Welcome to Thoughts on the Market. I'm Adam Jonas, global head of autos and shared mobility.

And I'm Michelle Weaver, U.S. Thematic and Equity Strategist at Morgan Stanley.

Michelle and I are just back from Morgan Stanley's Technology, Media, and Telecom Conference in San Francisco.

And we brought our listeners several episodes from the conference last week.

And now we're here with a final wrap-up

of some of the most important themes that emerged. It's Tuesday, March 11th at 10 a.m. in New York.

Michelle, I want to get into the major themes from the conference, but tariffs have been dominating

the news lately, and they also came up frequently during the conference.

How are tech, media, and telecom companies talking about tariffs?

So company's exposure to tariffs at the conference was really in a pretty wide range.

You've got software on the low end of exposure and then hardware on the pretty elevated end.

And most companies talking about tariffs tried just to write a fairly positive tone, and they think it the pretty elevated end. And most companies talking about tariffs

tried just to write a fairly positive tone, and they think it's really a risk that they can

manage through. When we think about what companies are going to do to mitigate their exposure

and mitigate that risk, it seemed like the primary method of mitigation was really relying on

pricing power and passing off those increased cost to customers.

And then the amount of time it's going to take to actually see these price changes start to flow through

would really vary on a company-to-company basis and is partially dependent on how much inventory they're holding.

And then further diversifying manufacturing footprints was another common method of mitigation.

The tariff situation is clearly still

very much live, very dynamic, and the focus on diversifying has really been moving away from

China exposure. And then, Adam, from your perspective, how are the most recently announced tariffs

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