Good morning, Monday = making you smarter. Here’s what happened over the weekend:

• 90,000 news jobs in Canada.

• Shopify almost lost $25B.

• OpenAI vs Google.

• More superchargers for Tesla’s.

• Planet Fitness woke up and chose profits.

ECONOMY

🤔 Canadian job market is booming or is it?

According to Statistics Canada, Canada added 90,000 jobs in April, 5x more than the expected growth rate and the highest in last 15 months.

The unemployment rate is steady at 6.1% and wage growth is at a 10-month low.

However, Canadian economists believe that’s not the full picture.

• Marc Desormeaux, Pricinpal economist at Desjardins believes even though Canadian job market is growing, it’s not quick enough to keep up with the population growth.

BUSINESS 

📉 Shopify almost lost $25 billion

Canadian e-commerce platform saw the slowest quarterly growth in 2 years. Based on the data of Toronto Stock Exchange the company was on track to lose $25 billion in market value.

London Stock Exchange analysts estimate current quarter revenue to grow 19.53%. However, the company expects operating expenses to grow over 10%.

TECH 

🥊 OpenAI vs Google

“ChatGPT with the power of web search” - every student and professionals dream come true.

There are rumours that OpenAI is working on a AI-powered search product which would be a competitor to Google and Perplexity (AI powered search engine).

OpenAI founder Sam Altman posted on X to address the rumours “not gpt-5, not a search engine, but we’ve been hard at work on some new stuff we think people will love! feels like magic to me.”

Official announcement will be made today - you already know we’ll keep you in the loop - stay tuned for tomorrow’s newsletter.

Interestingly, the timing of this announcement is either a coincidence or a strategic move. Because on Tuesday Google starts their annual I/O conference, where they will be showcasing their upcoming AI-related products.

⚡️Tesla is investing $500M to build more superchargers

So just a week ago Tesla shocked everyone by firing their 500 person Supercharger Team. However, it seems like Elon Musk had a change of heart because on Friday he tweeted that Tesla is still building the charging network.

The company will spend $500 million to build thousands of new charging stations.

Wouldn’t be a bad time to invest in a Tesla 🤔 

BUSINESS

🏋️‍♂️ Planet Fitness woke up and chose profits

6 packs are going to cost more than $10 a month now.

Planet Fitness is raising their membership prices for the first time since 1998. The new basic membership price will be $15/month ($20 CAD).

TRIVIA OF THE DAY

What year was OpenAI founded?

a. 2010

b. 2012

c. 2015

d. 2018

Reply to this email with your answers, top 3 winners will be included in tomorrow's newsletter.

FEEDBACK

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