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I'm getting a lot of questions about your note on that. And people are interested in how you got to that $3,500. So for context, Dan had a note saying that the iPhone could be as expensive as $3,500 because of tariffs right now for around a thousand.

Well, if it was built, if they were built in the U.S., right off the bat, just under tariffs it's over $2,000. In terms of if you just look at the actual China tariffs.

If I go to buy, if I go to buy an iPhone after April 9th, how much is that iPhone? That iPhone's going to be $2,000. You think that Apple is going to raise prices immediately on iPhone?

I believe after Memorial Day, it's over $2,000. Because they can't, Julie, they can't absorb. We're not talking like three to five percent through the supply chain. They can't absorb a 50% hit. And then it depends on whatever we got to see what exemptions they get or whatever. That's why this is, look, it's a black swan event going back to $3,500. Look, the reality is so many people that watch this from afar, they've never been to a fab in Taiwan, China. They don't, we don't even have the way. You have labor where people, whether Starbucks Chipotle, 22, $24 an hour, the reality is it would take them 20 to $30 billion in three years to move just 10% of the supply chain to the US. So you can talk in front of the microphones in the beltway and it could sound awesome. You can paint this fairy tale Pinocchio picture. That's the reality. And that's what stocks, see stocks don't lie and they know it.

So when do you, cuz you're still overweight all of these names, when do you change your rating? Is it Memorial Day when you say the iPhone's going to be $2,000? What is it that causes that real fundamental hit?

Well, by then it's too late, because I already think like just the fact that this happened, I'm already seeing the uncertainty across tech. You know, it's not just consumers, enterprises, Hey, let's slow down capex. What does this mean? That's already factored in 5, 10% cuts. If this actually goes into effect and lasts, let's say a month, it's a guarantee, in my opinion, it's guaranteed recession. And you now start to be like, okay, now it's a game of chicken. Like ultimately, when do the tariffs, do those get negotiated? What do they look like? But as it's happening, guess who gets hurt. It's the US consumer. And that, and that's why I just continue to stress is that all the companies, all the investors I talked to around the world, the reason I'm so negative is that this is a self-inflicted worst policy decision in 100 years. And I don't even think it's a debate relative to everything I've seen.

So to Matt's point, April 10th, do we see a wave of downgrades from Dan Ives if this, if this is still in place?

Look, I think we got to evaluate what numbers look like because I can tell you right now, like in video, you're already baking in numbers come down 10, 15% at current price. So if you start to see some negotiations and you're able to basically be, okay, toss out March quarter, okay? Because that, that's basically in the past. 9, but 2Q is going to be a disaster. Street will be able to look through 3Q, 4Q, okay, what's normalized 26, but to sit here and say, no, this is no big deal. I think they're, they're not going to leave. You, you'd have to be from an alien nation to actually think that.

So