Zach Dell

Now, I happen to believe that that will be the case over the next couple of decades in more of the planet than it is today, based on where the cost curves are going.

But back to your question, most of energy use in the US is heavy industry, manufacturing, machining, industrial use cases broadly.

Over the last few decades, you've had

the build out of the electrification of the transportation industry, which has not really made a dent in energy consumption in a significant way.

It's certainly starting to.

And then in the last couple of years, you've had the build out of computing infrastructure, which has started to add to that stacked bar chart of energy consumption.

But

A lot of the consumption historically and today is still industrial use cases and home HVAC and commercial HVAC as well.

If you look at a state like Texas, it has pretty volatile weather in the winters and the summers.

A lot of the swings in power prices are due to home HVAC.

Historically, it's been industrial use cases, heating and cooling at the home and at the commercial level.

Over the last couple of years, that has started to transition to the electrification of transportation and then the build out of computing infrastructure.

What do you think it looks like in five to 10 years?

Unfortunately, the answer to that is dependent on what we do with regards to energy infrastructure and technology.

If the price of power continues to go up at the rate that it's been increasing over the last decade, we're going to use a lot less power than if the price of power goes down or goes up at a slower rate.

It's a supply-demand market, and there's going to be some level of price signal response.

My view is that we're really early in the electrification story.

Then if you go to a dinner party in the US in a major city, New York, Chicago, LA, San Francisco, Austin, and you ask a group of 10 people, if you guys had to guess what percent of new cars sold this year will be electric, most people will guess 20%, 30%, 40%.

The real answer is 7%.

Europe, it's closer to 25%, 30%.