RUSH TRANSCRIPT Ed take ░░░░░░░░ profit on the AI ░░░░░░░░ That is the message ░░░░░░░░ Morgan Stanley They cut ░░░░░░░░ AI chip names like ░░░░░░░░ from their focus list ░░░░░░░░ rough session for tech ░░░░░░░░ Asia trading overnight Top ░░░░░░░░ mind for the firm ░░░░░░░░ curbs on U S ░░░░░░░░ sales to China and ░░░░░░░░ AI market that may ░░░░░░░░ gotten too hot It ░░░░░░░░ the first time it ░░░░░░░░ the sector since its ░░░░░░░░ call in October of ░░░░░░░░ Let s get the ░░░░░░░░ of Michelle Giuda An ░░░░░░░░ dedicated to accelerating the ░░░░░░░░ and adoption of trusted ░░░░░░░░ It is an ongoing ░░░░░░░░ but it is not ░░░░░░░░ away the United States ░░░░░░░░ its current administration limiting ░░░░░░░░ s access to key ░░░░░░░░ energy in the context ░░░░░░░░ China how long will ░░░░░░░░ sustained policy be Michelle ░░░░░░░░ ed This is first ░░░░░░░░ Trump Administration policy toward ░░░░░░░░ to a Biden Administration ░░░░░░░░ toward China It is ░░░░░░░░ clear this is the ░░░░░░░░ policy toward China There ░░░░░░░░ a lot of bipartisan ░░░░░░░░ from the U S ░░░░░░░░ as well and not ░░░░░░░░ mention many of our ░░░░░░░░ and allies across the ░░░░░░░░ There has been tremendous ░░░░░░░░ and uncertainty with regards ░░░░░░░░ the political election even ░░░░░░░░ the past 10 days ░░░░░░░░ if you are CEO ░░░░░░░░ a tech company the ░░░░░░░░ thing you can be ░░░░░░░░ of the one thing ░░░░░░░░ will be stable is ░░░░░░░░ to be American policy ░░░░░░░░ China when it comes ░░░░░░░░ our own tech security ░░░░░░░░ economic competitiveness Caroline is ░░░░░░░░ the right policy michelle ░░░░░░░░ well let s start ░░░░░░░░ the ultimate end goal ░░░░░░░░ the ultimate end goal ░░░░░░░░ the U S and ░░░░░░░░ and allies across the ░░░░░░░░ have to have competitiveness ░░░░░░░░ superiority when it comes ░░░░░░░░ technology because whoever leads ░░░░░░░░ technology is going to ░░░░░░░░ the values and the ░░░░░░░░ and the regulations that ░░░░░░░░ our militaries economies financial ░░░░░░░░ culture and information space ░░░░░░░░ imperatives to lead in ░░░░░░░░ that means we have ░░░░░░░░ innovate faster smarter better ░░░░░░░░ have to make sure ░░░░░░░░ companies are not contributing ░░░░░░░░ China s ability to ░░░░░░░░ us in technologies like ░░░░░░░░ intelligence Ed michelle nvidia ░░░░░░░░ example is off session ░░░░░░░░ but up significantly this ░░░░░░░░ There were reports it ░░░░░░░░ preparing a specific product ░░░░░░░░ would be within the ░░░░░░░░ of current restrictions That ░░░░░░░░ such an interesting policy ░░░░░░░░ severe do you expect ░░░░░░░░ reaction from the administration ░░░░░░░░ the policy side to ░░░░░░░░ of corporate elect to ░░░░░░░░ that just adjust their ░░░░░░░░ so they are in ░░░░░░░░ rules Michelle this is ░░░░░░░░ new reality we are ░░░░░░░░ 2024 through 2034 Companies ░░░░░░░░ to work together to ░░░░░░░░ companies are able to ░░░░░░░░ competitive and ensure their ░░░░░░░░ success and at the ░░░░░░░░ time they are contribute ░░░░░░░░ and not working against ░░░░░░░░ S and allied national ░░░░░░░░ That is what tech ░░░░░░░░ is That is what ░░░░░░░░ institute is focused on ░░░░░░░░ we are seeing that ░░░░░░░░ and pull between companies ░░░░░░░░ governments but the long ░░░░░░░░ trajectory of this is ░░░░░░░░ companies need to be ░░░░░░░░ in the national security ░░░░░░░░ the United States There ░░░░░░░░ a way to be ░░░░░░░░ There is a way ░░░░░░░░ make money There is ░░░░░░░░ way to make sure ░░░░░░░░ are advancing national security ░░░░░░░░ is an and scenario ░░░░░░░░ a one or the ░░░░░░░░ Caroline you mentioned allies ░░░░░░░░ of recent reporting has ░░░░░░░░ focused on how the ░░░░░░░░ will lean on the ░░░░░░░░ the Japanese How will ░░░░░░░░ differ between a Trump ░░░░░░░░ potential Harris Michelle look ░░░░░░░░ the previous administration one ░░░░░░░░ the things the Founders ░░░░░░░░ the institute focused on ░░░░░░░░ building a historic network ░░░░░░░░ secure 5g including 60 ░░░░░░░░ and 200 telecommunications companies ░░░░░░░░ worked together across all ░░░░░░░░ our countries in order ░░░░░░░░ secure 5g and make ░░░░░░░░ we are only using ░░░░░░░░ vendors That ultimately stopped ░░░░░░░░ in its tracks from ░░░░░░░░ the global dominant 5g ░░░░░░░░ That has been continued ░░░░░░░░ this administration Whatever the ░░░░░░░░ administration and into the ░░░░░░░░ 20 years is being ░░░░░░░░ the U S and ░░░░░░░░ allies to work together ░░░░░░░░ you talked about chips ░░░░░░░░ you are seeing in ░░░░░░░░ of the same trajectories ░░░░░░░░ our partners and allies ░░░░░░░░ chips Focus on government ░░░░░░░░ to advanced chip self ░░░░░░░░ the way many of ░░░░░░░░ allies are on the ░░░░░░░░ path Caroline Michelle Giuda ░░░░░░░░ thank you so much ░░░░░░░░ are awaiting live remarks