Welcome Brian Kessens and ask about energy outlook and AI's role
speaker1
speaker2
AI shapes large part of outlook; electricity load growth accelerating from 0.5% to 3.5% annually through end of decade due to data center buildout
speaker2
Load growth also driven by onshoring of manufacturing and shift from fossil fuels to electricity for heating and cars
Ask how portfolio manager job changed with new technology catalyst and what information followed
speaker1
speaker2
Now listening to hyperscalers' earnings calls and CapEx announcements from Alphabet, Google, Meta about AI buildout pace
speaker2
Power sector becoming exciting with need for incremental buildout from renewables, nuclear, natural gas
Ask about oil prices averaging $60-70 and implications for global supply chain
speaker1
speaker2
$60-70 oil is sweet spot where everyone wins - producers get adequate returns, consumers pay less than $4/gallon, not overly inflationary
speaker2
Beginning of year closer to $60, gradually moving up to $70 per barrel
Ask what signs would indicate AI-driven energy growth might slow down
speaker1
speaker2
Not seeing any slowdown in energy demand growth; if chip efficiency increases, actually expect demand to go higher
speaker2
We continue to use more of every energy source over time