Global manufacturing has entered a new regime. Electrification is intensifying as a structural driver of energy demand, industrial investment and geopolitical leverage – reshaping not just energy markets, but industrial power.

The dominance of today’s largest companies, particularly tech giants like Apple and Microsoft, has led to an extreme market concentration. However, as this paper shows, this is not historically unique.

Computing's evolution, epitomized by Qualcomm/ARM, Samsung/Apple, and Google/Facebook/Uber in the mobile era, shifts from semiconductors to infrastructure to software/services, a pattern expected to repeat in the emerging GenAI era.

Energy transition solutions need to be aligned with the energy trilemma of sustainability, security, and affordability. We see 5 broad building blocks for reaching net-zero longer term.

In this and a follow-up white paper, we will update our outlook on the path to net zero and share our views on what’s needed to get back on track, as well as any relevant investment implications.