Nilay Patel

I think there's some amount of...

You said software-divine low-voltage switches or software in the trains, right?

Those worlds are colliding.

I want to ask broadly just about the landscape you're operating in to do all of that work, right?

These are big opportunities at work.

If you want to sell trains, you need to be a global company, right?

You can't be a single-country train supplier.

You have to operate everywhere.

I look at Siemens and its size and its history, and I say, okay, that –

this company took advantage of globalization and free trade, right?

You're in all these countries around the world.

You've got tens of thousands of people all over the place.

You're building products all over the place.

You're taking advantage of the opportunities and the markets you're in, the talent that's in those markets.

And then I look up and I read the newspaper and

And the walls are going up around the world everywhere, every single day.

The Trump administration seems intent on putting ever higher walls between us and Europe in particular, which seems very confusing to me.

Other countries are nationalists in other ways.

How are you thinking about Siemens in that moment, where a company that was able to grow and be such a large provider to so many people because of free trade and globalization now has to contend with ever higher walls and barriers between countries?

When you talk about investing in manufacturing in the United States, I've...