Rene Haas

No. I mean, the only thing that's probably changed for us in China, and I would say that's probably for a lot of the world, is that China used to be a very rich market for startup companies. And venture capital flew around very freely. There was a lot of innovation and things of that nature. That has absolutely slowed down, whether that is the exit

for these companies isn't as clear, whether from a stock market standpoint, whether it's getting access to key technology isn't as well understood. We've seen that definitely slow down. On the flip side, we've seen incredible growth in segments such as automotive. If you look at companies like BYD or even Xiaomi,

for these companies isn't as clear, whether from a stock market standpoint, whether it's getting access to key technology isn't as well understood. We've seen that definitely slow down. On the flip side, we've seen incredible growth in segments such as automotive. If you look at companies like BYD or even Xiaomi,

for these companies isn't as clear, whether from a stock market standpoint, whether it's getting access to key technology isn't as well understood. We've seen that definitely slow down. On the flip side, we've seen incredible growth in segments such as automotive. If you look at companies like BYD or even Xiaomi,

building EVs, the technology in those vehicles is just unbelievable in terms of its capability. And selfishly for us, they all run on ARM. And the reason for that is, and China is very pragmatic in terms of how they build their systems and products. They rely very heavily on the open source global ecosystem for software. And

building EVs, the technology in those vehicles is just unbelievable in terms of its capability. And selfishly for us, they all run on ARM. And the reason for that is, and China is very pragmatic in terms of how they build their systems and products. They rely very heavily on the open source global ecosystem for software. And

building EVs, the technology in those vehicles is just unbelievable in terms of its capability. And selfishly for us, they all run on ARM. And the reason for that is, and China is very pragmatic in terms of how they build their systems and products. They rely very heavily on the open source global ecosystem for software. And

All of the software libraries have been tuned for ARM, whether it's ADAS or in the powertrain or IVI, that's all ARM based. So we have our automotive business in China is really strong.

All of the software libraries have been tuned for ARM, whether it's ADAS or in the powertrain or IVI, that's all ARM based. So we have our automotive business in China is really strong.

All of the software libraries have been tuned for ARM, whether it's ADAS or in the powertrain or IVI, that's all ARM based. So we have our automotive business in China is really strong.

Not really. I think my personal view on this is that the threats of tariffs are a bit of a tool to get to the negotiating table. I think President-elect Trump has proven over time that he is a businessman, and tariffs, I think, are one lever to start a negotiation. We'll see where it goes, but in my belief, I'm not too worried about that.

Not really. I think my personal view on this is that the threats of tariffs are a bit of a tool to get to the negotiating table. I think President-elect Trump has proven over time that he is a businessman, and tariffs, I think, are one lever to start a negotiation. We'll see where it goes, but in my belief, I'm not too worried about that.

Not really. I think my personal view on this is that the threats of tariffs are a bit of a tool to get to the negotiating table. I think President-elect Trump has proven over time that he is a businessman, and tariffs, I think, are one lever to start a negotiation. We'll see where it goes, but in my belief, I'm not too worried about that.

I don't think we need a government OpenAI Manhattan-type project. I think the work that's being done by OpenAI or Anthropic or even the work in the open source that's being driven by Meta with Llama, we're seeing fantastic innovation on that. I think if you look and say... Is the U.S. a leader in terms of foundation models and frontier models? Absolutely, yes.

I don't think we need a government OpenAI Manhattan-type project. I think the work that's being done by OpenAI or Anthropic or even the work in the open source that's being driven by Meta with Llama, we're seeing fantastic innovation on that. I think if you look and say... Is the U.S. a leader in terms of foundation models and frontier models? Absolutely, yes.

I don't think we need a government OpenAI Manhattan-type project. I think the work that's being done by OpenAI or Anthropic or even the work in the open source that's being driven by Meta with Llama, we're seeing fantastic innovation on that. I think if you look and say... Is the U.S. a leader in terms of foundation models and frontier models? Absolutely, yes.

And that's being done without a government intervention. So on the AI theme, I don't think it's necessary, personally. On the area of fabs, going back to the question that you started me on with on Intel, spending $30 to $40 billion a year in CapEx for these leading-edge nodes, that is a hard... pill to swallow for any company.

And that's being done without a government intervention. So on the AI theme, I don't think it's necessary, personally. On the area of fabs, going back to the question that you started me on with on Intel, spending $30 to $40 billion a year in CapEx for these leading-edge nodes, that is a hard... pill to swallow for any company.

And that's being done without a government intervention. So on the AI theme, I don't think it's necessary, personally. On the area of fabs, going back to the question that you started me on with on Intel, spending $30 to $40 billion a year in CapEx for these leading-edge nodes, that is a hard... pill to swallow for any company.

And that's why Chips Act, I think, was a good and necessary thing because building semiconductors is fundamental to our economic engine. We learned that during COVID when it took 52 weeks to get a key fob replaced in terms of everything going on with supply chain. So I think having supply chain resiliency is super important. I think it's super important on a global level.