Zach Dell

And in China, it's upwards of that.

My view is that that number is going to go from 7% to 30% to 50% over the next 5 to 10 years.

That's going to create an incredible amount of stress on the power grid.

And things that we talk about less than consumer transportation are things like long-haul trucking.

And you see the Tesla Semi and other companies that are moving into that space, some more successfully than others.

And so I think that's going to drive a lot of demand for electricity.

And then the build out of AI compute infrastructure is real and it's here.

And you can see it in the interconnection queues.

You can see it in the statements of the publicly traded companies that are talking about the partnerships that you see Microsoft

And Three Mile Island, you see Oklo and some of the partnerships they're announcing.

Obviously, the CoreWeave IPO is topical.

Companies like Caruso are raising a lot of capital.

So this build-out of infrastructure is coming.

And you can talk about model training and inference and the difference in those workloads and how much electricity they consume.

But I don't have a crystal ball for what electricity demand is going to do.

But I think if you look at the last 50 years, you'll see electricity demand has grown at roughly a 2% CAGR.

That's moved around a lot.

The growth between 1900 and 1930 was extremely high.

And then the depression stunted that growth.

And then the New Deal brought it back.