We've got Dan Dreyfus on the show. He's with Borneit Capital. We're going to be measuring

human progress by how much electricity we consume. The semiconductor industry, I view that as an

industrial or infrastructure company. I mean, it's effectively a factory. We try to figure out

where the world is going, and then we try to figure out what we're going to need to get there.

In the next 10 minutes, I am going to try to teach you about critical minerals,

commodities, are incredibly fragile infrastructure here in the U.S. that is going to require

trillions and trillions of dollars of investment

if we want to achieve our technological objectives, our reshoring reindustrialization objectives,

and our national security and military objectives. But first, a little bit of history.

We are at a very significant inflection point right now in U.S. economic growth and what it's

going to look like.

Really from the early 2000s until just a few years ago, the U.S. went through effectively what I think

was an economic miracle, where we created so much growth, so much market cap, so much value,

without really having to invest any capital at all. I mean, think of all the companies that

were created with no capital.

You had Google with the search engine. You had meta with social media. They bought WhatsApp for

$30 billion with 12 employees, you know, no capital whatsoever. You had the streaming platforms.

You had the food delivery platforms. You had Apple computer, which was capital light, created trillions of market cap. You had software as a service.

Absolutely no capital required to create all that value. And at the same time, we were creating these companies.

At the same time we were doing that, we were literally tearing down all of our critical infrastructure

and moving it overseas to China. So we were really doubling down on that capital light

mentality. But then it sort of started to come back to BITUS. We had COVID. We had the Russia-Ukraine

...