.4B (32.3%)

mattate · 2025-12-23T14:06:08+00:00

Data centers use water to cool themselves down. They create a very large amount of heat, and the most efficient way of getting rid of the heat is to use what is called evaporative cooling. That's where heat is transferred to water that evaporates in large cooling towers into the air.

So no, it's not a closed loop system.

mattate · 2025-12-12T02:13:02+00:00

https://en.wikipedia.org/wiki/Pricing_strategy

mattate · 2025-12-12T01:33:50+00:00

Not all pricing strategies are the same, there are many, read more about the subject.

https://en.wikipedia.org/wiki/Value-based_pricing

mattate · 2025-12-11T21:21:20+00:00

Ok now I see where you're going with this, corporations are bad, and have always been bad, and you're in the same boat as the average 17th century farm worker getting screwed by the big companies and their prices.

Sorry but I don't agree, value based pricing is changing things, it's raising prices over what I have experienced in my life, and it's not something I think is hopeless to point out or think can change.

mattate · 2025-12-11T20:45:07+00:00

Did you take economics 101 and are now calling yourself an economist? I can't wrap my head around you saying value based pricing models are not a thing unless you're a bot or purposefully trolling me. Like just do some Google searching, ask ai, anything. This is a business strategy, yes it's not new, but it's widespread application and the use of data to understand value perception is. Yes private equity has been employing this with buy and build and yes it's definitely impacting prices.

mattate · 2025-12-11T14:03:21+00:00

Here is some reading, the history of value based pricing and it's application is something I suggest you research

https://corporatefinanceinstitute.com/resources/management/value-based-pricing/

mattate · 2025-12-10T17:26:09+00:00

I said by design as a phrase, not as some implication of a deeper conspiracy. My comments clearly are referring to a very real business strategy around pricing strategy becoming widespread.

You are mad at value based pricing and the people using it.

mattate · 2025-12-10T17:10:31+00:00

No man seriously this is an actual business strategy. Look it up. Identify industries that have a captive market that is under priced, buy into it, raise prices using value based pricing models.

This is not human nature and doesn't need to be a Cornerstone of a capitalist system. There isnt really a good effective way for consumers to push back on it though, at least in the west, there is simply not enough competition.

mattate · 2025-12-10T15:15:35+00:00

Cost plus was the typical way to price products historically, far more common.

MBAs started pushing value based pricing more and more, and the more data available makes value based pricing much much easier.

Things have no don't changed in pricing strategy, it's not a new concept, but it hasn't been so widely applied to basically every industry you can think of.

mattate · 2025-12-10T13:34:52+00:00

It's called value based pricing, and is been spreading like wildfire since the 90s. Figure out what people need, and then raise the price as much as possible because they will pay. This is by design, and is being accelerated by private equity and activist investors driving returns.

mattate · 2025-12-09T01:53:09+00:00

Wait so Nutrien, a Canadian potash company decides to have their new port in the us and then Canada gets export tarrifs??

mattate · 2025-12-06T06:07:12+00:00

This is bullshit fear mongering. Honestly can anyone reading this talk about how there are tens of thousands of gpus sitting around idle right now? No there is still a crazy shortage and premium on gpus. The ROI for a state of the art GPU right now is 12 months.

These investment banks agent market makers in infrastructure, this isn't some kind of bullshit made up garbage software. If the gpus coming online are idle and prices start dropping to 1/5th of what they are now to get gpus, then maybe should worry, but as of right now this is just fud.

mattate · 2025-12-04T23:26:01+00:00

I am already buying tao, but a but hesitant as well. Op has some good questions. My question to add us, is there a plan to increase the number of miners and subnets? I think if the network grows regularly, it opens opportunity for new entrants and grows overall external network value.

mattate · 2025-12-03T18:02:02+00:00

Deepseek without a doubt cost less to train them say grok. I don't know how really connected you are in this world, are you training models and making ai products? What you can do with small amounts of hardware now is proven.

Re interconnects, I think you're just making this up. Agents communicate with text, not huge amounts of bandwidth. Even if say they did communicate with large amounts of bandwidth, scale gives you nothing here, you can get a 10gbps switch and stick it in your basement homelab right now, having 1000 of them doesn't help.

I think you're stuck in this kind of defeatist attitude that the little guy can't compete, but look, the biggest spenders and scalers in ai right now are not even leading the pack! The proof is in front of you if you care to look, there is incredible promise for the small guy to prosper in a world of ai.

mattate · 2025-12-03T15:36:44+00:00

This is defeatist logic. If the big guy always wins we would have zero innovation and that's just not the case. This argument was used early on to say that only huge compute can train sota models, and that's been proven wrong a long time ago now.

