Patrick O'Shaughnessy

Everyone's heard this phrase, energy too cheap to meter.

In the AI world, this has become popular again because maybe we're also getting some form of intelligence that's too cheap to meter.

And the idea that basically any human progress, the core input elements are energy, the ability to move stuff and do stuff and design intelligence.

These are two very big concepts that it seems like if humanity is able to produce more cheaper, abundant energy and intelligence, a lot of cool things are going to happen.

That seems to be what's happening.

Talk about the energy side of that equation.

I don't want to take for granted how important energy is to our world.

And the fact is, like you said, it's only been around a couple hundred years.

It's a fairly novel thing in human history.

And we obviously have seen the economic explosion on the back of that.

Give us that perspective on this whole thing.

What energy does, why it's so important, what it's historically been used for, and then, of course, where that's going to go in your mind.

If you think about the two chapters here, just to mega oversimplify,

There's some of these things you just mentioned that seem to be putting a kink in like the normal curve of demand for this stuff.

What historically have been, if you had a pie chart, the uses of power broken into like their major components?

That's a massive change, especially off a huge base, like a 10% is like a high rate, but the absolute amount of marginal new demand just in like electrons or something is crazy.

I don't know the consensus super well, but that's mostly from transport and data center.

Are those the two biggest contributors to that?

Does the grid change or need to look different to address those demands?

You said it's 100 years old.