Explore every episode of the podcast Strategic Alternatives

Software sentiment has shifted significantly as investors reassess the impact of AI across the sector. In this episode, Matt Hedberg and Rishi Jaluria discuss opportunities emerging across cybersecurity, data and infrastructure, the evolution of software business models, and where value may accrue across the software stack. They also explore cyber resilience and the economics of buy-versus-build decisions.

Key Points

• Software sentiment has improved as investors increasingly view AI as an opportunity to expand software capabilities rather than displace software altogether.
• Companies with strong track records of innovation may be best positioned to benefit as AI reshapes competitive dynamics across software.
• Rising AI-related security incidents are reinforcing the need for cyber resilience and security modernization.
• Software moats remain intact, while outcome-based pricing is emerging as an important area of business model evolution.
• DIY software strategies do not always reduce costs once maintenance, security and opportunity costs are taken into account.

How has software sentiment evolved this year? [00:55]

Matt Hedberg discusses the recovery in software sentiment, changing investor perceptions of AI, and the debate around the future of traditional SaaS applications.

What determines AI winners and losers? [04:58]

Rishi Jaluria explores why innovation remains the most important moat, the role of M&A as outsourced R&D, and how software business models may evolve.

What are the cybersecurity implications of recent AI incidents? [07:25]

The discussion examines rising AI-driven cyber threats, increasing demand for security modernization, and the implications for cybersecurity vendors.

What stood out from the software and AI bus tour? [09:55]

Insights from meetings with software companies, investors and private companies, including software moats, incumbent advantages, outcome-based pricing and the limits of vibe coding.

What does the DIY framework suggest about buy versus build? [12:36]

Matt Hedberg and Rishi Jaluria discuss the hidden costs of internally developed software and the trade-offs organizations face when evaluating DIY approaches.

Listen and subscribe to Strategic Alternatives on Apple, Spotify or wherever you get your podcasts. To learn more about software and AI trends and RBC Imagine research, contact your RBC Capital Markets representative or visit rbccm.com/strategicalternatives.

The UK is acknowledged as a renewables leader. Heavy transmission investment will help it enhance energy security alongside clean power. But when it comes to the third point of the energy trilemma, affordability, there’s a problem: the country’s electricity demand is just too low. Chris Stark, the UK government’s Head of Mission Control for Clean Power 2030, sets out its strategy in conversation at RBC Capital Markets’ Energy Transition Conference.

• What is the Clean Power 2030 mission? [00:51]

Chris Stark discusses his background as CEO of the Climate Change Committee, his appointment when Labour won the 2024 election, and the goal of reaching a mostly clean power system by 2030 through investment in clean generation, grids and storage.

• How does electrification transform the energy system? [02:27]

Chris explains how doubling the power system will halve overall energy use through the efficiency of electric vehicles and heat pumps, while greater domestic generation boosts energy security.

• What is the biggest grid build since the 1960s? [03:58]

The discussion covers the largest transmission build in decades, turning the grid inside out from coal to wind, and the government consenting clean energy projects faster than any previous administration.

• How is the government reforming grid connections? [04:56]

Chris details the extension of Contracts for Difference from 15 to 20 years and the radical reordering of the connections queue to prioritize strategically aligned and commercially ready projects.

• Can the energy trilemma be solved? [05:44]

The conversation examines the tension between capital investment, delivery speed and consumer costs, the legacy of levies on electricity bills, and the challenge of moving policy costs onto the exchequer.

• How can EVs lower electricity bills? [07:20]

Chris outlines how scaling EVs from 3 million to 30 million vehicles, alongside heat pumps, could cut the unit cost of electricity by up to 25% by spreading fixed costs over greater demand.

• What role do data centres and flexibility play? [08:19]

The discussion explores smart demand from data centres located where spare electrons would otherwise be constrained off, the benefits of a flexible power system, and targeted rebates for heavy industry.

• What about CCS and hydrogen? [09:49]

Chris addresses the remaining 20–30% of decarbonization that electrification cannot reach, the UK’s advantage in CCS through depleted oil and gas wells, and the reality check on costs for carbon capture and hydrogen projects.

• What's the risk to investors from political change? [10:53]

Chris explains why he does not expect a change of agenda with a new Prime Minister, how fixed-revenue contracts with an independent counterparty protect investors, and why the cost of finance will determine the future cost of energy.

Listen and subscribe to Strategic Alternatives on Apple, Spotify or wherever you get your podcasts. To learn more about the UK energy transition and RBC Capital Markets research, contact your RBC Capital Markets representative or visit rbccm.com/strategicalternatives.

