Trade war fears and increasing rhetoric from the Trump administration around the $200 billion of additional tariffs (after the $50 billion already announced and in the process of being implemented) on Chinese imports including technology and telecom products is a scary headline that we continue to believe will ultimately will have minimal financial impact to Apple, FANG, and other tech names despite retaliation worries in our opinion. Given the tightly woven integration between Apple and Foxconn in China, we believe there is minimal risk to this relationship, cost increases, and backlash to Apple selling its iPhone devices within China (domestic competition remains a worry), which is a key market opportunity for Apple over the coming years. This also speaks to why Cook has been involved in calming this current US/China battle royale as the last thing Apple wants to see is a trade war break out going into its next major iPhone product cycle set to take place over the next 3 to 6 months and potentially put a wrench in supply chain and/or demand issues within China. We continue to strongly believe that given the primarily services nature of traditional FANG names and very internationally distributed from a revenue perspective with China representing negligible revenue/growth, that Facebook, Amazon, Netflix, and Google/Alphabet are “primarily insulated” from tariff worries and a potential retaliatory trade war with China IF negotiations fail to result in a path to an agreement over the coming weeks. While in a draconian scenario depending on how far the potential China/US trade war goes there could be some crosshairs that negatively impact Amazon on the e-commerce front (input prices), although these would be negligible and not a concern at all in our opinion. While this will be a “hand holding period” for tech investors as the China tariff details become better known and gauging China’s reaction/actions and the path of heated negotiations in the days/weeks ahead, in a nutshell we see minimal impact on these tech names despite lingering worries on the Street. We would be buyers of Apple/FANG brethren, as we believe the underlying fundamentals and healthy consumer and IT spending environment should drive further multiple/earnings expansion as the Street digests the unparalleled growth dynamics for tech stocks set to play out over the next 6 to 12 months, despite near term China headline risk as a lingering cloud over this market.