Fred Thiel

They're kind of boring.

But you want to look at companies that control energy and infrastructure.

Because while people may say there is a bubble in AI, by the way, the amount of compute that is deployed today versus what will be deployed in five years, it's never getting shut off.

And so you've got long-term good renewable recurring revenues there.

If you want more volatility, go further up the stack.

Yeah.

So it's either noise, water or electrical prices.

Those are the three typical things.

And NIMBYism, they don't want data centers in their backyard.

Anybody here who lives in Loudoun County, North Virginia?

It's a place that's kind of, you know, field of data centers, right?

People don't want that in their backyard.

They don't want higher electrical prices.

And so the president's talking about doing a pact between the data center operators and the utilities so that the data centers may pay higher prices.

It's really about becoming more efficient energy operators.

If you think about what Bitcoin miners have had to do, we have been constantly chasing a need to have lower and lower and lower cost to produce what we do.

and become more and more energy efficient.

And the AI industry, energy is a pittance of the total cost of what they have to do, right?

Their cost is all capex around the equipment.

As you start seeing a shift towards more ASIC-based compute, that's lower cost.