The Ledger, every show

“We do not need AI demand to keep the power markets incredibly tight for the next 20 years. AI demand just turbocharges That's all it does, and it creates shortages, so just remember that.”

“If they just do absolutely nothing, Just absolutely nothing. Just sit there and run the business. Let their Amazon data center contract roll up. These guys will be generating 50 dollars a share of free cash flow per year.”

“We have this technological compute revolution that is infinitely more infrastructure intensive than compute was in the last generations, and this is creating this really wild demand shock for infrastructural critical minerals, commodities, at the same time whe…”

“And the cutoff of samarium cobalt magnets, we learned that the Ford Motor Company was within days, literally days, of their entire production line shutting down. The whole Ford Motor Company.”

“China has an absolute grip, it's absolute, on all of these critical minerals. And it's gonna take at least 10 years, probably 20 to catch up”

“Over the next 18 years, We're gonna need seven hundred million tons of copper. Over the next 18 years, we're gonna need as much copper as we mined in the last 10,000 years.”

“The existing copper mines are dying. You know, the big mines in Chile are over a hundred years old. The grades are depleting. And this is gonna be a major, major challenge and an upcoming bottleneck.”

“I think the copper price is easily going to double from here.”

“Now, if we simply just want to achieve our objectives to re-industrialize, re-shore, electrify, when I say electrify, that just means replacing your old gas boilers in these buildings with heat pumps, which every commercial building is doing. It means, you kno…”

“Rare earths are everywhere, and the technology to extract rare earths is going to allow us to have a huge abundance of them, but the problem is processing them. That's the problem.”

“The Chinese have all the technological know-how to convert what you take out of the ground and convert it into something that we can use.”

“If you go to Quanah University and you're top of your class, you're starting out at a 150 grand right out of high school.”

“Right now the silver supply demand dynamic is we consume a 1,000,000,002 ounces a year, we supply a billion ounces a year. So it's a two hundred million ton deficit per year, and we only have six hundred million of above ground inventory left, so the clock's t…”

“Today, in the stock market, as a good speculation, you could purchase this company at a twenty-five billion dollar enterprise value. The replacement cost is forty-five billion, and because they've got debt, it means that the equity value, ah, just to get to re…”

“Our incredibly fragile infrastructure here in the US that is going to require trillions and trillions of dollars of investment if we want to achieve our technological objectives, our re-shoring, re-industrialization objectives, And our national security and mi…”

“This is a trillion dollar plus capital cycle that's probably going to be a trillion dollars every 10 years for the next 30 years.”

“Data centers for a one gigawatt AI factory now, you need 50,000 tons of copper per gigawatt, and we're gonna start building 15 gigawatts of these things per year.”

“We have not invested in upgrading and modernizing and hardening the electric grid since post-World War II.”

“What's really interesting, I think, is really underappreciated, is that's where all the inflation is coming from. It's from the transmission and distribution from the utility, because power prices over the last 20 years, even after the rise we've just had, pow…”

“A one gigawatt data center needs five gigawatts of solar. Each gigawatt of solar takes up 7000 acres. So at five gigawatts, that's 35,000 acres. That's bigger than San Francisco.”

“And nuclear, you know, we can't really build it. We can't even build the containment vessels in this country. The Koreans can do it, but we can't do that here.”

“It takes seven to 12 years to build a copper mine.”

“Commodity cycles typically last 15 years and have multiple hundreds percents of upside.”

“The labor by far and away is the biggest bottle at craft labor, right?”

“Boeing and Airbus have a trillion dollars of backlog over the next 10 years.”

“Solar power per megawatt takes five amounts, five times the amount of copper than a typical base load CCGT gas-fired turbine.”

“It grew only 500,000 tons”

“An electric car consumes five or six times the copper than a traditional internal combustion engine.”

“There's parts of the grid in this country that are over a 106 years old.”