Doug Burgum

So you might have seen, I can't remember whether it was yesterday or the day before, AstraZeneca said that they were going to build a 50 billion plant here.

So we're seeing this big on-shoring move that I think

can accelerate all that.

So I think there's a very good chance that we see, just like with AI, we're seeing now we're in the construction boom phase, then we're going to be in the use case.

I think we could have this massive construction boom, and then the factories get populated.

And part of President Trump's one big beautiful bill, the most powerful part of that is the 100% immediate expensing of equipment.

And we also did it for factories.

So not only are we trying to make the U.S.

the best destination regulatory-wise, we're also making it tax-wise.

So you can immediately write off all the equipment.

For the next five years, you're going to be able to write off the factory structure.

And I saw Secretary Bergman-Wright

and we're going to have cheap energy, which seems like a pretty good combination.

Sorry?

Well, I think if you look, the Fed publishes something called the Summary of Economic Projections, and it's pretty politically biased.

But we're seeing that we can see one, two rate cuts this year.

And I think that once we see over the next one, two months that the tariffs haven't been inflationary.

And I have breakfast with Chair Powell almost every week.

And I just keep saying that a one-time price level increase is very different than the notion of a persistent inflationary spiral.

I think that we used to say TDS was Trump derangement syndrome.