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Carol, we got some good news from a framework with China, right, We heard some details from that today. We heard details last night on Bloomberg from Scott Besant. Kind of tough to keep track of it all.
Yeah, exactly, So maybe two steps forward, two steps back. I don't know how you kind of gauge this, but Josh Wingrove has to keep track of it all and help us make sense of it. Bloomberg News Senior White House correspondent. He is there in our Washington, DC bureau. Josh, it's a lot today, but tell us abouts of all, let's go to the bad news, because it does feel like this is what's pressuring markets today, what's going on? And what do you know about US and Canada's negotiations.
Yeah, the news here is kind of out of left field. But Trump is taking issue with this Canada Digital services tax. This has been like a long running thing and it's not new, but the first payments are due next week, is our colleagues in Toronto are writing about. And so this is sort of kind of dovetailing with this news today of some sort of G seven agreement on global taxation and the Global minimum tax that Trump and the Trump administration or sort of touting, you know, I don't
want to get too buried in the weeds. Essentially, Trump thinks that the Canadians are pulling a fast one on him more or less and proceeding with this at a time when there's other questions about how they should be taxing these kind of things. And that's what led to this. And it's kind of a surprise because Canada was one of, you know, a handful of countries that does not have
a tarif deadline coming up right. They are not included in the July ninth pause with a with about five dozen countries and the EU set to face potential higher tariffs on July ninth. China, Canada, and Mexico have always been, or at least have lately been separate from that and So the question here is what now The current Canada tarif rate is twenty five percent, That is to say, Trump's tariff on Canada is twenty five percent, but there is a major exemption for goods traded under the USMCA
Trade Pact. So a blow of options here, I suppose three. I guess one is this could be a bargaining tactic and they could reach some kind of a deal to Trump and seek to raise that rate that applies to non USMCA goods, so from twenty five up to a different number. For instance, he's previously doubled the rate on stealing aluminum to fifty from twenty five. Or he could try to claw back some of those exclusions on USMCA trade.
I think that third one. We get a lot of blowback from American industry, in particular the auto industry, who you know, were relying on these pretty integrated supply chains and saw those exclusions as pretty key. But this is a pretty explosive development here. Of course, just you know, barely over a weeks the G seven when Trump and Prime Minister Carney of Canada seemed to strike a pretty upbeat tone. But Tuesday is Canada Day. You know, this is not a way to celebrate. I guess the Canadians
are going to be upset by that. But we'll see. We'll see.
It's Friday, Josh. A lot can happen between now and Canada Day.
Okay.
I want to go into some details here. This a group of twenty one US lawmakers wrote to President Trump earlier this month asking him to push for the taxes removal. This tax is similar, as you mentioned, to one implemented by some other countries, including the UK. It's equal to three percent of the digital services revenue that a firm makes from Canadian users above fourteen point six million dollars.
So this would apply to companies such as meta platforms and alphabet You know, I want to zoom in on what you said was sort of option number one here the negotiating tactic. Is this the art of the deal, because we've seen the President do this repeatedly over the last few months. You can remember what happened on so called Liberation Day and the way that he backed away from some of those tariffs and put a pause on him. But he did get some countries to move.
Yeah, that's right, and we could be seeing that here. I should note also, the Canadians thought there was like a thirty day clock, or at least they said so on the heels of that G seven meeting that were almost, you know, halfway through that thirty days. So Canada wanted some kind of a deal within thirty days, not only on that twenty five percent and the exclusion for USMCA, but the other sectoral tariffs, in particular autos, steel and
aluminum and the impact those could have. Trump has exempted USMCA autos but may still tariff auto parts that are USMCA compliant. That's gonna be a big deal for the Canadians. So they're looking for some kind of grand bargain here, and I think you if it is option one, if this is a bargaining tactic, Trump is putting another thing on the table here and saying this has to be part of any sort of grand bargain. Prime Minister Carney has been less quick than his predecessor Trudeau to hit
with counter tariffs. He's been much more measured. But the flip side of that is he that has room to do them if he wants to. So the Canadians right now have been silent. Last I checked in response to the President will see where it goes. But you know this this that he could be looking for leverage here. But the deadlines here are really kind of you know, made up. Trump'ss seven days, but there's nothing holding them to that. He doesn't have to do anything within seven days.
