All right. We spend a lot of time looking at stats about the markets and the and Q4 and seasonality. Is that something you're paying attention to. Do you think that's something that global investors are paying attention to.>> Yeah, we tend not to pay too much attention to what happens in one quarter, per se. And actually, if you take a step back and if you're an investor, it's been a pretty good year. Uh many asset classes have done incredibly well this year on a year-to- date basis.So even if you set aside ...

Core Viewpoint - Major US tech giants are actively seeking to strengthen their relationship with President Trump to gain policy benefits, particularly in the realm of artificial intelligence and investment commitments [2][3]. Group 1: Support for Trump - Several tech CEOs, including Satya Nadella (Microsoft), Sam Altman (OpenAI), Sundar Pichai (Google), Tim Cook (Apple), and Mark Zuckerberg (Meta), expressed their support for Trump during a White House event, emphasizing their commitment to investing in the US [2][6]. - Cook highlighted Apple's investment commitment of $600 billion in the US and praised the current administration for creating a favorable environment for business and innovation [6]. Group 2: AI Education Initiatives - The event included discussions on an AI education initiative led by First Lady Melania Trump, aimed at fostering interest in AI among students and educators from K-12 [6][7]. - Microsoft announced plans to provide free access to its Copilot AI tool for US college students and pledged $4 billion in cash and AI services over the next five years to support this initiative [7]. - Google plans to invest $1 billion in AI education over the next three years, aligning with Melania Trump's initiative [9]. Group 3: Political Lobbying and Funding - Tech companies are increasingly engaging in political lobbying to seek support for regulatory relief and public subsidies, with OpenAI spending approximately $620,000 on lobbying in Q2 alone [12][13]. - A significant investment of $100 million is planned by Silicon Valley to fund organizations opposing AI regulation ahead of the midterm elections [13][14]. - Meta has established its own political action committee in California to oppose state-level AI regulations, planning to invest tens of millions in the upcoming gubernatorial election [14].

Core Viewpoint - The Trump administration maintains a contradictory stance on technology regulation, pushing for deregulation internationally while enforcing strict antitrust measures domestically against major tech companies [1][2][3]. Group 1: Antitrust Actions - The U.S. Department of Justice (DOJ) recently faced a setback when a federal judge rejected its request to break up Google's search business, but the DOJ plans to continue its efforts, emphasizing the case's historical significance [1]. - The DOJ and the Federal Trade Commission (FTC) have been actively identifying and proposing the removal of regulatory barriers that hinder competition, with a focus on various industries including technology [2]. - Major tech companies like Apple, Google, and Meta are currently facing multiple antitrust lawsuits, with Apple accused of maintaining a monopoly in the smartphone market and Google involved in a case regarding illegal monopolistic practices in digital advertising [6]. Group 2: Regulatory Environment - The Trump administration's appointments in key regulatory positions reflect a historical opposition to tech giants, indicating that these companies will continue to face a challenging regulatory environment [2][5]. - The administration's push for international digital rules aims to exempt U.S. companies from additional overseas tax burdens, while simultaneously expressing concerns over the European Union's stringent digital regulations [3][4]. - The FTC has committed to allocating necessary resources to investigate and prosecute cases against tech giants, signaling a robust enforcement approach under the current administration [6]. Group 3: Industry Response - Tech leaders have attempted to align with the Trump administration to seek favorable policies, with significant investments announced, such as Apple's pledge of $100 billion in the U.S. [5]. - Despite showing a cooperative stance, major tech firms are still confronted with serious antitrust challenges, indicating a complex relationship with the administration [6].