Consumer staples companies face mounting pressure from changing consumer behavior, a widening K-shaped economy and the growing influence of digital platforms. Nik Modi discusses the key themes from The Great Recalibration: Consumer Staples Edition and the actions boards and management teams should consider for the future.

Key Points

• Long-standing valuation pressure and a more volatile operating environment are forcing consumer staples companies to rethink traditional approaches to growth and value creation.
• Income bifurcation is reshaping demand patterns, with growth increasingly concentrated at the high and low ends of the market.
• Simplifying choice and aligning products with consumer occasions could help brands address rising decision fatigue.
• Digital platforms are becoming powerful demand-creation ecosystems where cultural relevance can be as important as brand scale.
• Companies should focus on capabilities, resilience and organizational structures that help them compete effectively in a different future landscape.

Introduction [00:05]

• Joe Coletti introduces the episode and welcomes Nik Modi, Global Co-Head of Consumer Research at RBC Capital Markets, to discuss the findings of The Great Recalibration: Consumer Staples Edition.

Why Consumer Staples Is at a Pivotal Moment [01:47]

• Declining valuation premiums, persistent earnings pressure and a more volatile operating environment are forcing companies to rethink traditional approaches to growth, investment and value creation.

Adapting to a K-Shaped Economy [06:53]

• As spending becomes increasingly concentrated at the high and low ends of the market, brands may need to rethink portfolio architecture, consumer targeting and growth strategies.

Decision Fatigue and the Paradox of Choice [09:02]

• Growing choice overload is changing consumer behaviour, creating opportunities for brands and retailers to simplify decision-making through assortment and merchandising strategies.

The Eighth Continent and Cultural Relevance [12:06]

• Digital platforms are reshaping demand creation and influencing brand success, making cultural relevance, platform-native strategies and creator partnerships increasingly important.

Building Capabilities for a Different Future Landscape [15:01]

• Nik outlines five priorities for boards and management teams, including capability building, organizational redesign, resilience and treating digital as core business infrastructure.

In a 40-year career, Francesco Starace has become one of the leading figures in the energy transition – first as CEO at Enel Group, and now as a Partner at specialist investment EQT Group. In a keynote session at RBC Capital Markets’ Energy Transition Conference, Starace shared his views on the progress of the transition, the global challenge posed by soaring electricity demand, and the potential contribution of his first specialism, nuclear.

Payments companies were among the first to experience the pressures that hit the fintech scene and the broader software industry over the past couple of years. Now activity is reviving, with several big deals. What’s changed, and which other parts of the sector stand to thrive amid ongoing disruption? Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, is joined by colleagues Matt Thomas and Asif Ahsan for the second part of their analysis.

Key points

• Payments companies are trading at a discount relative to cashflow and are likely to see strong M&A activity.
• Agentic commerce and stablecoin are potential game-changers in payments.
• Strategics are targeting companies with a hardware component alongside proprietary data as moats against AI.
• Digital assets and trading platforms are among the subverticals with strongly favorable signals.

Chapter markers:

Introductions [00:06]

• Joe Coletti introduces the second part of a discussion led by Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, with Matt Thomas, Managing Director in Technology Investment Banking, and Asif Ahsan, Managing Director in Technology M&A.

Payments strength [00:46]

• Activity in the payments sector has picked up meaningfully in the past three months. The space has become more global and less fragmented, as companies seek to own whole steps of the value chain. Many payments companies are trading at a discount and this is an area of likely continuing M&A activity.

Impact of agentic commerce and stablecoin [04:34]

• Agentic commerce is set to transform payments, and will drive transactions to ensure security against fraud. Stablecoin is becoming institutionalized and could prove disruptive to traditional banking when paired with consumers’ digital wallets.

Information services outlook [08:13]

• Information services companies’ success rests on whether their data is truly proprietary or can be easily replicated. A combination of proprietary data and hardware is increasingly valued by companies looking to do M&A.

Subvertical verdicts [10:17]

• Summing up their views, participants are broadly bullish about payments and financial software. Views on market structure, information services, and disruptive financial services are mixed, with some players facing greater risks. Signs are good for digital assets, crypto, and tokenization, with strong innovation and maturing players.

Amid the SaaSpocalypse panic, fintech companies remain relatively resilient, protected by the specialized and highly-regulated nature of the financial market. But investors are looking for strong retention and growth, including AI-driven revenues. Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, is joined by colleagues Matt Thomas and Asif Ahsan to analyze what will set the winners apart from the competition.

