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Energy is the binding constraint on AI. Everybody agrees on that. What people aren't realising is that energy is on its own exponential, and right now it isnt even the thing holding the buildout back. The hyperscalers are forecast to spend around $600bn on capex this year, a buildout on the scale of the railroads. People look at that number and shout bubble. But they arent building on hope, theyre building against a backlog... there is more demand for this than there is infrastructure to serve it, and the capital to build it is abundant. David and I dig into all of this every month in our research service, The Exponentialist... energy, AI, robotics and where it all converges. If you'd like to sign up to our Substack for free, and see what it's all about I'll drop the link below. Join The Exponentialist: https://t.co/8ZLZCY6EXx