Matt Cohen
Host · Founder & Managing Partner, Ripple Ventures
- Matt Cohen hosts Tank Talks and co-hosts The Rundown, where he and John Ruffolo discuss current events across Canadian technology, startups, venture capital, and the economy.
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The Rundown 8/24/26: Canada’s Hidden Leverage in America’s AI Race
Canada is back at the negotiating table with the U.S., looking for relief from tariffs on autos, steel, aluminum, forestry, and other goods. Matt Cohen and John Ruffolo break down the latest developments, including the possibility of a revived Keystone XL project and the concessions Canada may have to make to get a deal across the line.
Matt Cohen & John Ruffolo
John Ruffolo
Co-host · Founder & Managing Partner, Maverix Private Equity
- John Ruffolo co-hosts The Rundown with Matt Cohen, bringing an investor’s perspective to the current events shaping Canadian technology, venture capital, and the broader economy.
Episode Overview
- Canada is back at the negotiating table with the U.S., looking for relief from tariffs on autos, steel, aluminum, forestry, and other goods.
- Matt Cohen and John Ruffolo break down the latest developments, including the possibility of a revived Keystone XL project and the concessions Canada may have to make to get a deal across the line.
- But John’s bigger concern is what Canada could give up in the process.
- He argues that digital services and technology are becoming the new economic battleground, and Canada risks protecting traditional industries while giving away ground in the sectors that could drive future growth.
- Matt and John also question why Canada is negotiating from a fragmented position while the U.S. approaches the talks as a unified front.
- The episode delves into Ontario’s new rules for AI data centers, the growing debate over who should pay for the massive infrastructure needed to power AI, and Anthropic’s unusual founder-control structure ahead of a potential IPO.
Key Topics
Canada’s Trade Gamble
John warns Canada may trade digital sovereignty for short-term wins on oil and agriculture, calling it “solidifying the past and giving up the future.” He explains how U.S. statecraft has cleverly undermined Canada’s domestic tech industry through data and content restrictions.
Ontario’s AI Data Center Crackdown
Ontario rolls out new rules forcing AI data centers to pay higher electricity rates and cover infrastructure costs. John says the move was inevitable and raises legitimate questions about whether AI’s benefits will be widely shared.
Anthropic’s Super-Voting Share Plan
Anthropic plans super-voting shares and a trust to insulate its founders, who own only about 2% each, ahead of a potential $2 trillion IPO. John calls it bad governance but admits the public likely won’t care given the company’s explosive growth.
Stripe Stays Private and Buys Big
Stripe acquires OpenRouter for $8 billion in stock while staying private, with revenues up 41% and free cash flow rising 43%. John asks why they’d ever go public if secondary markets provide liquidity and they can avoid quarterly scrutiny.
Clearco’s Comeback
Clearco secures a $100 million Macquarie facility, cutting its cost of capital by 50% in a stunning turnaround. The chairman describes it as rebuilding an airplane mid-flight, and they’ve pulled it off.
Is Canada Losing the Blockchain Race?
With U.S. crypto rules advancing and Canada stalled since the Stablecoin Act, John warns the real opportunity is in unified ledgers, not currencies. He notes Canada’s best blockchain talent is building for American companies, not Canadian ones.