Energy almost universally requires massive capex to achieve a dime in revenue, and capital intensity never really subsides. YC has funded energy focused startups in the past (eg. Oklo and Helion), but it certainly cannot compete with the kind of scale and ROIC you can achieve in the digital world. Energy is difficult for seed investors.

Non-technical workers can build functional tools rapidly, outperforming traditional software development speeds massively. Engineering CS types completely miss the point on this. If Im making a model for finance I need to see the data live, update fast, get my charts done without messing about with matplotlib etc. Get to solutions and decisions.

Spreadsheets are still prolific bc they enable rapid prototyping, visibility and flexibility that is to this day completely unmatched.

When you buy equities, if the company turns out shockingly successful beyond most peoples probable expectations you dont simply want your investment to just stay flat, you want to make multiples of your money. In order to do this, you simply cant start from a 2T marketcap. No company worth 2T can make you 100x your money or even 10x or 5x your money in a reasonable amount of time given the overall size of the economy.

Honestly Jassey, Zuck and Tim Apple are prob on the phone with Donnie. If oil companies are “gouging,” what is 85% margins on memory, threatening the whole bull run and raising compute, Killing AI, and raising iPhone/computer pricing? Countdown to DOJ antitrust case is ticking.

To be clear: I understand how markets work, Im just quoting Donald Trump's tweet from yesterday calling oil companies gouging, and I predict government intervention and polital pressures regardless of economic realities.

And if that is not true, perhaps it isn't really a commodity at all.

The high-profile project cancellations people point to weren't a government ban. They happened because the province changed its transmission rules. Previously, ratepayers subsidized the massive utility costs required to connect remote wind and solar farms to the central grid. The province ended this, forcing private developers to internalize their own grid connection costs. Once forced to pay for their own infrastructure, highly speculative, unfinanced projects simply became economically unviable and dropped out of the queue.

If a private wind or solar developer wanted to build a massive farm in a remote, rural area (like Southern Alberta) where land is cheap but high-voltage power lines do not exist, they only had to pay for the immediate wire connecting their project to the nearest local substation. Taxpayers were subsidizing those players, because it was a "load pays" system.

Please do not fall pray to the general trope that Alberta is a backwards hillbilly province. Subsidizing private developments with public money is not something that should be encouraged.

On Canada broadly, you are correct in your baseload numbers and I agree with you.

(Energy trader here)