The Canadians have said thirty but likewise there's nothing holding them to that. As opposed to the other countries. The July ninth stuff that is in that is on the books, those terrafts are going up on July ninth unless Trump does something to change it. So those ones are a different sort of landscape.
Well let's go there.
Because the EU and the US believe they can reach a trade agreement before that July ninth deadline, that's when the US is set to impose a fifty percent tariff of nearly all EU products.
That seems like maybe a very positive sign. Is it a positive sign? Because that's a big one.
It seems to be a positive sign. We've got on the record comments from Hower Lattin sort of striking an upbeat tone about it. Our colleagues Alberto Nadeli and Jorge Valero and in Europe have some reporting today on the
European view of it. They sound equally optimistic. What's not clear is are they are they reaching kind of what like a China deal, like a framework type of deal, you know, a pathway kind of deal, or are they actually getting down to brass tacks and getting something more comprehensive. That's not clear. And today we've had comments both from Trump and Bess and Secretary Bestident of the Treasury, sort
of signaling a two tiered approach. Best saying, look, we've got like twelve ten, eighteen something like that, big training partners, and they might look to wrap that up by September first, he said, Labor day. And that raises the prospect of extensions for some countries. Bigger countries may be ones that are making headway. On the flip side, it's about five dozen countries in total that are facing a terrified and Trump said today, look, you know, I might even raise
them before July ninth. We don't expect that, but he sort of threw it out there, and he said that he kind of wants to do maybe even twenty five percent and tariffs and it's best and it's nicer than him and Veston doesn't want to do it. And so right now we've got this sort of multi track thing. Right You've got a group of countries that maybe are smaller trading partners that are facing a July ninth deadline, and Trump is signaling that he might want to put
a higher tariff on them. Then he threw out the number twenty five percent today, up from the baseline ten. Then you've got other ones, presumably including the EU, that will either reach a deal or maybe get an extension, you know, with talks continuing throughout the summer. Then you've got the China situation. They put some ink to paper a couple of days ago on their framework, but there's another deadline coming in August, so they'll be a fresh
sort of mile marker there. And then you've got the Canada one, and I should add the Mexico one, both of those not with firm deadlines, but now Trump pledging something on seven days in Canada and Mexico separately, rumors of some kind of field deal, and we don't know where that stands right now. So a lot of moving parts on this. Remember they talked about ninety deals in ninety days. So far we have got like two, you know, that are not necessarily full baked. So this is complex,
all right, complex stuff. But Trump loves tariffs.
Remember that, Josh, You're sitting down a dinner or you're I don't know, at a bar with a front tonight and they say, hey, are we making progress on trade the United States? They actually getting something done and in a good way? Do you say yes or no?
No one hangs out with me anymore because I just talk about this stuff all the time. But I think yes. I mean, that's is talking about I don't believe that September, you know, so we could potentially it seems yes, they could be. But remember Trump is clearly itching to want to just send a unilateral number Liberation Day two point zero, maybe a number not as high as the initial numbers
you put out, but higher than ten percent. And so that combined with the fact that we still have more sectoral tariffs coming, and the fact that he's demonstrated and Chell for wanting to just raise them on his own, like with stealing aluminum, the number of tariffs look like they're going to go up, not down going forward. I think the market should be aware of that.
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The Supreme Court getting ready to wrap up this term, and they did come down with five different rulings. A big one was the US Supreme Court limiting the power of judges to block government policies nationwide. They did leave unresolved to fight over President Donald Trump's restrictions on automatic birthright citizenship. But this all gets to tim specifically, what's
going on in terms of presidential power. We did have the President hailing the decision as a monumental victory and said the administration would move to get blocks lifted on a number of his policies. Here's the president earlier.
Thanks to this decision, we can now promptly file to proceed with numerous policies that have been wrongly enjoined on a nationwide basis. And some of the cases we're talking about would be ending birthright citizenship, which now comes to the fore.
That was President Trump just a little earlier today commenting on this US Supreme Court limiting the power of judges to block some government policies nationwide. Let's bring in right now. Harold Krant He's a professor of law at the Chicago Kent College of Law, also the author of the book Presidential Powers, Joining us to talk to these latest Supreme Court decisions. That's exactly where I want to start, birthright citizenship. This is something that during this term President Trump has
really gone after. What is your interpretation of what the Supreme Court said today when it comes to what many had deemed as a constitutional right of birthright citizenship.
