Samo Burja

And that's going to make a massive difference for Germany.

I don't think Germany deserves its economy to be rescued by the headwinds, but it shows that even a failing industrial base can be bolstered by AI demand.

So I actually think a big macro story that we've been exploring at Bismarck Analysis and Bismarck Brief

is that the demands of AI are so massive that for the first time in decades, the economies of scale necessary to supply them require industrial revolutions in everything.

Consider the energy build-out.

Energy build-out directly results in higher demand for steel, higher demand for cement, higher demand for construction crews, higher demand for basically every type of construction machinery you can think of.

This is working its way through the supply chain.

Just as you might say that the oil shock from the Strait of Hormuz needs a while to go through the supply chain to see the price increases.

So this demand shock, and we could almost call it a demand shock, arriving from the future in AI is going through silicon

but eventually it's going to reach things like mirrors and steel and natural gas.

And once you're doing those things, oh buddy, you've reignited the industrial revolution.

Now, the only question is how much fuel does the industrial revolution have, right?

How much fuel is around for ignition?

And I think that's where the aging populations come.

So there's a headwind.

People sometimes misuse headwind.

Headwind means that it's actually a problem, right?

Right.

Because it's slowing your ship down.

There's this big headwind of global grain.