Key Points

• Public and private markets in fintech remain robust.
• While affected by AI disruption, the sector has been more resilient than the broader software market.
• Investors are looking for high retention and growth, including AI-driven revenues.
• Wealthtech and Insurtech are attracting most interest and are set to see strong M&A.

Opening and introductions [00:06]

• Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, summarizes RBC’s 11th annual fintech conference. It attracted the biggest engagement of the past five years: 430 delegates and 740 investor interactions. He introduces Matt Thomas, Managing Director in Technology Investment Banking, and Asif Ahsan, Managing Director in M&A.

Hunt for investments [02:15]

• Fintech innovation is accelerating. Private investors are actively seeking new investments; public investors are striving to understand the impact of AI on current investments. The winners will be companies demonstrating high gross retention as well as growth that is at least partly driven by AI features.

Fintech’s resilience [7:37]

• The specialized and highly-regulated nature of finance is providing fintech with some protection from the disruption affecting software more broadly. But there is a bifurcation, with successful companies achieving robust trading multiples and perceived losers trading near cyclical lows.

Embedding offers insulation [9:10]

• Fintechs that are strongly embedded with their end customers have most protection, and have the opportunity to go on the offense with new products.

Areas of opportunity [11:36]

• Wealthtech and Insurtech are attracting most interest: M&A is likely to remain strong in these subverticals over the next 12 to 18 months. Capital markets software has strong interest, but incumbents face threats from customers with their own AI budgets.

AI infrastructure investment, M&A activity and evolving treasury demands are reshaping how companies access capital and manage liquidity. Vito Sperduto, Head, RBC Capital Markets U.S., Raja Khanna, Head of U.S. Corporate Banking, and Kartik Kaushik, Head of U.S. Cash Management, discuss what's driving capital deployment, how financing strategies are evolving and why treasury is becoming an increasingly strategic function.

Key points:

• Corporate borrowers continue to navigate elevated rates, growing lender competition and an evolving private credit landscape.
• AI infrastructure investment and M&A activity are driving demand for financing and reshaping capital structure decisions.
• Treasury is moving from a cost-centre view to becoming an increasingly important part of strategic planning, capital allocation and transaction readiness.
• As companies manage cash across multiple markets and currencies, visibility, transparency and control remain key priorities.
• For borrowers, flexibility in capital structure and financing options remains a priority, while treasury teams continue to focus on liquidity visibility and working capital control.

Listen and subscribe to Strategic Alternatives on Apple Podcasts, Spotify or wherever you get your podcasts. To learn more about corporate banking, treasury management, liquidity solutions or capital markets strategy, please contact your RBC Capital Markets representative or visit rbccm.com.

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.

Listen and subscribe to Strategic Alternatives on Apple, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please leave us a review and share the podcast with others.

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.

RBC's Canadian Industrials Conference in Toronto wrapped with more reasons for optimism than many expected. In this conference takeaway, Walter Spracklin, Director of Canadian Research and Co-Head of Global Industrials Research, debriefs with analysts Sabahat Khan, James McGarragle, and Matthew McKellar on the key themes that emerged. Steel producers are finding ways to mitigate U.S. tariffs, the freight recession is easing, and the most significant buzz centred on the government's nation-building infrastructure and defence plans.

Key Points

• Canada’s nation-building plans are boosting industrial confidence, while its defense strategy creates a tailwind for the country’s aerospace sector.

• Tighter supply has helped to ease the long-running freight recession.

• Steel suppliers are diversifying from U.S. exposure to mitigate trade tariffs.

• Tariffs have also hit lumber hard, with supply tightening in response.

• AI deployment is positioning the transport sector for operational efficiencies.

• Introductions [00:06]

Host Walter Spracklin refers to RBC’s recent Canadian industrials conference in Toronto, which heard from 38 participating companies. He introduces three colleagues – Sabahat Khan, James McGarragle, and Matthew McKellar – to discuss the key themes that emerged.

• Freight recession eases [00:47]

The freight recession dominated last year’s conference, but tighter supply driven by regulatory changes has lifted pricing, with positive impacts on rail too.

• Tariff impacts on industrials [02:05]

Section 232 tariffs are creating direct impacts across steel-exposed industrials, while broader tariff uncertainty is delaying some large capital project decisions.

• Government plans inject confidence [04:30]

The Canadian government’s new strategies on nation-building infrastructure are lifting confidence in the market. Its plans to increase defense spending and prioritize Canadian producers are seen as a potentially lasting tailwind for aerospace companies.