The Supreme Court did not directly address the question of whether the ban on birthright citizenship is constitutional or not, and most observers think it's not, but the Court refused to wave into those waters. Instead, what the court held was that the courts below aired in issuing the nationwide injunction against the executive ordered by President Trump. Certainly this is a victory in a sense for presidential power. It denies a court the ability to enjoin a president nationwide.
While the resident on his or her behalf can obviously affect the nation with one fail suit, as President Trump has with all these executive orders. Now the attacks will have to be the piecemeal fashion.
So what does this mean then?
I mean, does this in any way embolden President Trump potentially to move on.
I just I guess what I'm trying to do is carry this out. What other actions might.
Come forward, you know, when the Supreme Court comes back that kind of the next turn that they might need to be addressing, like what does this do in terms of enabling him to move forward on maybe different initiatives that maybe before this ruling he might not have done.
So there are a number of maybe ten twelve nationwide injunctions that are in place right now in terms of stopping President Trump from cutting funding for various initiatives, stopping him from firing federal employees, stopping him from reassigning employees.
And right now those will no longer be binding.
They're only binding to the extent that plaintiffs were properly situated in the court. In other words, those people who filed suit will get the benefit of the injunction, but no one else. So, holding back to birthright citizenship, that all those who joined the case as plaintiffs challenging this
policy will still get the benefit of the injunction. But the fear is that after thirty days, if those plaintiffs other than those plaintiffs the president may try to strip citizenship and remove people from the country because they're no longer protected by the injunction.
The natural response.
Should be either to file a class action or perhaps to have state suit on behalf of their citizens. We don't know if that will be successful or not, but that will be the important reaction to the Supreme Court's decision today. So all litigation will have to go now more in a radic fashion to counter the presidential assertion of authority. And only when all courts have spoken, or at least when the Court is spoken, well, can the presence policy be stopped across the board.
You know, I want to follow on Carroll's question a little bit, Professor, and talk about presidential power and the consolidation of presidential power. How does this court, these nine justices, how do they seem to define the power of the president in a historical context of the presidential power that we're traditionally used to as Americans with three co equal branches of government.
Yeah, obviously we've seen a shift here. It's shown in various ways. It's shown in the fact that the Congress no longer apparently has the power to limit the president's ability to fire whoever he wants to in the administration, and that's been true of these agencies such as the National Labor Relations Board, the Federal Trade Commission, and many more. It shows up in the fact that, again in this case, that courts can't order in junctions nationwide against presidential policies
that they find illegal. And it's shown up, of course in the presidential immunities case last year. Would suggests that to a scary extent, not fully, but to a scary extent, presidents are above the reach of the criminal law. So in all these facets, we're seeing more that the court is embracing a more powerful president at the expense of Congress and even the judiciary itself. This is not to
say that Congress doesn't have levers. It's just that Congress, as we know, it's not using whatever levers that it still has remaining to it. And that's again and boldening the president to taking even more power.
All right, So you wrote the book of presidential powers. We're talking about this what this decision means. And I just wonder so, and maybe this isn't you're Beliwick, but I do wonder, professor, whether we need to rethink kind of government in terms of balance of We thought these three branches would just do it. It worked for a long time, it seemed to, and yet now we're seeing
it come undone. And to be fair, this isn't the only administrative stration that has used a lot of executive orders, but it does seem like the presidential position has gotten a lot more powerful. So are there changes in our government that you see need to be forthcoming, including the judicial branch.
I mean it's possible.
I think that what most people think is that the first step would be a reawakening of the legislative branch. We always thought that the legislative branch was the most powerful, at least intrinsically the most powerful, and that's certainly what people thought at the framing when our country was formed. But Congress has taken a back seat, and it's allowed the president to seize more and more authority tariffs as
a perfect example, and hasn't fought back over TIFFs. It hasn't bought back over the you know, the question of sending migrants to third countries. It could it should think that what we asserted the kind of by reasserting Congress into the mix, I think it would be a more healthy separation of powers balance to our government. So you know, that would be the most logical wish list is for that to happen. I don't know if it will. Congress
is not so far. Maybe it's going going to happen with this big, beautiful bill, but you know, Congress hasn't really seized the reins and tried to assert itself in this mix.
This one really has to do with what, if anything, we learned from the justices and the discussion among the justices. I know, people are still making their way and learning about what was decided and what came out at the Supreme Court today, what we learned about the Supreme Court, But did we get any insight in the way these different justices have approached presidential power. That differs today than we've learned in recent months, ter in recent weeks.
