Simon Belanger

I think there's already potentially a lot of bad stigma around AI in general, so I don't think if they were seeking out dirty power, I guess you could guess.

I think they're really going to put pressure on the clean route as well.

Well, I think they spun it off because they were struggling so much as like the full conglomerate too.

And yeah, the individual segments have done very well.

All right, we'll get into my first two.

The first one would be Stantec.

So they are a engineering and design firm, and the company does have a small but growing data center segment.

So back in 2025, they won the contract for a few of the data centers here in Alberta.

They're a mid cap with a market cap of around 12 billion Canadian.

They're dual listed, so they trade in the U.S.,

And the company is largely seen as a boring infrastructure play, but I do believe with that data center segment growing, if it can execute properly on the projects it has right now, there's a good chance it could lead to larger growth, being able to acquire more of these projects.

The company's backlog has grown at a 10% compound annual growth rate over the last decade and has accelerated in the last three years nearly 14%.

Another hidden AI element here is just the improvements that can be made on the AI front in terms of efficiency.

A lot of these companies work on billable hours.

A ton of these billable hours are repetitive work and work that can probably be supplemented, reduced by AI.

And if they can introduce this all while keeping pricing the same, there's a bit of operating leverage here as well.

But yeah, they're more that engineering design firm on data center plays for the most part in regards to Stantec.

WSP or Stantec?

You own both, right?

I own WSP, but this was US stocks only.