Welcome to the first Klowd Daily Briefing. It’s a Sunday, so this edition covers the whole week. Weekday briefings start tomorrow.

1. BioWare is closing, and the next Mass Effect is cancelled

Edmonton’s BioWare, the studio behind Mass Effect and Dragon Age, announced on Wednesday that it is shutting down. Early development on the fifth Mass Effect is ending with it. Parent company Electronic Arts, which bought BioWare in 2007 and was itself taken private this year by an investor group that includes Saudi Arabia’s Public Investment Fund, framed it as a cost-saving move. Co-founder Trent Oster estimates about 40 people were still at the studio. At its peak it employed hundreds.

Why it matters: BioWare was the anchor of Alberta’s game industry and one of Canada’s best-known creative tech exports. The open question is whether that talent stays in Edmonton or leaves the province.

2. Rogers will charge 1.6% to pay your bill by credit card

Starting January 17, 2027, Rogers will add a 1.6% processing fee to bills paid by credit card. Pre-authorized debit, online banking, cheques and debit-branded Visa and Mastercard are exempt. So are Quebec customers, whose consumer protection law bans the charge, and people on plans like Connected for Success. Rogers says its card processing costs are up nearly 40% since 2020 and now run about $150 million a year.

Why it matters: On a $120 monthly bill, the fee works out to about $23 a year. Telus tried the same fee in 2022 and dropped it about a year later after customer pushback. At the time, Rogers said it had no plans to follow. The easy fix is to switch to pre-authorized debit before January.

3. Tenstorrent raises $1.5 billion USD at a $6.2-billion valuation

AI chip company Tenstorrent closed a $1.5-billion USD Series E (about $2.1 billion CAD) led by Trace Capital and Innovation X. That’s more than double its late-2024 valuation. The money goes to scaling production of its Galaxy servers, next-generation chips and hiring.

Why it matters: Tenstorrent was founded in Toronto and moved its headquarters to Santa Clara in 2023, but Toronto is still its largest office, with about 200 of its 1,000 staff. It’s a reminder that Canada keeps producing world-class chip talent and keeps losing the head offices.

4. Ottawa details where its $750 million in VC money goes

Industry Minister Mélanie Joly laid out the breakdown of the federal venture capital envelope. Of the $750 million, $675 million targets later-stage gaps (Series B and up) and just $75 million goes to pre-seed and seed in sectors like cleantech, life sciences and quantum. A separate $1-billion Growth Venture Capital Catalyst Initiative opened applications for fund-of-funds managers, which must put at least 60% into Canadian VC firms. Ottawa hopes the two programs, run through BDC, will attract at least $3.8 billion in private capital.

Why it matters: Founders have complained for years that Canadian companies stall at Series B and sell to US buyers. This money aims squarely at that gap. Seed-stage investors say $75 million won’t go far.

5. Canada proposes its stablecoin rules

The federal government published draft regulations for the Stablecoin Act in the Canada Gazette, opening a 60-day comment period. The Bank of Canada becomes the supervisor. Issuers must hold reserve assets, can’t pay interest, and can’t market their tokens as legal tender, bank deposits or insured products.

Why it matters: This is the first real federal rulebook for digital dollars in Canada. If the final version is workable, expect banks and fintechs like Wealthsimple and Koho to look at issuing CAD stablecoins.

6. Shopify’s CTO is stepping down

Mikhail Parakhin, the former Microsoft and Yandex executive who became Shopify’s chief technology officer in late 2024, is leaving the role for an advisory position. Shopify hasn’t named a successor or given a reason.

Why it matters: Parakhin led Shopify’s push into AI, so whoever replaces him will shape where Canada’s most valuable tech company takes AI next.

7. 1Password crosses $500 million USD in annual revenue

Toronto’s 1Password says its annual recurring revenue passed $500 million USD (about $702 million CAD), up from $400 million a year earlier. CEO David Faugno credits demand for securing AI agents. Agent usage on the platform is up 500% year over year.

Why it matters: It’s one of the few Canadian software companies at this scale, and it’s growing faster now than a year ago. It’s also an early sign that “credentials for AI agents” is a real market.

That’s the week. The first weekday briefing lands tomorrow morning. Have a tip or a correction? We want to hear it.