Is AGI the new Manhattan Project? The nuclear race was won with secrecy and science. But the AI race is going to be won with chips, energy, water, and cables. Everyone talks about AI like it's a software problem. Build a better model, win the race. But the people actually shaping the future know the real battle is happening in a completely different place, in the physical infrastructure that powers intelligence. Who controls the compute? Who controls the electricity? Who controls the data centres? That's what we get into this week. Raf and I cover a lot of ground on the global AI arms race, why Europe might actually have a shot at doing this differently, and a genuinely radical idea: what if your home could one day generate digital value the same way solar panels generate energy? We also tackle something that doesn't get nearly enough attention,  ...