Energy & Commodities

“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

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