Azeem Azhar

Those things are also being addressed through robotics.

I'm an investor in a robotics company that has tracked robots that do solar field installations.

And a lot of this doesn't actually run into balance of systems costs because it's decentralized and it's sort of absorbed by a small business.

And that will...

fundamentally transform how we produce our electricity and 26 is going to be another important year for that and we will be surprised i would i will wage at the end of the year my only forecast really that 26 solar deployment will be higher than ever before and and look at something seven of the big um major six of the major oil nations producing nations are in

in conflict at the moment and oil is trading at $56 a barrel.

I mean, that tells us something.

So the strategic leverage of petro-states is really, really diminishing and the marginal value is going to the electron.

So finally, two minutes on the bubble.

We held our nerve at the end of 2025 and the mood turned really sour by late October, early November.

And

It was not showing up in our data.

We're tracking thousands of different things every day.

And we could see narrative changing, but we couldn't see the fundamentals changing.

And of course, as you start the end of the year, the beginning of this year, the analyst starting to say that, well, still in an investment boom, not in bubble cycle territory just yet, maybe towards the end of the year, maybe into 27, you should check the framework out at

boom or bubble.ai and also tell us what else you'd like to see there.

When we run forward, when do we think there could be some real pain?

We struggle to see real bubble top risk before third quarter this year, maybe fourth quarter this year.

But again, we update our forecasts regularly and we might review them, bring them forward or do something else.

My midpoint estimate is actually much later than that.