Canada's Tariffs -- The North Dakota Angle -- August 26, 2026

Locator: 51560CANADA. 

Link here. 

I said the other day, the Trump tariffs on Canada had Doug Burgum's fingerprints all over them.

Today -- an interesting analysis from CBS -- see the link.

Canada is the top customer for exports from 27 U.S. states, Canadian government data shows. While North Dakota is the state most reliant on trade with Canada, excluding fuel products, a large share of its exports consists of soybeans, wheat and other agricultural products, which are exempt from Canada's new tariffs. 

Michigan, Indiana and other states with large manufacturing sectors that ship goods to Canada are likely to feel a bigger impact than agricultural states like North Dakota because the new tariffs will apply to U.S.-made appliances, steel, aluminum and tools, experts said.

Fascinating article: Canada more interested in Trump's political future (none) vs the future of Canadian citizens. Okay. 

After his current term, Trump's political future is ..... going, going, gone. Perhaps Prime Minister Carney didn't get the memo. 

Six New Permits; One Permit Canceled; Four DUCs Reported As Completed -- August 26, 2026

Locator: 51559B. 

WTI: $81.78.

Active rigs in ND: 37. 

Six new permits, #43254 - #43260, inclusive --

• Operators: Enerplus (4); Formentera Operations (2)
• Fields: Church (Williams Company); Frazier (Divide County);
• Comments: 
• Enerplus has permits for four Giant Panta wells, SWSE 9-157-100; 
• to be sited 585 FSL and 2289 / 2388 FEL;
• Formentera has permits for two Toro Canyon wells, SESW 16-161-97, 
• to be sited 546 FSL and 1580 / 1640 FWL.

One permit canceled:

• 42744, Slawson, Pegasus 2-16-21, Mountrail County.

Four producing wells (DUCs) were reported as completed:

• 42052, 306, Petro-Hunt, Tinjum 159-91-31C-19-1H, Burke County;
• 42110, 1,527, Prima Exploration, Gummy Bear 1H, Williams County;
• 42428, 214, Oasis, Prestwick Federal 5602 12-23 2B, Williams County;
• 42666, 417, Oasis, Troon 5602 12-23 2B, Williams County.

Nvidia, CUDA, And Nvidia's True Moat -- August 26, 2026

Locator: 51558NVDA. 

Query:

The new meme is that all the hyperscalers are all making their own chips to compete with Nvidia. 

My understanding, these hyperscalers need CPUs, GPUs, HBM, so when they say they are making their own chips are they working on the whole complex. I think the meme that hyperscalers are making their own chips is not the whole story. 

Reply: 

Follow-up query:

In addition, Nvidia has really embedded their system with CUDA and they continue to embed CUDA. 

Reply: 

Follow-up:

Oh, that's interesting. Update me on PyTorch and Triton. Thank you.

Reply:

ICE, NVDA, Anthropic And Salesforce -- August 26, 2026

Locator: 51557NVDA. 

Texas, Minnesota, ICE: 

Nvidia results are out.

• after announcement: NVDA down 1%; not unusual for these events;
• in the big scheme of things -- nothing has changed.  
• beat on top and bottom lines 
• revenue: huge beat
• EPS: huge beat
• data center revenue: $89 billion vs $86 billion 
• 3Q revenue outlook: $108 billion vs $104 billion
• think about that: $100 billion revenue every quarter
• however, GM reported $50 billion revenue last quarter 
• Vera Rubin in full production 
• Gene Munster: is okay with the numbers.
• 3Q26: gross margin of 74% vs 74.7%. 
• market cap: $5 trillion
• analysts expect this company to have a $7 trillion market cap (usually projections of this type are one-year)
• now, during the earnings call, NVDA is now up significantly. Finally, folks are getting smart -- NVDA up almost $10/share; up almost $5. 

Anthropic making big announcement on CNBC: Claudeforce --

********************

After the deal, Salesforce stock (CRM) surged. Up 13% after hours. OKTA, unrelated, was also up. I have positions in neither CRM or OKTA. None. Nade. Except in mutual funds or ETFs.

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Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

I am inappropriately exuberant about the US economy and the US market.

I am also inappropriately exuberant about all things Apple.

See disclaimer. This is not an investment site. 

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. All my posts are done quickly: there will be content and typographical errors. If something appears wrong, it probably is. Feel free to fact check everything.

If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Reminder: I am inappropriately exuberant about the Bakken, US economy, and the US market.

I am also inappropriately exuberant about all things Apple. 

And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM.

Longer version here.

Updated Production -- Devon Energy Marvin Well -- Camp Oil Field -- August 26, 2026

Locator: 51556MARVIN. 

The well:

• 20716, 2,983, Devon Energy, Marvin 27-34 1H, Camp, t11/11; cum 537K 4/26; the jump in production occurred 10/25; see below.

We'll come back to this well later. This one interested me because it was put on the confidential list earlier this year even though it was first drilled in 2011. This well is a singleton in the immediate area of a five-well Marvin pad drilled more recently (October 2, 2025): #41641, 41359, 41360, 41361, 41362.