David Sachs

So you go down the stack.

I would say that the deeper in the stack that you go, the greater the American advantage.

I think on models, most people would say that our models are maybe six months ahead or so, plus or minus the Chinese models.

You look at chips,

maybe two years ahead.

You go to the semiconductor manufacturing equipment, it could be like five years.

So the US does have significant advantages.

There's only maybe a couple of areas where I think China has an advantage.

One is on energy production.

If you look at their grid, their grid has roughly doubled in the last 10 years, whereas ours has only grown by about two to 3%.

Energy production in the US has been

a relatively sleepy industry before AI came along.

And a lot of that had to do with regulations and the antipathy of the previous administration towards energy production.

Obviously, President Trump had a very different view on this.

I think he was...

on this issue.

You go back 10 years and he was talking about, we got to drill baby drill.

And I think he understood that energy growth was the precondition for economic growth.

And it's definitely the precondition for this AI infrastructure growth.

So