Andrew Ross Sorkin

And it is falling. And why is it falling? Not because it does business in China. In fact, Meta does no business in China. But Meta is reliant on advertising. And there are going to be a lot of companies that are going to likely scale back how much they're going to spend on advertising at places like Meta. Meta's also in the business of building data centers all over the country.

And it is falling. And why is it falling? Not because it does business in China. In fact, Meta does no business in China. But Meta is reliant on advertising. And there are going to be a lot of companies that are going to likely scale back how much they're going to spend on advertising at places like Meta. Meta's also in the business of building data centers all over the country.

They've already said they're gonna invest billions of dollars to build these data centers for new AI features. Well, those data centers just got a lot more expensive. So either they're gonna have to build less, which means they're gonna grow slower, or they're gonna have to build the same amount, but it's gonna cost them a lot more. And that's going to also eat into their profits.

They've already said they're gonna invest billions of dollars to build these data centers for new AI features. Well, those data centers just got a lot more expensive. So either they're gonna have to build less, which means they're gonna grow slower, or they're gonna have to build the same amount, but it's gonna cost them a lot more. And that's going to also eat into their profits.

And therefore, their stock is down because technically you would say to yourself, well, they're worth less now.

And therefore, their stock is down because technically you would say to yourself, well, they're worth less now.

Across the board. And we're just talking about the most obvious examples. I'll give you less obvious examples. Please. So if you're a McDonald's or you're a Starbucks doing business, not just in China, but all over the world, there are now questions, demonstrable questions that they're asking themselves about whether consumers are going to buy their goods.

Across the board. And we're just talking about the most obvious examples. I'll give you less obvious examples. Please. So if you're a McDonald's or you're a Starbucks doing business, not just in China, but all over the world, there are now questions, demonstrable questions that they're asking themselves about whether consumers are going to buy their goods.

They're going to come into the store with the same Really?

They're going to come into the store with the same Really?

Even a McDonald's or Starbucks is starting to see the effects of it. Not just even the last week. It's actually been something that's been something they've been concerned about now for several months.

Even a McDonald's or Starbucks is starting to see the effects of it. Not just even the last week. It's actually been something that's been something they've been concerned about now for several months.

These companies have been worried about what— Tariffs mean to the relationship that the United States has with the rest of the world. What does the the American dream halo effect that was over all of these American brands in places like China, in places like Europe? Well, that polish is coming off. Because citizenry in these places are saying, we're upset with these people.

These companies have been worried about what— Tariffs mean to the relationship that the United States has with the rest of the world. What does the the American dream halo effect that was over all of these American brands in places like China, in places like Europe? Well, that polish is coming off. Because citizenry in these places are saying, we're upset with these people.

We may not want to go to a Starbucks. We may not want to go to a McDonald's. We want to support our own local company. In fact, I keep hearing actually that some of the big consumer brands are talking about future advertising plans that are much more local, meaning don't focus on it being an American brand. Hmm.

We may not want to go to a Starbucks. We may not want to go to a McDonald's. We want to support our own local company. In fact, I keep hearing actually that some of the big consumer brands are talking about future advertising plans that are much more local, meaning don't focus on it being an American brand. Hmm.

Whatever love people had for the sort of soft power of America and whatever they liked about and thought about our country and our businesses and our industry, there are more concerns about them than they used to be.

Whatever love people had for the sort of soft power of America and whatever they liked about and thought about our country and our businesses and our industry, there are more concerns about them than they used to be.

Now, it may right now be on the margins, but longer term, I think there are bigger questions about whether the toothpaste is now out of the tube, no matter what the tariffs ultimately turn out to be. And how do you get that toothpaste back in the tube if you can't?

Now, it may right now be on the margins, but longer term, I think there are bigger questions about whether the toothpaste is now out of the tube, no matter what the tariffs ultimately turn out to be. And how do you get that toothpaste back in the tube if you can't?