Why do you treat oil and power as separate calls if the evidence of data center capex is supporting the lower end consumer weakness? If the capex rolls over, doesn't the commodity supercycle roll over too?
It's a good question. Going to give that some thought. Does the fact that historically power and oil & gas have had two very different set up of cycles/dynamics not hold in the AI era. good question.
Why do you treat oil and power as separate calls if the evidence of data center capex is supporting the lower end consumer weakness? If the capex rolls over, doesn't the commodity supercycle roll over too?
It's a good question. Going to give that some thought. Does the fact that historically power and oil & gas have had two very different set up of cycles/dynamics not hold in the AI era. good question.