Ethan Batraski
Each frontier followed the same pattern: a technological inflection unlocked new productive capacity, reshaped the economy, and reinforced America’s ability to build, defend, and lead.
Energy, materials, manufacturing, logistics, and defense together account for roughly 80% of global GDP. They are the physical economy—the capabilities on which modern life, security, and prosperity rest.
Over the last thirty years, venture capital rationally followed what was easiest to scale. Software abstracted complexity, margins expanded without factories, and returns compounded without touching the physical world. Empires were built on screens while the harder work of building factories, infrastructure, and industrial systems quietly fell out of favor.
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