Philippe Laffont

So I think that's what's going on.

So I think that's what's going on.

Yeah. Dave, in fact, a couple of things I was wondering your opinion on is one, I was with this retailer, gigantic retailer in the US. And there's this sort of false narrative that when you have tariffs, like 100% of tariffs are going to get passed through in pricing and therefore tariff is like a tax, right? That retailer told us that they think only about 50%

Yeah. Dave, in fact, a couple of things I was wondering your opinion on is one, I was with this retailer, gigantic retailer in the US. And there's this sort of false narrative that when you have tariffs, like 100% of tariffs are going to get passed through in pricing and therefore tariff is like a tax, right? That retailer told us that they think only about 50%

of the tariff gets passed in pricing. So I sort of agree with you. There is going to be a net net positive and that retailers have way to work things around and stuff like that. I would also say today, post this announcement, the market's very strong. And initially I was a little bit surprised because we're taxing 10%. not only the most friendly country, but one where we actually have a surplus.

of the tariff gets passed in pricing. So I sort of agree with you. There is going to be a net net positive and that retailers have way to work things around and stuff like that. I would also say today, post this announcement, the market's very strong. And initially I was a little bit surprised because we're taxing 10%. not only the most friendly country, but one where we actually have a surplus.

So it's like, if it's 10% when we have a surplus, what is it when we have a deficit? But on the other hand, the market is speaking as we speak. And I also think that there were a lot of announcements that seemed to make it like, hey, we're going to make a deal with China. We want China to do well, but we need to do well too. It seems to me that at some point,

So it's like, if it's 10% when we have a surplus, what is it when we have a deficit? But on the other hand, the market is speaking as we speak. And I also think that there were a lot of announcements that seemed to make it like, hey, we're going to make a deal with China. We want China to do well, but we need to do well too. It seems to me that at some point,

Maybe there'll be a bit more of a win-win versus such an acrimonious, and maybe that's why the market's reacting a little bit more positively.

Maybe there'll be a bit more of a win-win versus such an acrimonious, and maybe that's why the market's reacting a little bit more positively.

You know, when you ask a tech investor for his opinion on macro, this is the beginning of the end, right? I think I've predicted seven of the last three recessions. My track record is pretty weak.

You know, when you ask a tech investor for his opinion on macro, this is the beginning of the end, right? I think I've predicted seven of the last three recessions. My track record is pretty weak.

I think for tech guys, by and large, a lot of the tech is in services. So that's out of the picture for now. But there's obviously going to be a lot of tariffs for semis and then for the assembling of the motherboards into computers. So those are the two key areas. And one of the difficulties is we have these sort of base tariffs, but we also have these sector tariffs. And we've had sector tariffs

I think for tech guys, by and large, a lot of the tech is in services. So that's out of the picture for now. But there's obviously going to be a lot of tariffs for semis and then for the assembling of the motherboards into computers. So those are the two key areas. And one of the difficulties is we have these sort of base tariffs, but we also have these sector tariffs. And we've had sector tariffs

In cars, 25%. There's rumored to be sector tariffs in pharma that could come out next week. And there's also been potential sector tariffs, you know, in semis. So it's been pretty disruptive. And I don't really know how to think about it. And I think nobody knew, which is why the market just took a 25% peak to trough down. And then after that, we learned, well, the government is actually smarter.

In cars, 25%. There's rumored to be sector tariffs in pharma that could come out next week. And there's also been potential sector tariffs, you know, in semis. So it's been pretty disruptive. And I don't really know how to think about it. And I think nobody knew, which is why the market just took a 25% peak to trough down. And then after that, we learned, well, the government is actually smarter.

One of the things that I love to see is all these executives that get to come to also plead their case in Washington. And maybe that was never the case, you know, a few months ago. And there seems to at least be a feedback loop. Okay, we do something, we see what breaks, we listen, we readjust and stuff like that. But to be honest, I don't really know how it's gonna play out.

One of the things that I love to see is all these executives that get to come to also plead their case in Washington. And maybe that was never the case, you know, a few months ago. And there seems to at least be a feedback loop. Okay, we do something, we see what breaks, we listen, we readjust and stuff like that. But to be honest, I don't really know how it's gonna play out.

I sort of was very conservative for a period of time, just waiting. And then to me, what happened last week with Microsoft saying that like AI had really picked up, that was like a really big deal. And I almost like coined it in my own mind, like tokens greater, greater than tariffs. And I think like one of the reasons why the market's moving up to right now- Just hold on, hold on.

I sort of was very conservative for a period of time, just waiting. And then to me, what happened last week with Microsoft saying that like AI had really picked up, that was like a really big deal. And I almost like coined it in my own mind, like tokens greater, greater than tariffs. And I think like one of the reasons why the market's moving up to right now- Just hold on, hold on.