Doug Burgum

So if we think about China, China has a high tariff rate.

It's 30%.

The Chinese business model is like the brooms and the water buckets from Fantasia.

They just keep going.

And it's an employment agency.

And it's an employment agency.

So they will just keep cutting costs to maintain market share.

So we haven't seen that thus far.

And a lot of the other foreign producers have cut costs

cut price to maintain market share.

A lot of the U.S.

companies have eaten into their margins to maintain market share.

But the other thing we're seeing is the tariffs are creating the on-shoring.

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.