Like, OK, I can make a solar cell without using silicon.

Or I can grow food very efficiently in a laboratory using fungi or some other approach. So as AI gets into the basic science thing, that it goes beyond just kind of a super smart tuning where you save 10% here, 15% there, to helping you with that fundamental design of the green product.

And how concerned should we be about, we're here talking about energy, the extra energy demand that's going to come from the AI boom?

Is it worth the extra emissions just for the intellectual power that AI can bring to bear on this? Yeah, so the additional electric demand from electric cars as we change that over, or electric heat pumps as we change that over, or steel manufacturing, all of those dwarf even this amazing demand for data centers.

Now, there's lots of ways that we're trying to make the AI computations more efficient.

So we're not using as much energy. So the exact path of does it end up being 3% of electric use or 6% of electric use, it's not going to go above 10%.

So yeah, it's got to fit in.

It's got to pay the price.

And those tech companies are probably sensitive to wanting to even pay a bit extra to use green energy of any electrical customers in the country.

So they'll help push the green technologies forward.

But they're willing to pay somewhat of a premium to get in and be able to say that it's all done without greenhouse gas emissions. So you think on balance, when it comes to emissions, AI will pay for itself?

Absolutely. Now, speaking of AI, you've obviously been in this industry for a long, long time.

You've seen lots of ups and downs in the tech space.

Right now, we are seeing, of course, a tidal wave of money going into AI.

NVIDIA, for example, recently became the world's most valuable company, albeit briefly.

When you look at market caps like this, do you worry that we're seeing bubble valuations? I'm not a buyer and seller of tech stocks on a daily basis or anything.

These multiples aren't as high as they were, say, during the internet bubble.

And the growth is real.

AI is not pets.com.

This is something very, very fundamental.

So don't take my view on any particular stock.

But the growth potential, there will be some big winners in this AI space, which is why you see all the leading tech companies, including Microsoft, putting tens of billions of dollars into not just the back end capacity, but re-engineering their applications so that you're far more productive.