Scott Nolan

All these things are going to come up.

It's going to be chips.

I think a lot of that, we'd have to go back to that chart and see exactly where is China today, where were they before in terms of per capita.

But I think a lot of that production, the doubling of their grid relative to our grid, a lot of that's gone into manufacturing.

And so we've shifted manufacturing from the US to overseas.

A lot of that's in China now.

We've let them do it.

A big part of that people thought was, well, Chinese labor is much cheaper.

But a lot of these processes can be automated.

And so once you automate it, it just comes back to energy cost.

And so China said, let's double our grid.

Let's keep going.

Let's work on tripling our grid.

And we'll do it in the cheapest way possible, because we want to win on manufacturing and get all this economic activity over here.

Meanwhile, the US has said,

We have a bunch of regulations which are good and probably some that are unnecessary and have slowed us down.

And so we haven't done the growth and we've been very thoughtful about emissions, environmental impact, carbon.

Meanwhile, China's doubling, tripling their grid and has done a lot of that with coal.

And so we've shifted manufacturing here that would have been cleaner over there and just probably ended up net producing more carbon than we would have, more pollutants than we would have, and just kind of outsource that.

But as we know, carbon flows everywhere.