Joe Tsai

So you go through a period of extreme competition, then the government felt that this sector has gotten out of line a little bit.

First, there's too much competition, and then there are some platforms that have exhibited monopolistic behavior.

So then there was a, you know, people may call it a crackdown, whatever, more regulations came in.

Some of the regulations are very good, actually.

They protected privacy.

anti-monopoly type regulation.

And now we kind of are in a new normal where we believe that the regulatory environment is more predictable.

We know what the red lines are and we know where to go, where not to go.

And it's actually made a better operating environment because of the predictability of it.

I don't agree with that view of the world.

I'd be interested in your view, David.

I mean, I don't believe it either.

I mean, look at this.

I think I could understand why sitting here in America, you look at the rise of China over the last 20 years, 25 years, China has become strong in terms of manufacturing.

That's why it's such an export juggernaut.

Because of the economic development, China has become a technology juggernaut as well.

And the fear is, well, all that stuff, economic strength and technology strength, is going to flow into military strength, and that becomes kind of a national security issue.

I understand that.

I get it.

But I think...