Strategic Alternatives

China’s electric vehicle leadership is reshaping the global audio industry. In this episode, host Joe Coletti speaks with Tom Narayan, Lead Equity Analyst in Global Autos at RBC Capital Markets, to explore how China built its EV advantage, why its OEMs are expanding into Europe and eyeing the U.S., and what this means for Western automakers, suppliers, and consumers.
Key points:
China’s EV advantage is rooted in battery supply chains, subsidies, labor costs and domestic market scale.
Chinese OEMs are expanding beyond their home market through exports and localization in Europe.
European OEMs may lose share, but Western suppliers could benefit if Chinese OEMs rely on them abroad.
Chinese OEMs are technically ready for the U.S. market, but policy volatility and tariffs remain major barriers.
Chinese consumers are shaping the next phase of electric vehicle technology through demand for autonomy and tech-forward features.

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To learn more about RBC Imagine, access the flagship report, or continue the conversation, contact your RBC representative or visit rbccm.com/imagine.

Amid soaring power demand and energy security concerns, will the market start to place more value on conventional oil and gas production again? Ben Rodgers believes that it will, and that APA Corporation is well placed to benefit when the moment comes. In this episode of Innovators and Ideas, he sets out the company’s strategy across diverse territories and commodities.

Key Points
• Oil and gas group APA Corporation has continued to explore as well as produce.
• Producing oil and gas, and working across continents, offers diversified exposure.
• The company has brought in Total for a joint venture in Suriname.
• A major restructuring was designed to advance APA’s objective of being a cost leader.

Global power demand is rising sharply, and geopolitical instability is accelerating the need for secure, affordable, and diversified energy systems. In this episode, host Joe Colletti speaks with Robert Kwan, Head of Global Power, Utilities & Infrastructure Research, and Maurice Choy, Canadian Energy Infrastructure Analyst, to explore how RBC Imagine themes—energy security, affordability, crisis capitalism, synthetic technologies, and shifting superpowers—are reshaping the sector.
The conversation highlights how utilities, midstream operators, and infrastructure investors are navigating a world where energy transition, digital demand, and geopolitical conflict collide. As Robert notes, “this current environment is hammering home to a broad population how important energy is to everybody’s daily lives”.
Key Points
Geopolitical conflict is reinforcing a global “all of the above” approach to energy supply.
Rising energy prices are intensifying affordability pressures across households and industries.
Hyperscalers and digital platforms are rapidly becoming dominant global electricity consumers.
Utilities are investing heavily in resilience to manage climate, cyber, and grid instability risks.
Synthetic technologies are improving efficiency and reducing supply‑chain vulnerabilities.
Canada is increasingly well‑positioned to expand global energy exports across fuels and electricity.
Massive infrastructure investment is required to deliver diversified, secure global energy systems.

Software valuations remain squeezed amid dire predictions of ‘SaaSpocalypse’. But the real future of the sector is likely to be more complex, as RBC’s recent Canadian Private Tech Conference underlined. In this episode, Software Analysts Paul Treiber (Canada) and Rishi Jaluria (U.S.) reflect on the competing visions presented at the event, and consider how AI’s impact on the sector – and other industries – is playing out.

Key Points
• Innovation will be the key differentiator for software companies’ survival as AI disruption continues.
• AI is targeting companies’ labor budgets rather than IT spend.
• Software M&A remains subdued, pending a recovery in valuations.
• Power constraints are limiting the scaling of AI.

Introductions [00:06]

Paul Treiber introduces colleague Rishi Jaluria for a discussion about the RBC Canadian Private Tech Conference, which featured 25 differentiated tech companies.
Software’s future [00:40]

The conference presented competing views of AI’s impact on software. Some foresee the ‘SaaSpocalypse’, with software headcount shrinking as AI self-compounds. Others are harnessing AI to move faster and say their customers are expanding software use. Vertical software firms in regulated, workflow-dense environments are better insulated from disruption.

Labor impact [03:09]

Rather than eating into IT budgets, AI is cannibalizing labor. Beyond software, entire industries are being disrupted. Some believe financial intermediation may disappear.
Constraints on AI [04:43]

AI processing is accelerating, but memory is growing more slowly and interconnect failing to keep pace, acting as a constraint.
M&A [05:15]

M&A activity is subdued and will only revive with a recovery in valuations.
Sovereign clouds [05:52]

Sovereign clouds are seen by some as a tailwind for Canadian companies. Others believe local hosting will prove unnecessary.

With a 75-year track record under its belt, TC Energy is poised to enter a new phase of growth, thanks to a presence across North America and the growing demand for energy at home and abroad. In conversation at RBC’s Global Energy, Power and Infrastructure Conference, President and CEO François Poirier outlines the company’s current tailwinds, and why he sees particular LNG growth opportunities for Canada.

Key Points
• Canada has new opportunities to meet growing global demand for LNG.
• TC Energy is lifting self-imposed capital allocation limits as it seeks to grow its assets across North America.
• Safety, profitability and asset reliability are closely entwined in the success of the business.