• Paper and forest production [9:36]

Demand is poor and the lumber sector has been hit hard by tariffs. However, tighter supply has set up the industry for better conditions at lower levels of demand in future.

• AI and capital allocation [13:01]

Other common themes at the conference were the deployment of AI to achieve efficiencies, especially in transport; and the disciplined allocation of capital, balancing organic growth with strategic M&A.

The expansion of power and infrastructure to support the energy transition is unfolding against a complex backdrop. Policy uncertainty, geopolitical tension, and shifting market forces are colliding with record investment and a rapidly evolving mix of technologies. Ralph Ibendahl, Global Head of Energy Transition and Co-head of Power Utilities for Europe, assesses the challenges and opportunities with expert colleagues from the U.S., Canada, and Australia.

Key Points

• Increasing global power demand is leading to growth across all power types and grids.

• Policymakers need to balance affordability concerns with growth opportunities.

• Recent deals include financing for a major nuclear project in Canada, and build-out of Germany’s grid.

• Companies are drawing on a full mix of funding types, including infrastructure equity, private credit, and structured capital.

• Many companies are turning to the public markets, where valuations are stronger.

• RBC Capital Markets is guiding clients through this volatile market.

Life sciences is a hub of dealmaking activity. Over the past year, more than 30 transactions valued at $1 billion or more have crossed the finish line. But the picture in other segments of healthcare is more mixed. At RBC Capital Markets’ Global Healthcare Conference in New York, Darren Campili, Global Head of Healthcare Investment Banking, hosts colleagues David Levin, Ahmed Attia and Jason Levitz to explore what's driving deals and where the opportunities are heading.

Key Points

• Healthcare M&A is strong, with a surge of high-value deals in life sciences.
• Equity performance is challenging, but investors in life sciences and biotech have seen good outcomes.
• IPO activity has rebounded; again, life sciences and biotech are most successful.
• Dealmaking has been largely unaffected by regulatory uncertainty, though challenges remain on reimbursement and MFN pricing.
• Larger companies believe they have the edge in using AI for profitability and competitiveness.

• Introductions [00:25]

Host Darren Campili, Global Head of Healthcare Investment Banking, introduces the podcast and guests: David Levin, Co-Head of U.S. M&A; Ahmed Attia, Managing Director, Healthcare M&A; and Jason Levitz, Head of Healthcare Equity Capital Markets.

• M&A strength in healthcare [01:11]

The M&A market in life sciences is extremely strong. The number of $1 billion-plus deals has tripled in the past year. There has been significant activity among mid-caps as well as large-cap companies, and a diversity of premiums.

• Healthcare in the equity markets [13:24]

In the broader context of the U.S. equity markets, healthcare is performing poorly, particularly among large-cap medtech and services companies. At the same time, life sciences and biotechs are outperforming, leading to diverse outcomes for investors.

• IPO activity [15:20]

IPO volumes have rebounded after some disappointing years. Deal flow has centered on oncology, I&I, and CNS.

• Political impact [24:15]

Dealmaking has continued despite uncertainty over the FDA. Tariff policy has been a net positive for U.S. inflows as pharma businesses seek U.S. capabilities. Managing reimbursement and Most Favored Nation pricing remains challenging for some.

The markets’ wild ride continues, with valuations defying high volatility. How long can the ‘up crash’ last, and what factors might bring about a correction? At RBC’s Global Energy, Power and Infrastructure Conference, Callie Simpkins, Managing Director, Cross-Asset Hedge Fund Sales, discusses the potential scenarios with Lori Calvasina, Head of U.S. Equity Strategy, and Amy Wu Silverman, Managing Director and Head of Derivatives Strategy.

A deal to end the U.S.-Iran war is constantly talked up, but has yet to materialize. Meanwhile, market reaction doesn’t seem to match “the biggest physical energy disruption in history”, as Helima Croft, Global Head of Commodity Strategy, describes it. At RBC’s Global Energy, Power and Infrastructure Conference, Helima considers the prospects for a deal and what it would take to restore global oil flows once the Strait of Hormuz reopens.

Key Points

• Strong inventories and stockpile releases have so far contained oil prices despite the ongoing Iran conflict.

• The market continues to respond to repeated signals of an imminent end to the war.

• Restoring normal levels of oil flow after the Strait of Hormuz is reopened may take months.

• Issues over Iran’s nuclear program and sanctions relief will be obstacles to a lasting deal.

