Canada has fewer excuses, given sparsely populated places that are cold with nearly infinite water and extremely cheap electricity.

Yep, agreed. Main issue in Canada is a notoriously slow and stingy investment ecosystem. Resource-wise we're incredibly well positioned.

Canadian firms can easily access U.S. capital markets. So the question remains of why we aren’t building all kinds of data centers out in the tundra next to giant hydro plants.

Would you happen to know why there are so many Canadian investments in American telecom?

Canadian telecom is very obstructionist to outside investment and basically structured around rent seeking for exisiting telecoms.

American telecom lets basically anyone come here and spend money.