Cameron Gleeson

So really important element there.

Rare earths aren't directly used in the manufacture of silicon or of semiconductors, but very important for that energy.

Battery technology, lithium, cobalt, and nickel, very important.

But then we think about other forms of energy.

And right now, if you look at what's going on in the States, where the immediate need for power is going to be fulfilled will actually be gas turbines.

So there's a company there called GE Venova whose order books has gone through the charts because they build gas turbines.

And it's something that you can build in two to three years and put on site behind the meter next to a hyperscale data center.

And so the demand for gas is going to be huge.

And that's going to be compounded by what's going on in the Middle East.

A lot of the countries that essentially build a lot of the semiconductor chips like Taiwan use a lot of LNG in their own energy generation.

So 50% of power in Taiwan is from LNG.

So that's going to remain a critical part of the overall mix.

And then beyond that, obviously you've seen that demand for uranium, for nuclear, has started to pick up.

And that's going to be really interesting too.

So it's a lot of these elements that are going to benefit.

It's essentially growing power demand, but the need for particular elements for this technology where there really isn't a substitute because you're not going to build a data center with silver, for example.

Yeah.

Yeah, absolutely.

If you think about the need, what type of power, you know, you ideally want for a data center, it's absolutely reliable 24-7 power.

And the shortcoming of, say, wind and solar is the intermittency problem, which means you can obviously use those forms of power, but the utilization rate, while they might have the capability of generating, let's just say you might have a massive group of wind farms that can generate a gigawatt of power,