Mirko Bibic outlines Bell's pivot to AI, data centres and digital media

CTV, part of Bell Media (BCE Inc.), contributed C$918M revenue (up 8.9%) and C$244M EBITDA (up 3.8%) in Q2. BCE's shares closed at $22.90. CTV's performance is not isolated, and its impact on BCE's earnings is unclear due to combined reporting with other assets.

Bell Canada plans a $52B AI data center campus near Regina, Saskatchewan, with up to 1.2GW capacity. The project includes partnerships with CoreWeave and Cerebras Systems, and could create thousands of jobs. Bell's investment may reach several billion dollars, with broader economic activity exceeding $50B, according to provincial and company estimates.

BCE Inc. is expanding its AI data centre in Saskatchewan, increasing capacity to 1.2 gigawatts with three new facilities. The project, Bell AI Fabric, may involve $50 billion in investment and create up to 1,800 jobs. Construction on the initial $1.7 billion phase has begun. Prime Minister Mark Carney called it Canada's largest capital investment and biggest sovereign AI infrastructure network.

BCE Inc. (BCE-T) plans to quadruple its AI data centre capacity in Saskatchewan, investing up to $5 billion. The project, with 1.2 GW of compute power, involves three new facilities. Bell AI Fabric is a growth focus as telecom earnings slow. Environmental concerns are addressed with closed-loop cooling and behind-the-meter power generation.

Enbridge (TSX:ENB) and BCE (TSX:BCE) are highlighted as discounted dividend stocks for Canadian TFSA investors. Enbridge, trading at $69, offers a 5.6% yield and has raised dividends for 31 years. BCE, at $32.50, provides a 5.4% yield after a 56% dividend cut. Both companies are investing in growth areas but face industry challenges.

Scotiabank analyst Maher Yaghi recommends BCE Inc. (BCE-T) for its AI exposure through a Saskatchewan data centre, citing favorable economics and a $40 target. Separately, Scotiabank notes narrow TSX leadership driven by gold stocks. Meta Platforms (META-Q) agreed to a $18B fine and teen-safety measures, with BofA Securities viewing it positively.