Lou Whiteman

The rhetoric is going to be nasty.

But again, wars end when both sides are just tired of fighting.

It feels like both sides are tired of fighting.

So I'm going to hope we figure it out by August and we do have things normalized by year end.

This isn't a long-term call, this is just a year-end call.

I want to stress that.

Back to the topic, we have no idea what's going to happen with AI or what it's going to do.

But here's what I think.

I think if you just look back to Liberation Day and look back to the war and stuff, the market normalizes things that shock it very quickly, surprisingly quick.

We have seen the first quarter results.

I'm yet to see real signs of a SaaS apocalypse, of just things falling off a cliff.

What we're seeing is maybe margin pressure and stuff like that.

I'm going to take the under on whether or not we really see in the next few months results just kind of get

blown away.

I think also investors will normalize or less freak out about the SaaS apocalypse even if it's coming.

I think the basket is going to be higher.

I don't know what that means long-term, but I do think that this will be old news and it won't have played out to the point where its thesis is settled yet.

I think we're just going to adjust and move on.

John has most of the details here.

The thing I want to focus on is China, where Apple has struggled, and there's been real questions of its Chinese preferences just moved to domestic.