So can you kind of give the dumb guy version overview of what this shift kind of entails? What are you getting at here?

Yeah, so I think that...

I guess maybe start with, when I say geography in the paper, I use it as a bit of a catch-all, but it is geography in its holistic sense, meaning the geography is the government, the politics, the country, all of its associated socio-political attributes, not literally just like the geography.

It's a bit of a catch-all.

But if you look at interest rates and you look at, say, the last 10, I guess, 20 years since 2008, what you see is that the price of money has largely been set by a bit of a let's call it formulaic approach to understanding what that price is.

The price is set by the central bank at the very short end.

So money borrowed for a very short period of time is set by the central bank.

How do we as investors adjust to this new reality, in your view?

Thermal meltdowns, is that what they're called?

Well, I think that's a nuclear topic.

I like the analogy.

So why is this historically hasn't been a big issue? Because, you know, when we think about server power density, it was 10 to 20 kilowatts, which wasn't a lot when it comes about conventional cloud compute.

With AI, we've already jumped to over 100 kilowatts per server rack.

Next generation of GPUs, we're talking about hundreds of kilowatts, and, you know, I think even beyond that, people are talking about one megawatt per rack.

That is a ton of power, that's a ton of energy, and a ton of heat that needs to be removed from the servers.

I can definitely feel a lot of caution in the way you're describing this.