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“I think from the industry point of view, they saw there there are major dislocations, and those dislocations are playing out unevenly across the world. Asia hit the hardest, Europe feeling it, and then The US mainly seen it in terms of rising prices at the gasoline pump, but no problem getting supplies. But in Asia, a big problem getting supplies.”

“The big question is whether or not all of this AI spending is a bubble. I feel very safe in saying yes. You have committed to failure, there is no doing this. If they gave every dollar just to Sam Altman, the guy who can't even tell you why you're giving the money to him, when you're like, what are you going to do? Sam is like, why can't we do that?”

“Iran's ability to control the Strait against a much stronger military is a demonstration that the balance of global power is changing, with profound ramifications for countries around the world. We discuss how different regions are being affected, and how it will change their calculus when it comes to energy security.”

“You know, 100 billion is a small dent in it. And the numbers are also like... They're missing the story of what this amount of infrastructure is capable of doing. Like 10 gigawatts of compute, again, easy to throw around numbers like that. But the amount of work... this is the real deal. This is the thing people have been waiting for.”

“It is initially available for pro subscribers. So 200 bucks a month. So this shit is expensive. No, but if they're releasing a feature only to pro subscribers, it means it's too expensive. And as usual, this shit just works for you overnight. What the fuck are you talking about, Sammy?”

“We had two different prices going at the same time. We had the the Brent, the futures price, which was always saying, well, this is gonna end and prices are gonna come down. And then there was the dated Brent, the near term, which said, we are having a major dislocation and prices are really going up. And we've never seen that dislocation on that scale before. It was like two different visions of the world almost.”

“Well, it was that in fact a nightmare scenario that had been in not only for energy, but for strategic planners for decades had happened. I think it's one of those things that people looked at as a scenario but thought it would never happen, but then it happened. And it does change the world and it changes the way people think about energy. We've had supply chain shocks, but this was the mother of all supply chain shocks in terms of the closure of the Strait Of Hormuz.”

“We also talk about the AI industry's seemingly insatiable demand for electricity, and how this is rippling across the entire energy landscape. This is part of the long term trajectory of the energy layout which seems to have been altered, no matter what happens immediately with the conflict in Iran.”

“They were like, well, okay, everyone, we should really be concerned because there's only, we need $2 trillion of revenue to make this worth it. And then like, but we're going to be 800 billion short. What? There's $55 billion, which is including Core, we've Nebius and all the different people selling AI computers. About $55 billion of revenue. How are we getting the other $1.9 trillion, $95 trillion?”

“I saw the master of hype, Casey Newton, talking about this. He was like, yeah, it could suggest planning Halloween costumes. It's like, that is solved by Party City. If you have children, they will just tell you what they want to wear. If you were a parent, it's like, what the fuck am I going to do for my kid's Halloween thing?”