Frederick,

I get where you're coming from, but the point is not about chasing after every little variable that could suggest a silver lining. It's about understanding the core shift: efficiency, rather than slowing down demand, is about to fuel an explosion. Sure, DeepSeek has made AI cheaper and more accessible — but what you’re missing is that the lower price tag won’t restrict the use of AI. It’ll blow the floodgates wide open. AI isn't like LEDs; its efficiency gain doesn’t hit a ceiling. When something gets cheaper, it doesn't get used less, it gets used everywhere.

We can keep dissecting the minutiae, but at the end of the day, the big picture here is that we’re on the edge of a paradigm shift — and whether we can manage it without being sucked back into fossil fuels is the real question.

Southern winds from Patagonia,

Ricky