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“At the lowest level: energy. There are no new industries you can grow without energy.” — Jensen Huang, CEO of NVIDIA “Billions of dollars of the most advanced AI hardware ever built. Sitting dark. Not because the chips don’t work. Because there isn’t enough electricity to run them.” — Elon Musk “Our single biggest constraint is power.” — Andy Jassy, CEO of Amazon “The biggest issue we are now having is not a compute glut, but power. It’s the ability to get builds done close

Space as the next frontier of power Geopolitical competition is not only reshaping control over energy systems, commodity supply chains, and industrial capacity. Sovereignty is increasingly defined by the ability to secure and operate the physical foundations of economic and military power. That logic does not end at Earth’s surface. It extends upward. Space, once framed primarily as a scientific and cooperative environment, is becoming a new layer of global competition. The

Physical constraints in the era of realism In The Era of New Realism , we argued that the priorities shaping state behavior have shifted decisively. Nations are subordinating cost-minimizing efficiency and multilateral cooperation to power, security, and self-reliance—driven by surging energy demand associated with the AI revolution and a more contested geopolitical environment. This evolution in state doctrine has already reshaped energy policy, defense spending, industrial

2026 increasingly looks like the year the world stops pretending. We are entering what I call the Era of Realism —a period in which governments, companies, and investors are moving away from ideology and abstraction and back toward pragmatism. In simple terms: a return to what works for security, reliability, and long-term survival. The past few years have delivered a series of hard lessons. AI is consuming power at an unprecedented scale. Geopolitics is becoming more transac