A little bit. I mean, the court is still fractured.
There's still obviously a very very conservative wing and a liberal wing and a couple of that we call swing justices that will change. And so the configuration of the court was different. Two delegation cases, the challenge of the eight billion dollars of subsidies that the SEC gives us to rural areas and to schools, where three justices conservative justices dissented, but the remaining judges, the liberal judges and the middle judges came together. And that was true in
another delegation case to an agency as well. In that case there was a delegation to a group to side what preventative care services must be funded by an insurance company. So those are just two important cases where the middle held out. But in terms of overall, I think the issue that we could see, particularly from this the injunction case, you know, is that the majority of the court is content to have a very strong president over atop the
government with very few guard wheels. And that's what we have to watch and that's what we're concerned about. And now that these nationwide injunctions will be dissolving, we'll have to see if the president moves vigorously and rapidly to try to carry out his policies despite the possible very very negative impact on people like wirth right citizenship for instance, or federal workers who've been fired and so on.
Yeah, I would expect you there's gonna be a lot more discussion debate about this going forward on both sides of the political aisle. Perhaps Harold Crenn, thank you so much. He is professor of law a Chicago, Kent College of Law, author of the book Presidential Powers. Joining us once again, joining us several times here on Bloomberg. We're grateful to his analysis.
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Alan McCartney's with us.
She's managing director and at also private wealth management at UBS.
She is working, and.
We're curious to see what she gets out of this event, like when you come here help Hello, Yes, what do you get out of an event?
Like you said this?
So UBS and I traffic at the intersection in liquidity events and in individuals, and so what does that mean? That's entrepreneurship and so one of the beautiful things about this event and about our partnership with it is Michael Lobe opened by saying, this is a celebration of entrepreneurs and entrepreneurialism. Right. And so if you go through all of the things that are happening in our world today, all of the trends, deglobalization being a big one.
Right.
Where does wealth come from in this country? It's intellectual property. It is six million businesses founded last year. It is being at these events and having funders and founders meet, providing very valuable networking opportunities and for us to be able to be supportive of that community full stop is really the bread and butter of what we do at ubs.
Does it give you new opportunities to bring new money into your firm or is it more like okay, when I'm allocating my client's assets. Yeah, I'm thinking about these alternatives because I talked about these types of businesses with people at this conference.
So yes, and yes, I would say there are three things it does. It is certainly, you know, a prospecting, right rich environment in terms of there are people here who obviously we know the numbers of the success of startups and franchises, but some of these people are going to be the next unicorns, right, So there's that. The second is it allows me to learn about AI or why the founder of Tesla, you know, founded Tesla and
what he's thinking about now. And then the third thing is it allows me to find new opportunities for myself and my clients to be outside of this environment, both educated and proximant to the new trends that are driving sort of where the puck is and how we'll invest for sure.
You know, it's funny you see the founder of Tesla, because Elon Musk was not actually the founder, was he?
Well, so no, what did he did? He there?
He?
So it was very funny because the first panel was someone who's just spent seven months in the White House. Yeah, and so Elon Musk was a topic of conversation there and then they next ran after was the founder of Tesla, who I thought Eberhart, who very elegantly decided not to answer that question.
He did, Yes, that's really funny. You know what's funny too, is and I think about wealth management, you do have, I'm assuming as clients a lot of folks that are founders and whether they're looking to sell their company, find a deal, or maybe you have other clients who have money they want to put to work and they want to have a piece of a company, a lot of that is what goes on, right.
So a lot of that is what goes on. So I think, like, if you think about the path of a founder of an entrepreneur, right, you have an idea, there's something disruptive, there's some challenge or problem you're trying
to solve in the world. And you know, we were learning today that most people self fund that by using credit cards, personal assets and their four to one K. Right, they make less than one hundred thousand dollars for years and years and years, and they are just so embedded in their company and the mission and the branding that they're not thinking about the tax consequences, whether they can
take advantage of qualified soalled business stock. Could the business be stuck in a marriage in court and decided by the state of California or Florida if they don't have a prenup so all of the So what we do is we say, look, if you are extremely successful, you're going to get to a liquidity point where some lawyer or some general counsel or Anderson Tax is going to say, have you talked about the planning and this? And at that point you can maybe add a couple percent of value.
