Daniel Priestley

Like it's beyond all comprehension if you had an agricultural age mindset to imagine factory production or coal production.

Eventually we get to a point where a team of agents- If nothing disrupts it, one thing that is very likely to happen-

in the next three years is the whole thing comes crashing down.

It doesn't financially make any sense to build the data centres that we're building.

The technology itself is remarkable, but the financial model just makes no sense whatsoever at the moment.

At the moment, which is kind of typical of big bubbles, right?

Yeah.

So over the last 180 years, there have been infrastructure build-outs that have bankrupted the economy consistently again and again and again.

In fact, there's a pattern.

Whenever we spend more than 3% of the overall GDP of the economy on an infrastructure build-out, it bankrupts the economy briefly.

For 10 years, right?

So this happened when we did railway tracks.

In fact, it happened twice in the UK and twice in the USA.

Then we bankrupted ourselves putting the electrification grid in place.

We bankrupted ourselves putting highways in place.

Now, there's something that makes this worse than ever before.

And that is that when we built train tracks, they lasted for 100 years.

When we built roads, they lasted 50 plus years.

The telecommunications, fiber optics, 30 years.

All of these investments were multi-decade investments that we could get benefit from and leverage for decades.