Ed Ludlow

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.

I don't think that's going to change because people don't think the uncertainty is going to go away.

And we still will probably have an unpredictable policy environment.

So you want to be able to have all of your options open.

Probably it helps unbalance some of the software, the things that are producing actual physical goods.