Meltem Demirors (Crucible Capital)

The Slow Hunch · Nov 5, 2026 · 42m · transcript

My conversation with Meltem Demirors, founder of Crucible.

Meltem has spent much of her career thinking about the relationship between scarce physical resources and the digital economy. She started in oil and gas, was early to Bitcoin, and is currently obsessed with the energy-to-compute value chain that underpins AI.

That thread now runs through Crucible, where she invests across energy, compute, materials, and the markets that scale them. Compute and energy are becoming core commodities of the AI era, with entirely new markets forming around them.

As agents become economic actors, those…