Welcome back to another power-packed episode of Tank Talks! Matt Cohen is once again joined by John Ruffolo to break down one of the most divisive and impactful elections in Canadian history. From Alberta’s fury and NDP’s collapse to the growing political alignment on tech policy, this episode peels back the layers on what just happened and what’s coming next.

* The shocking downfall of Jagmeet Singh and the NDP

* Mark Carney’s debut win and what it means for national unity

* Alberta’s boiling anger and the risk of Western alienation

* The truth behind Microsoft’s AI revenue surge and whether it’s smoke and mirrors

* Why tech leaders are finally seeing political alignment in Ottawa

Election Earthquake: Liberals Win, But is it Really a Minority? (00:02:00)

Canada’s 2025 federal election saw Mark Carney’s Liberals clinch 169 seats, just three short of a majority. But is this really a minority government?

John’s take: Treat it like a majority. No one wants another election, and Carney may hold power longer than expected, possibly 12 to 24 months of clear runway. But the NDP collapse and talk of MP defections are setting the stage for high-stakes political bargaining.

The NDP Implodes: Jagmeet Singh Steps Down (00:02:43)

The New Democratic Party faces political extinction, just 6% of the vote and seven seats, losing official party status for the first time in decades.

John’s take: Expect backroom deals. Whether it's extending party status or poaching MPs, the Liberals may offer the NDP a lifeline in exchange for quiet support. But it’s a risky game and could backfire with voters.

Alberta's Fury: Is Western Alienation Back? (00:07:52)

Premier Danielle Smith is fuming, warning that Alberta may escalate demands if its economic interests aren’t prioritized. With 34 out of 37 seats going Conservative, Alberta feels ignored, again.

John’s take: Their frustration is justified. Ottawa’s refusal to discuss pipelines or LNG is alienating a province that bankrolls the nation. If Alberta walks, Canada loses its economic engine.

Tech’s Policy Wish List: Capital Gains, AI, and Procurement (00:11:26)

Canadian tech leaders wasted no time, issuing a post-election call to action: reform capital gains, support Canadian-built tech, and invest in AI infrastructure.

John’s take: The time for polite advocacy is over. With both Liberals and Conservatives aligning on major innovation policy, the opportunity for real progress has never been better, if egos don’t get in the way.

Surprise Unity: Liberals & Conservatives Align on Innovation (00:12:24)

Despite the heated rhetoric, the two leading parties are shockingly aligned on digital strategy, immigration reform, and even open banking.

John’s take: There’s nearly 80% overlap. Both parties want economic growth through tax relief, fast-tracked infrastructure, and internal free trade. Entrepreneurs are leading the charge, it’s time politicians caught up.

Microsoft’s AI Playbook: Real Money or Recycled Revenue? (00:15:24)

Microsoft’s stock jumps as AI revenues appear to surge, but is it genuine growth or just a repackaged Office 365 price hike?

John’s take: Be skeptical. Most of the new revenue might just be legacy SaaS customers forced into higher prices. Until there’s clear evidence of fresh, net-new AI revenue, it’s mostly smart marketing.

The AI Gold Rush: Are Startups Actually Winning? (00:18:12)

John questions whether AI startups are truly reaping rewards or just helping Big Tech inflate its margins. And with hyperscalers spending tens of billions, pressure is mounting to prove the returns are real.

John’s take: Don’t confuse exploratory pilot projects with actual adoption. Many corporates are still in “test mode,” and unless startups can prove long-term value, they risk getting left behind in an AI bubble.

As Canada redefines its political and economic future, this episode offers unfiltered insights into what’s really going on in Ottawa, Alberta, and Silicon Valley North. If you’re a founder, investor, or policy leader, this is essential listening.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Hope in the Wilderness