As part of Matthew's letter (which I recommend reading in its entirety) he includes an appendix of expected pushback. It lays out the objections and his responses across available gas resource, midstream, power, and LNG. On available gas resource: "Technical gas-in-place and 'recoverable resource' do not mean the gas is economic or will ever be produced. The industry has tested 500-600-ft spacing and single wells were materially less productive due to well cannibalization. Child wells are significantly less productive than the parent wells and therefore far less capital efficient. Much higher prices are required to drill infill wells in the Marcellus. The same is true in Haynesville. Significant infrastructure will also be required. It is currently not contemplated." On midstream: "It takes years to build new gathering systems, processing, pipeline and other infrastructure, and if it is to be built to solve the acute tightening in 2028, the market would already be aware of the projects." On power: "We are modeling natural gas from the wellhead, and whether it is behind-the-meter or grid connected, it is consuming natural gas. All incremental natural gas power generation contributes to the natural gas deficit beyond 2027. Any behind-the-meter projects pull forward the natural gas tightness we foresee." On LNG: "U.S. LNG exports will make up approximately one-third of global LNG supply by 2030. The majority of the 35 Bcf per day of approved LNG nameplate capacity is either contracted or likely to be contracted to global counterparties, including foreign utilities. LNG contracts are generally long-lived, volumes are predetermined, and the contract terms are used to finance the LNG projects. Unwinding these commitments is a complicated and expensive proposition."

Etched has recruited legends from NVIDIA, Intel, Broadcom, Apple, and DeepMind: - Brian Loiler: built NVIDIA's HGX and DGX systems from scratch over 22 years - Wayne Cao: led 0-to-1 production for the original iPhone - David Munday: built the TPU software team at Google - Saptadeep Pal: NVIDIA's H100 architecture team - Mark Ross: ex-CTO of Cypress (acquired for $9.4B) They recruit through a process they call project-based recruiting: "We map out all of the hardest technical problems across all industries that anyone has ever had to solve. We look at who did the 0 to 1, who was actually in charge, who did the work. We talked to as many people as possible, and then we just track it. The amount of people who say yes after the first conversation is low, but the amount who say yes after the 20th is surprisingly high. The number one guy in the world versus the number ten versus the number one hundred is a huge difference in whether it's actually possible to solve the problem."