• Introductions [00:05]

John Soughan, Assistant Vice President of Global Commodity Strategy and MENA Research, introduces Helima Croft, Global Head of Commodity Strategy, in a session at RBC’s Energy, Power, and Infrastructure Conference.

• Stockpiles limit disruption impact [00:25]

The U.S.-Iran war has created history’s biggest physical energy supply disruption. So far, robust inventories and stockpile releases have provided a buffer, but shortages will become more evident in coming weeks.

• Peace agreement fails to emerge [03:41]

The White House has repeatedly suggested a resolution is imminent. Each time the market responds with a sell-off. But a deal has yet to materialize. The IRGC controls shipping in the Strait of Hormuz and is not anxious to reach an agreement.

• Nuclear issues will impede deal [05:56]

Nuclear capabilities and sanctions relief will be obstacles to any lasting deal. Even when the Strait of Hormuz is reopened, oil flows will be significantly lower than before the war began, because shippers and insurers will be reluctant to use it.

• Oil flows will take months to restore [09:41]

The CEO of ADNOC has indicated it would take four months after reopening to return to 80% of pre-war oil flows.

Psychedelics are poised for a breakthrough in mainstream psychiatry, with high interest among physicians and patients alike. But does the infrastructure exist to deliver these treatments, given the clinical supervision required for administration? RBC’s researchers have been out in the field to find the answer. Brian Abrahams, Head of Global Healthcare Research, and Leonid Timashev, Biotechnology Analyst, reveal their findings on the practicalities of a psychedelics roll-out.

Key Points

• Patient and physician interest and favorable regulation signal an imminent breakthrough for psychedelics to treat mental ill-health.
• April’s Presidential order on accelerated research and access for veterans with PTSD is also supportive.
• Psychedelics raise challenges for clinical trials, but companies are finding ways to handle these.
• RBC’s research indicates existing clinic infrastructure is equipped to deliver psychedelics with the required clinical supervision.
• Introductions [00:06]

Host Joe Coletti introduces the podcast and guests: Brian Abrahams, Head of Global Healthcare Research, and Leonid Timashev, Biotechnology Analyst. The springboard for discussion is the case made in the recent RBC Imagine report that a transformation in mental health treatment is imminent.

• Pivotal moment for psychedelics [01:06]

Psychedelic drugs have the potential to deliver effective treatment for huge unmet patient need. Expert opinion at an RBC symposium indicates high physician interest, favorable pricing and reimbursement dynamics, limited generic risk, and an increasingly clear regulatory path.

• Executive order on PTSD [05:06]

The recent Presidential executive order, sanctioning accelerated research and access in this field specifically for veterans with PTSD, is another tailwind.

• Risks and challenges [06:22]

Psychedelic drugs raise specific challenges in clinical trials, but these are surmountable. The biggest concern for investors is the capacity to commercialize psychedelic treatments at scale, given the need for clinical supervision.

• Infrastructure for delivery [07:48]

RBC’s research, based on clinics already delivering Spravato, suggests psychedelic treatments could be launched within existing infrastructure. Patients are enthusiastic; clinicians are already preparing for delivery.

Listen and subscribe to Strategic Alternatives on Apple, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please leave us a review and share the podcast with others.

Sterling markets have had a rough ride over the last few weeks. In part this is against the backdrop of the oil price shock, but it is also due to the domestic political uncertainty that has once again come to the fore. Peter Schaffrik, Head of UK/European Rates & Economics, and Cathal Kennedy, Senior UK Economist, unpick the difficult situation, provide a view on the outcome of the recent turmoil along with an outlook on what the political landscape in the UK might look like in the months and years to come.

Once defined by low-cost index exposure, ETFs are increasingly used to deliver active strategies, structured outcomes and targeted portfolio solutions across global markets. In this episode, Bryan Johanson, Head of North American Client ETF Markets, and Valerie Grimba, Global ETF Strategist, examine how innovation, market structure and investor demand are redefining what ETFs can do – and what comes next.

The global banking sector is navigating a crosscurrent of geopolitical uncertainty, a historic regulatory reset, and powerful structural forces — from AI adoption to the rise of private credit and stablecoins. In this episode, Gerard Cassidy and Anke Reingen, Co-Heads of Global Financials Research at RBC Capital Markets, discuss where U.S. and European banks stand today and what investors should be watching next.

• Banks’ fundamentals are strong, but the sector is vulnerable to sustained high oil prices.
• Smaller regional banks are outperforming the market.
• AI deployment, consolidation, and a resilient credit outlook are growth drivers.
• U.S. regulators are supportive; European regulation is softening to match.
• U.S. commercial loan growth is accelerating, supported by tax changes.
• Investment banks are posting growth and could benefit from a revival in IPOs.

