Seeing Al Gore say he isn’t worried about AI data center emissions—he’s more concerned about other things. My first reaction was that recently the market has been telling the AI power-demand story like an inflation narrative, and we might have bet on the wrong direction.

If the real macro transmission path of AI is that service hourly wages fall, then the pressure on CPI would be smaller than people imagine. The Fed cutting rates may not be that far off.

I’ll keep my steady investments; the logic hasn’t changed—I just want to watch the employment data more closely now.