Ed Ludlow

I think it's hard to see people changing their minds so quickly only in the last few weeks.

But the technology sector does move incredibly fast, as we've seen.

You know, you can have those moments like like deep seek where everything seems to change overnight.

But usually the sell offs are quick and then it takes time to rebuild the momentum.

Shanti, what is your view?

What are you in rooms discussing?

That yes, we are at this point where AI is going to eat software instead of software eating the world?

Or do you think companies will ultimately survive this shift to be able to rebuild from within?

I think a lot of companies will be able to survive it.

I think the big thing we're looking at is how much AI is starting to impact industries outside of technology.

And that's where valuations are lower.

You're starting to see it come into shopping.

You're starting to see it come into the wealth industry to make it easier to comply with regulations, banking and finance, certainly.

And I think that's where if some of those sectors can start to demonstrate that they're using the technology well and adopting it, then they'll really be rewarded.

tariffs.

It's very hard to join all of the pieces of bad news, so to speak, together.

But the tech sector's view on tariff policy uncertainty right now?

I mean, I think obviously it lowers rates slightly on places like, you know, Asia, China, which helps some of those manufacturing bases.

So maybe it marginally reduces some of their costs.

I think the long term trend of technology companies trying to diversify their production and having manufacturing in, you know, in the US and Mexico and still in Asia as well, going to India.