Chapter markers:

• Introductions [00:07]

Host Joe Coletti introduces the podcast and guests: Gerard Cassidy and Anke Reingen, Co-Heads of Global Financials Research. They discuss the strong underlying fundamentals of the banking industry, despite continuing risk from prolonged war in the Middle East.

• Growth Drivers [06:58]

AI deployment, the growth of stablecoins, and continuing consolidation are among the main structural themes driving growth. Loans to NFDIs are a potential concern but banks are less vulnerable than the private credit sector.

• Regulation [13:30]

U.S. regulation is pro-bank, and the easing of capital requirements will feed balance sheet growth, dividend payments, acquisitions, and stock buybacks. Proposed regulation in Europe may soften to ensure its sector is not disadvantaged.

• Lending Volume [18:15]

Commercial loans, bolstered by tax changes, are the biggest element of U.S. loan volume growth. Incentives in Europe also boosted corporate loans, but confidence has since declined.

• Investment Banks [22:48]

Deregulation is strengthening the deal pipeline for investment banks. A rush to M&A before the end date of the U.S. administration could benefit them further.

From fragmenting global power to widening gaps in health and wealth, disruptive forces are reshaping industries, economies and societies. RBC’s latest Imagine research identifies five new converging themes and analyzes how they might play out. In this episode, Nik Modi, Global Co-Head of Consumer Research, and Robert Kwan, Head of Global Power Utilities and Infrastructure Research, look ahead to the implications for policy, trade, and individuals.

• Five new forces of exponential change are explored in RBC’s latest Imagine research.
• These cross-sector trends are reshaping individual consumer experiences as well as geopolitics.
• Transformative technologies are starting to revolutionize production and supply.
• Geopolitical convulsions provide an opportunity for North American energy export.
• Businesses need to adopt strategies to stay resilient and thrive in this dynamic environment.

Chapter Markers

• Introductions [00:10]

Host Joe Coletti introduces the podcast and guests: Nik Modi, Global Co-Head of Consumer Research, and Robert Kwan, Head of Global Power Utilities and Infrastructure Research. They summarize the RBC Imagine research project and the latest update, which identifies five new globally transformative forces.

• Consumer Experience [05:53]

The convergence of global forces is set to impact consumer experience and behavior, including through greater personalization. Retail and commerce can respond by transforming their business models.

• Tech and Energy [12:59]

Speed to market is driving datacenter development as technology growth and energy constraints converge. The aftermath of the Iran war provides opportunity for North America, and particularly Canada, to export more energy to countries that have relied on the Middle East.

• Responding to Cross-Sector Forces [14:11]

Companies can build resilience through measures such as partnerships, supply chain remodeling and employee training. Cross-sector opportunities are emerging from increasing energy demand.

Developments in technology, sustainability, and global competition will reshape financial institutions. In a conversation at RBC Capital Markets’ Global Financial Institutions Conference, Dr. Bettina Orlopp, CEO of Germany’s Commerzbank, explains her organization’s approach to these forces.

What will be the long-term economic impacts of the war in the Middle East? And how will markets look when attention finally returns to the beleaguered software and private credit sectors? At RBC Capital Markets’ Financial Institutions Conference, Head of Equity Derivatives Strategy Amy Wu Silverman and U.S. Equities Macro Thematic Specialist Ben Fisher analyzed the likely effects of volatility on multiple fronts.

As geopolitical tensions in the Middle East raise the prospect of a more prolonged energy shock, how should investors think about the implications for inflation, consumer behavior, and markets? Global Head of Commodity Strategy Helima Croft, Chief Economist Frances Donald, and Head of U.S. Equity Strategy Lori Calvasina discuss what a disruption in oil supply could mean for the macro outlook — and why the longer‑term picture may be more resilient than headlines suggest.

As electricity demand surges, geopolitical risks increase, and the physical impacts of climate change escalate, how are investors responding? In this episode, RBC Capital Markets' Global Head of Sustainable Finance Sarah Thompson reflects on the outlook for the market in the light of new global realities, in discussion with Moses Choi, Head of U.S. Sustainable Finance, and Stefano Vitali, Head of Europe and Asia Pacific Sustainable Finance.

