We outsourced the manufacturing of the technology that we invented. Now, we depend on other countries, including our greatest strategic adversaries, to make all of the hardware that runs our businesses, powers our economy, and protects our national security. That's insane.
If this conflict lasts for let's just pick a number, a month, that's enough to probably break the economic models of most of East Asia. And if we have the physical assets that produce the crude take significant damage, then East Asia's gone and it never comes back, with China being the first one to go down, because they just don't have sufficient alternatives from anywhere else.
In procurement, a final price in an ERP can hide hundreds of emails, spreadsheets, supplier conversations, engineering analyses, and decisions across legal, finance, and operations.
We can't simply outsource our security, our industrial capability, and our understanding of these technologies to other countries. then act surprised when the strategic environment changes around us.
We are, in some ways, beholden right now to the Chinese factory in order to produce the munitions that we need to defend American interests from China. That's the exquisite problem that we've found ourselves in after generations of building more and more reliance on Chinese supply.
What's interesting here is that we're seeing a ban on a Chinese technology that is so nascent that you don't have a coalition of companies that are saying whoa whoa whoa I've deployed my business is built on top of unitry. I know there's geopolitical considerations, but I can't make the cars that I make without them. I can't run my business without them.
Trade touches virtually every part of or most of our lives. So, our mission is to fix globalization, but we're not retreating from globalization. We're leaning into it. But we believe that globalization needs to be fixed. It needs to be more trusted, more secure, more fair.
The US is entering a period where natural gas demand is set to explode — driven by AI data centers, LNG export terminals, and industrial reshoring — but the pipeline infrastructure to move that gas simply hasn't been built. The bottleneck isn't the gas itself; it's the ability to get it from where it's produced to where it's needed.
It's really hard to build and assemble electric motorcycles in New Zealand. Ubco the Tahunger Company, found that out the hard way, so we look at exactly how FT and Motion is approaching that and the supply chain side of things, the cost structure of the business, and how they are trying to compete in a global market that is flooded with low cost electric vehicles.
The fundamental problem is that America has been extraordinarily successful at producing natural gas, but the infrastructure to move it, store it, and export it has not kept pace with demand growth. We are essentially running a system that was designed for a different era, and the consequences of that mismatch are going to become very apparent very soon.
The M1 chip in a new Mac or iPad Pro is made using a 5nm process, but a lot of the chips in cars are made using a 55nm or even 90nm process, and as demand has skyrocketed, the factories using that older tech just can't keep up.
The chips in cars are made using much older technologies: the M1 chip in a new Mac or iPad Pro is made using a 5nm process, but a lot of the chips in cars are made using a 55nm or even 90nm process, and as demand has skyrocketed, the factories using that older tech just can't keep up.
The M1 chip in a new Mac or iPad Pro is made using a 5nm process, but a lot of the chips in cars are made using a 55nm or even 90nm process, and as demand has skyrocketed, the factories using that older tech just can't keep up. As more and more things turn into computers, the more problems across the business landscape look like the problems of the computer industry.
No other company, no other country in the world can make these so-called EUV uh machines. And without them, you simply can't make the world's most advanced semiconductors.
We discuss why magazine depth matters for the American industrial base, lessons from Ukraine, and what the rise of neo-prime defense companies will require from Congress.
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.
With the US more than 50 years behind China in critical mineral supply and grid infrastructure built on systems designed a century ago, they examine where the real bottlenecks are and how to move faster.
Well, everybody's realizing that if you go through a PBM, you lose. And when you look at direct-to-patient, whether it's through us, whether it's Trump RX, whether it's Lilly, whether it's Novo Nordisk, whether it's um BMS with Eliquis, whatever it may be, they're doing this to so so that they don't have to deal with the PBMs.
China has captured America's most famous company. It's an extraordinary realization that Apple is worth about 3.7 trillion US dollars on the stock market, but it isn't really the company's shareholders that actually call the shots, at least not in China. In China, it's the Chinese government that calls the shots.
But if TSMC is bottlenecked and TSMC is sort of riskoff and they're not going to be, you know, guiding to like insane capex numbers while every American hyperscaler is, well, that creates an opportunity for Samsung.
The more the economies are interlinked, the less likely there is a conflict. So all of this underscores the importance of TSMC Arizona Samsung Intel broadly as well as startup fab projects.
if this war is extended if it if if we see um no offramp for for for the US and Israel and it has to continue and therefore that choke point stays closed. At some point we're going to see you're going to see a supply crunch and that's what that that's really the the major fear.
there are about 20 million barrels of oil that transit the straits of Hormuz every day. That's almost three times as much as Russia exports. So, you know, this is a problem three times as great as the problem that created the panic on global oil markets at the start of the Ukraine war.
roughly 20% of the world's oil production is flowing through that every day and so whether you're looking backward or looking forward there is no replacement whatsoever for opening that strait and keeping it open.