But if you can find these people as they are stuck in what I call the valley of death, sort of that middle part of building a business, and you can get an hour with them, just to say, there are a couple things we can do from an investment perspective, an entity perspective, and a tax perspective that if you are as successful as you think you are, you can protect yourself and investors and you can make your net much bigger than what it would be otherwise.
As you know, entrepreneurs are not focused on this stuff when no, no, no, So if they haven't taken advantage of something like the QSBS as you talked about, which I believe allows you tax free up to ten million dollars, I mean, it's pretty remarkable.
It's pretty remarkable.
There are some like there're three litmus tests that you have to pass and if they.
Didn't set up the business that way initially can get can they change it to actually get that benefit?
Yes, it becomes increasingly difficult as you take in capital, you have more LPs, et cetera. But there are many many ways to do it. And I think most people know about that ten million dollar headline number.
But when the earlier you plan and the more that.
Can actually be protected by using different irs, discounting strategies, et cetera. So I've seen many many times that protected. But again, so our goal is to try to be in front of entrepreneurs and support them not only in funding and marketing and building their networks, but to try to get them either to think about which is really challenging, or get them to sort of open up themselves to allowing someone to act on their behalf even when they're not there yet.
So we'd be remiss to not ask you about kind of the macro environment and what that means for entrepreneurs. Now, we've got about a minute and a half left. Who are you know, getting ready to wrap up the trade today? It's been a volatile one again and we're also getting ready to wrap up the trading week. You know, how how do you feel about the environment? What do you tell some of your clients?
So it's a really hard environment.
In the following so you look at your portfolio today, private and public, and your public portfolio just hit an all time high. Your private portfolio, you haven't gotten as much capital back as you wanted. You've been in longer. It feels a little, but your values, your marks are still they feel okay too, but you feel pretty precarious about both. And so that's affecting the way everybody at every income level is spending, investing, traveling, you name it.
So the answer is our market is price to perfection, from a trade perspective, from a geopolitical perspective, from a big beautiful bill, and spending and deficit perspective. The next I think six months in terms of the path that the Fed takes with interest rates, whether our president actually does put in a shadow FED, and what effect that has, what happens in terms of the July ninth trade date, right we're probably at about ten percent level of tariffs
right now. That's different than the thirty eight we were on, you know, it's thinking about on April second. It's also really different about the than the two point nine we came into this president exactly. So there are a lot of really macro trends that are going to very much effect the next leg from here in both public and private markets.
Great conversation, Elli, Thank you so much. Elli McCartney, Managing director, Private Wealth Management over at UBS, joining us here on Bloomberg Business Weekdaily.
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Michael Lobe is with us. This is his home, this is his event. He's the founder and CEO of Lobe dot NYC, and he co founded Uncharted a few years ago. And I got to talk to you this morning, so I feel kind of doubly blessed to get some more time with you.
The event is underway. Tell us about what you're hearing some of the things so.
Far, well, I think that there's a great deal of buzz. Most people are saying exactly what you are, which is that they're doubly blessed just to be here and get to know everybody else.
But I mean, the.
If you were to take a look at the background, you would see, you know, six hundred people talking to six hundred other people.
It's quite the event.
And what we really want to do is foster relationships between investors and companies, between companies and companies, and between you know, CEOs looking for talent and talent looking for CEOs so I think I think a good time is being had by all. And certainly the weather has been totally cooperating. I think you had someone to do with that, So I thank you for that.
You're very welcome.
Right, So, yeah, little tiny wind, if you could take that down.
Just or this is kind of perfect. It beats the weather we had earlier this week. I was a little concerned about that. You know, an event like this, You've been doing this for a few years. It started during the pandemic, started a lot smaller. How do you and I heard you say earlier today and your partners say this too, Noah, that he is running into people constantly. You say, yeah, they raised money as a result of being here. They found a co founder here, they found
employees here. How do you measure the success of an event such as this in the days, weeks and months following it?
Right?
I wish we could, because I should have a vig on all that.
So we were just talking to Damon John, like, you know, shark tank kind of thing. Maybe you could kind of get in on that.
I don't know it for a long time.
So you know, I got to tell you.
We do solicit testimonials of exactly the things that you're talking about. We have quite a few of people saying, you know, I met my founder there about two years ago. No, and I get an invitation and it was shrouded and missed. And it was three women who had us go to an event downtown.
And they brought us up on stage.
