Ed Ludlow

The certainty we're looking for is part of a broader question of the strategy of the United States.

And the Trump administration has been very focused on encouraging investment in manufacturing here, encouraging construction of data centers, encouraging export of AI technology from the United States to the rest of the world.

Tariff strategy has a lot

to do with that.

Tariffs are good tactics in a lot of negotiation, but they're not a broader strategy to encourage the kind of investment that we're looking for.

So what the tech industry is looking for going forward is a lot more certainty.

I just think of how NVIDIA is part of your Information Technology Industry Council and how they have earnings and how they need foreign investment to come in and help build the data centers where their GPUs are going in the United States.

Jason, do you think ultimately

We will come to some sort of agreement.

How long can CEOs navigate in this era of uncertainty?

Well, we do have to come to some level of certainty.

And as you noted, foreign investment in the United States is a significant part of the manufacturing story.

We've seen investment not only in semiconductor infrastructure announced here in the U.S.

from companies around the world, Taiwan, Korea, and elsewhere, but we've also seen investments in large data center projects, hundreds of billions of dollars of investment coming from outside the United States.

That's very important.

But equally important to that is that tariffs can be a deterrent to the necessary inputs into that infrastructure.

Whether we're talking about the construction of data centers and the inputs that are necessary for the construction there, or what goes into the data centers, the semiconductors and other components, or we're talking about the energy infrastructure, including upgrades that are necessary to the transmission grid and the equipment that comes from around the world for that, that's important to make sure that tariffs don't interfere with those kind of investments.

And then the flip side, of course, is anything that's made in the United States, 95% of the world's consumers don't live in the United States.

It needs to be exported to the rest of the world.

I just came back from India yesterday from the AI Impact Summit, and there's a lot of conversation there about how AI from the United States can be exported to the rest of the world.