The current AI cycle, fueled by an unprecedented compute upgrade, is driving a fundamental economic shift. In this panel discussion at this year’s TIMT Conference, Matthew Hedberg, Head of Global TIMT Research, joins John Borthwick, Founder and CEO, Betaworks; Dave Golob, Chief Investment Officer, Francisco Partners; and Greg Turorto, Portfolio Manager, Goldman Sachs, to discuss how investors can navigate future opportunities while avoiding potential investment pitfalls.

Once synonymous with passive, index-based investing, ETFs have become a vehicle for active managers seeking to deliver differentiated returns. Today, active ETFs now outnumber passive funds among US-listed exchange-traded products for the first time.

Scott Davis, Head of ETFs at Capital Group, joins us on this episode of ETF Innovators to discuss how the firm integrates over 90 years of investment expertise into modern ETF structures.

Tariffs, currency pressures, a property slump: China faces challenges on multiple fronts. Meanwhile, Australia’s resilient economy risks triggering inflation. How will these and other factors affect the region’s economies in 2026? Joining Rod Ireland, Head of Global Markets for APAC, to break down the outlook are Abbas Keshvani, Asia Macro Strategist, and Rob Thompson, Macro Rates Strategist.

As rocketing demand growth collides with real supply constraints, how can energy, power, and mining players fund and deliver the large-scale projects required? Joining Trevor Gardner, Head of Investment Banking Coverage, to survey the sectors’ outlook for 2026 are Chris Redgate, Head of Canadian Energy Investment Banking; Craig Edgar, Managing Director, Power Utilities and Infrastructure; and Farid Dadashev, Global Co-Head of Mining and Metals.

With government spend poised to spike, defense valuations in Europe are at record highs. But the response to global threats brings opportunities for a much wider set of industrials and innovators. Dominic Hudson, Head of Investment Banking for Europe and APAC, is joined by Cliff Bayer, Head of Aerospace, Defense and Government Services; Rob Jurd, Head of Industrials for Europe; and Claire Sturgess, Head of Canadian Industrials and CME Investment Banking, to explore the sector’s outlook for 2026.

What are the options for global economies’ monetary policy in 2026, and are the markets pricing in the right moves? Jason Daw, Head of North American Rates Strategy, is joined by fellow rates experts from across the globe to set out their projections for the year ahead, and assess the likely impact on bond yields and curves.

Domestic demand is on the rise in Europe. In the U.K., the labor market shows promising shifts. Could these trends help both economies in their battle with poor productivity and low growth? Sian Hurrell, Head of RBC Capital Markets Europe, is joined by Global Macro Strategist Peter Schaffrik and Senior U.K. Economist Cathal Kennedy to explore the forces shaping the economic outlook for 2026.

At the height of 2025’s tariff cycle, few would have expected Canada to enter 2026 resilient and recession-free. Behind the optimism, however, lies a fragmented economy. For this economic outlook, Lindsay Patrick, Chief Strategy and Innovation Officer, asks Chief Economist Frances Donald to delve into Canada’s structural problems, and what – if anything – the government and central bank can do to tackle them.

Growth is too low for comfort, inflation is too high. What are the prospects of the U.S. breaking out of its ‘stagflation-lite’ zone in 2026? For this annual economic outlook, Vito Sperduto is joined by Chief Economist Frances Donald and U.S. Economist Michael Reid, to analyze the likely impact of the labor market, consumer sentiment, public spending, and other key trends.

AI momentum is converging with rising credit stress, softening consumer trends, and a pivotal December Fed decision. RBC’s Amy Wu Silverman, Head of Derivatives Strategy, joins Ben Fisher and Callie Simpkins of Cross-Asset Sales to unpack how investors are managing risk through shadow hedging, quietly preparing for downside even as they maintain upside exposure. They also explore how hyperscaler issuance, retail exhaustion, and shifting sentiment are shaping the next phase of market risk in this episode of RBC Capital Markets’ Strategic Alternatives.

The prevailing bear case suggests AI's rapid rise is eclipsing traditional software growth. New research from RBC Capital Markets takes a more nuanced view. In this episode of Strategic Alternatives, Matthew Hedberg, Head of Global TIMT Research, and Nate Mahrer, TMT Desk Sector Strategist, examine why reports of software's decline have been overstated and discuss how software vendors can strategically position themselves to capitalize on AI opportunities.

Hedge fund assets now surpass $5 trillion. But in a risk-laden market, what will be the impact of macro and micro trends on future growth? Jack Weiss, Head of Cross Asset Hedge Fund Sales, explores what's next for hedge funds with Greg Hart, Head of Global Markets Sales – U.S. This episode was recorded on October 23, 2025.