Everybody started a collap And what that was is these were three women never met before. They were all, you know, elite athletes, and they decided there should be a fund supporting elite athletes that they had a different point of view, a different sense of how to compete, and they all got along very very well, and that thesis led to a fifty million dollar fund. So it's that type of thing that you know, really propels us.
Well, talk to us about you know capital, How much is out there for startups?
Wow?
You know, it's funny things go in cycles. As you know, this is not an up cycle for capital formation. Last numbers I looked at and they're a little bit stale, but you know, down sixty or seventy percent.
Certainly the secondary market.
If that's any indication at all, does illustrate that, you know, there's a lot lot of illiquidity looking to get liquid right, not nearly as frothy as it used to be, was I pos even though that's starting to unlock a little bit.
So no, it's it is hard and the money does.
Gravitate these days to AI, so you need, you know, if you have so win.
There is an idea when there is a startup, that's where it goes.
It goes there, right.
And what folks don't I think, really realize or appreciate is the forces at play in venture and venture funding, a venture capital which is I sometimes call it a beauty contest, and that is because there's one breakout winner in a category and then all the LPs are asking their gps you know, what is your AI strategy? And if the answer is you know, we think it's a little over sold. We think it's a little bit you know, frothy.
Whereas there's going to be a couple of winners and a lot of losers, we're taking a wait and see attitude. The answer is bye bye, I'm bringing my money to that fund that made that investment. So a lot of pressure for them to jump in. And it's in those situations that you know, not so good deals are made.
Right, So yeah, does it you know in terms of cycles, does it feel like this AI cycle is different than previous tech hype cycles? And the reason I ask and look, nobody wants to hear or utter the phrase this time is different. But if you look out at the private markets right now, you've got skyhag valuations, I think many would argue for open AI right, for anthropic, for perplexity. You have meta platforms coming in and dropping billions of dollars to buy forty nine percent of an AI company
that barely existed. You have founders being poached. We're talking one hundred million dollar signing bonuses. Yeah, force an individual to go to a large company.
Right.
So I'm I look at my mailbox every day. I'm looking for my hundred million dollar check hasn't come in yet.
Right, So, if you're going to range, you know, you know, make make your way your web browser or your you know, your website dot ai and maybe it'll happen.
I don't know, don so to me, and there's not quite answering your question, but I'm it's all about me. So I'm going to answer it from my perspective, which is that to me, it feels different. Now, what does it feel like I've been around for long enough, so I'm something of the elder statement here statesman here, I've been around long enough that I've seen a few cycles.
This feels like.
The late nineties and the late nineties was the advent of the internet, right, and it feels this profound.
Now. You know, people can say.
Well, you know, if we look back two or three years, it was NFTs and that was a false positive. And before that it was blockchain, which was sort of a false positive. And before that it was cannabis, and before that it was bitcoin. And but this one feels real, and this as the possibility of disrupting entire industries. I had breakfast, by the way with a friend this past week. He has a unicorn business is worth almost two billion dollars.
He has two hundred and seventy people, and he said, Michael, by year end, it's one hundred and twenty.
Meaning he is going to lay people off because AI has become celefficient, a.
Fast growing company, super fast growing company.
That's really scary, I know, but that's what's going on.
And so do you think so do you think there is something? Do you think there is something to what Dario Amaday has said who's the founder of Anthropic. Among the co founders of Anthropic, there are many that in a couple of years we're going to see a serious uptick in unemployment as a result of this tech, Like this is something policymakers need to be freaking out about right now.
Yeah, well, look, I respectfully disagree, and all I have to go on is history and starting in the seventeen hundreds, right when there was that industrial revolution in England and we burned down all the factories with a spinning wheel, thinking everybody would be unemployed. That has not happened, but markets employment, people have an amazing ability to retrain themselves find the opportunities. In the end, I think we're going to be okay. Is there going to be some displacement.
There's always some displacement. I hope you find out find something that we can have less lawyers, because we'd use less warriors. But I think at the end of the day, you know, brilliant people are going to find find their way. And the people you're talking about are very smart people, engineers. They will find their way. We're always going to need them. And you know, this is going to be like every other labor saving prediction.
This is going to be just another one.
All right, We're gonna unfortunately have to leave it there. But thank you for inviting us. This has been fun.
Thank you for inviting me. Guys, I believe this is yours.
Oh that's not what they told me. They said after today, it's all yours. That's not right, Michael, I wouldn't be so nice.
Well, the key is please.
Michael Low, founder and CEO of Low NYC.
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