And software required less computing power to accomplish the same tasks. And that history offers an important lesson for today’s AI boom…Directionally Right, Numerically WrongThe forecasts surrounding AI power consumption aren’t imaginary. That would create real pressure on power generation, transmission networks, transformers, substations, and local utility systems. And that creates enormous pressure to reduce costs…Simply put, companies won’t spend $10 worth of computing power to create $1 worth of value. The investment case doesn’t require choosing between rising AI power demand and improving AI efficiency.