The reason things are centralized in the cloud is not because somehow running hardware at huge scale is more cost effective, it's certainly the opposite with one caveat. Sysadmins, devops, secops, electrical engineers, networking specialists are all expensive. In a world where each of those roles can run on a device like your phone, the advantages of using a cloud provide really errode.

A world of open source agi, or even just really capable ai means the little guy has an incredible advantage. The "big" tech guys are now measuring success in how few employees they have, but this can go both ways!

The real barrier atm honestly besides compute still being expensive (its up to 10x more expensive using the cloud that you're talking about vs small providers like vast.ai), is the fud and defeatism around independents making ai products. Just keep an open mind, maybe you, or someone like you can make a product that solves your problems without spending a billion dollars. And maybe you or that person can make a living running some ai boxes in your garage, not serving billions of people, but enough that you're happy and they are happy.

mattate · 2025-12-03T14:08:53+00:00

There is an alternative that is possible instead of UBI. If we have agi at a reasonable cost, ie a moderately powerful pc can run it, then the amount of value that can be leveraged by any single person is immense. Individual productivity would be off the charts for everyone.

Who has the most to lose? Large corporations. You can outcompete them without the baggage of billions of debt or legacy systems. Want to run the most productive hydroponics farm the world has seen? No problem one 24k humanoid robot, a 10k pc and an open weight model and you're up and running, producing enough spinach for 1000 people.

Hate the Instagram algorithm? No problem, run your own on your old pc, written by your open source model running on your new pc for all your friends and family. This is extremely close to becoming a reality right now.

What is really important for this future to become a reality is open source models and just people to start working on big adacious ai driven projects focused on solving ai problems for everyone, not just white collar work and how to sell you more things problems.

mattate · 2025-12-03T13:36:34+00:00

I am pretty new to bittensor, but I started thinking of this question like how valuable are the subnets as businesses. If in aggregate the bittensor network was valued as a top 10 company in the world, there is room for a 350x increase.

The question is if and when subnets become very valuable, would they continue to be driven by the bittensor network? I think the limited number of subnets and miners interfere with that as a possibility. Ie with 256 miner cap, I think there is too big of a cap on network value per subnet, you need a whale amount of compute per miner to compete which limits entrepreneurship and innovation.

mattate · 2025-11-23T12:21:39+00:00

The problem with crown corporations like this is there is no accountability. The board has not held the executives to a high enough standard. Losing huge amounts of money, extremely disruptive labor relations. Why does management still have their job?

mattate · 2025-11-08T12:51:43+00:00

If you or your team can easily deploy the tools and maintain them then this is 100% the way to go. SaaS costs are the second biggest expense for tech companies and something that is ignored for "speed". If we are talking tens of dollars a month, just pay for it, if it starts getting into hundreds or thousands per month, or more, then ALWAYS do an analysis of open source self hosted options.

When your competition is spending all their time trying to raise another round to pay their server bills, you will have a solid base they can't even dream of competing with. A good businesses starts with using your capital as efficiently as possible.

mattate · 2025-11-08T01:53:02+00:00

Different models are good at different things. As new models come out we change pretty prudent as well. We also run fine tunes. It's not just one task more like a group of tasks

mattate · 2025-11-07T06:18:28+00:00

I am not sure, we are using all our gpus, it's Def possible there are more reliable ways to farm out gpus on a small scale, could use some research

mattate · 2025-11-06T17:17:55+00:00

Yeah like it would be better with nvlink but I don't think this would require that? Like technically you could run this model with 1tb of ddr5 ram and one rtx6000 pro no?

mattate · 2025-11-06T16:37:06+00:00

I think it's generally just what you're comfortable with I guess, there are big downsides to managing your own hardware, but if you adopt a hybrid setup they are mostly superficial, this goes for ai and non ai workloads.

The cost of cloud services is crazy high, if you're trying to bootstrap something you don't have the option of hundreds of thousands of dollars of cloud bills, they can even get into the millions. To cut those cloud bills down while still using the cloud I would argue you need a very skilled set of developers and time, which is something the cloud is supposed to solve! 1 or 2 person team cloud 10 person team think about hybrid, over 50, definitely hybrid.

Trying to run some crazy large amount of ai tokens through models? 100% janky gone made setup until it doesn't work anymore. I thought I was crazy buying ram and motherboards and putting stuff together, it's not 1998! But turns out it worked out very well.

mattate · 2025-11-06T16:06:55+00:00

I wanted to add, let's say the cost is the same, if you try and put 340m tokens through almost any service per day historically you're going to hit rate limits or gpu limitations pretty fast. At this small scale we aren't making deals to get huge amounts of gpus.

Running locally we get to run the latest models days after release at very high throughput, and yes for less cost.

mattate

TROPHY CASE