Earnings sentiment is fading and there’s widespread recognition that the current stretched valuations will see a correction. So how should equities players best navigate this environment? New Head of Global Equities, James Masserio, joins Vito Sperduto to analyze the market’s prospects in this episode of RBC Capital Markets’ Strategic Alternatives.

In this episode, RBC's Graeme Pearson, Co-Head of Global Research, joins Greg Pardy, Head of Global Energy Research, and Robert Kwan, Head of Global Power, Utilities, and Infrastructure Research, to discuss how Canada can solidify its position as a global energy leader. The discussion, based on the Energy Insights report, delves into how enhanced oil export diversification and improved carbon competitiveness in the oil sands are essential to futureproof Canada’s energy markets.

Across the industrials space, M&A activity ranges from ‘challenging yet steady’ to highly robust. Following RBC’s Global Industrials Conference 2025, this episode of Strategic Alternatives examines the mood of the sector. Joshua Rosenbaum, Global Head of Industrials, leads the specialists in assessing which sub-sectors are showing strength, and whether solid balance sheets and a potentially benign regulatory environment can set the stage for a broader wave of deals.

Vito Sperduto, Head of RBC Capital Markets, U.S., sat down with RBC Chief Economist Frances Donald, to explore five major disruptors reshaping the U.S. economy, how they are complicating forecasts, and what these dislocations mean for businesses, investors and policymakers.

Natural gas markets are experiencing structural shifts as demand from power generation and data centers creates new growth opportunities. Industry leaders are adapting their capital strategies to capitalize on these trends while managing financial complexity.

CFO Jeremy Knop shares insight on EQT Corporation’s transformation, the company's innovative $3.5 billion midstream joint venture with Blackstone and how integrated business models are transforming investment strategies in the natural gas sector.

Insurance companies and pension plans are playing a bigger role in private credit, with new products evolving to meet their needs. But private wealth participation is still noticeably limited. In this episode of Strategic Alternatives, RBC's Robert Griffith, Global Head of Senior Relationship Management explores the evolving market with Jason Goss, Head of European and Structured Products, and Eric Wise, Head of Alternate Finance.

Private credit has outpaced growth expectations in recent years — but where is it headed next? In this episode of Strategic Alternatives, Robert Griffith, Global Head of Senior Relationship Management, speaks with Eric Wise, Head of Alternate Finance, and Jason Goss, Head of European Solutions and Structured Products, about innovation in private credit and how issuers can navigate this rapidly evolving market.

David Levin, Interim Global Head of Healthcare Investment Banking and Co-Head of U.S. M&A, Ahmed Attia, Managing Director, Healthcare M&A and Jason Levitz, Head of Healthcare Equity Capital Markets, convened at RBC’s Global Healthcare Conference in New York, to share insights on the latest M&A trends in life sciences, MedTech, and equity financing.

Marcos Torres, Global Head of Media, Communications and Entertainment, sat down with fellow RBC Capital Markets experts Chip Wadsworth, Head of Technology, Media, Telecom, Equity Capital Markets, and Nanda Kamat, Global Head of Project Finance, to explore the forces shaping digital infrastructure and the transformation of how projects are financed, structured and scaled.

In this episode, RBC Capital Markets' Co-Head of Global Research Graeme Pearson and Greg Pardy, Head of Global Energy Research, discuss key themes in the global and Canadian energy sector.

Greg and our Global Energy Research team see energy producers as better prepared for commodity price volatility due to improved financial discipline, while Canada solidifies its position as an energy powerhouse with increased production and enhanced infrastructure.

Can improved resilience and adaptability position the sector for continued growth and shareholder value in the future?

U.S. tariffs are on pause for 90 days, but sizeable 10% tariffs imposed on most countries on April 5 remains in place, and it, along with steep tariffs on imports from China, could have significant implications for U.S. inflation and growth.

In this episode we join Frances Donald, Chief Economist at RBC do with Josh Lipsky, Senior Director of the Atlantic Council’s GeoEconomics Center as they discuss the latest developments in U.S. and global trade policy and their impact on economic growth.

This episode was recorded on April 7, 2025.

Boomers are turning 65 in big numbers, and starting to think seriously about their financial future. Many of those in the middle-income bracket turn to CNO Financial Group. The demographics are in its favor, but how has CNO turned its business around in a notoriously tough market space? CEO Gary Bhojwani reveals its recipe for success at RBC’s Global Financial Institutions conference.

Watch here: Securing the future of an underserved group: Middle-income America | RBCCM