The video discusses the discovery and history of lithium, which has become an essential material for modern technology due to its use in rechargeable batteries. The demand for lithium has grown exponentially due to the popularity of smartphones, laptops, electric cars, and renewable energy. This increase in demand has caused a shortage of lithium, leading to increased prices and difficulties for smaller companies to obtain it. The video also mentions that countries such as Australia and Chile are trying to become the largest producer of lithium in the world.