the two physical constraints that in Gavin's view will dictate the next phase of AI. On power, he thinks the near-term shortage starts to ease in 2027 and 2028 as new sources of energy come online, and that orbital compute solves it in the long term. On wafers, he explains what is different this time from the dotcom bubble and why TSMC's capacity decisions may be the single most important variable to watch.

Invest Like the Best with Patrick O'Shaughnessy
underscoredpodcasts
@underscoredpodcasts·May 20, 2026