If you feel that the AI trade is not making much sense lately, you are not alone. In fact, the begining of February 2026 was a roller coaster ride, with two narratives colliding at the same time.
On one side, there is a growing fear that AI is going to compress software margins and disrupt traditional SaaS businesses, which is why software multiples are getting crushed across the board as investors rush to de-risk anything that looks vulnerable to agentic workflows.
On the other side, there is rising scrutiny about hyperscaler AI spending, especially when a significant portion of the backlog is tied to OpenAI, as investors fear both execution and timing risks that can sabotage the ROI on investment.
On top of that, the liquidity shock that resulted from a 35%+ drawdown in both Bitcoin and Ethereum also spilled over as leverage started unwinding.
Some relief finally came around mid February 2026 after a wave of forced selling, which continued through the end of February 2026 as the S&P 500 was able to reclaim its 21-week EMA (Exponential Moving Average).
But this does not mean that the system is healthy again, especially after the magnitude of technical damage that was done at the begining of February 2026, when several tech leaders broke long-term trendlines.
While doomscrolling ZeroHedge early Friday morning—as one does—we learn that Finland’s foray into the world of wind energy isn’t going well. Having invested to the point that wind is now the country’s second-largest source of electricity, residents are grappling with reduced supply and skyrocketing prices, with many forced to burn wood just to stay warm. Wind generation has all but gone dormant during an epic cold snap, made worse by the decision to skimp on expensive in-blade heating technology that could have minimized ice formation.
Even without looking, we guessed that intermittent sources of electricity in Finland must now exceed highly dispatchable ones—a predictable point of pain where stuff begins to break. Sure enough, a quick check of government data and the Statistical Review of World Energy reveals that the country sourced 39% of its power from nuclear reactors, 25% from wind, and 18% from hydroelectric facilities in 2024, and the rest from other sources and imports. Although nuclear is an excellent source of baseload power, it is not ideal for rapid load-following. With Finland systematically weaning itself off natural gas, its hydroelectric dams have been left to do the heavy lifting. See if you can spot the problem :
Another shortcoming is the slow pace at which Finland has been installing battery backup systems, not that a faster pace would have meant much. As of mid-2025, the country had just 0.25 gigawatts (GW) of grid batteries in operation, or about 1 gigawatt-hour (GWh). By our math, this is enough capacity to backstop grid demand for roughly six minutes.
To avoid grid collapse, Finnish authorities implored citizens to rein in demand, a message that soaring day-ahead electricity prices drove home. Ultimately, imports from neighboring countries helped abate the crisis, with Sweden in particular coming through in the clutch. In November, the two countries celebrated the go-live of the new Aurora Line 400 kV interconnector between northern Sweden and Finland, a project that increased total cross-border capacity in both directions to about 2 GW.
The net effect of Finland’s wind-induced crisis was to raise prices for consumers in Sweden, of course, as excess supplies were used to equilibrate the two markets. A small price to pay for solidarity and the carbon cause, no doubt. Swedish power companies presumably did well, capturing gains on both sides of the border.
The Aurora Line is but one of a series of major infrastructure investments envisioned by leaders of the European Union (EU) that will harmonize electricity markets across its member states and other countries like Britain, Norway, Switzerland, Ukraine, Moldova, and Turkey. The Western Balkan nations and several North African neighbors will also be linked in, creating the world’s largest grid.
The key driving force is the need to solve for the intermittency that results from excess wind and solar generation capacity. Hundreds of billions of euros are being earmarked for the task. As the thinking goes, excess production of renewable energy in one area will help buffer shortages in another, smoothing out the worst lulls in any particular country.
In conclusion, we usually said that the live is made by UP and Down. That is true for every domaine. But at the end of the day, we Always find anather way of living more peacefully and ready to overcome the next challenges.
