361Firm Briefing 266 "De-Escalation...for Now" (May 13, 2025)

361Firm’s Global Meetup & Briefing 266 “De-Escalation...For Now” (May 13, 2025) The 10:30am meetup portion discussed logistics for the 361Firm West Coast Conferences, including now many new developments in the Seattle area such as a Microsoft tour focused on AI, visits to Amazon and gaming companies like Valve and Nintendo. AI will be a key theme in both cities for panels and breakouts. Here is the Program Deck for SF/Seattle 6/16-18: https://361.pub/wc25 For the 11am Briefing segment, Stephen Burke highlighted the US-China trade war de-escalation, the potential for a manufacturing renaissance, and yet the importance of the US as a safe haven. The discussion also covered the potential extension of opportunity zones and tax credits, and the impact of energy prices on the global market. The meeting discussed the impact of Saudi’s actions on oil prices, impact on Russia but also with rig counts and production in America declining (yet Michae Hammer noted more productivity per rig). Natural gas prices have risen, driven by international markets and major pipelines. Lifting costs in the Utica basin remain viable even at $2 gas. Top producers are breaking even at $40-$50 per barrel. The conversation shifted to the venture capital industry, highlighting overvaluation and the reluctance of VCs to let companies go public. The discussion also covered the potential impact of proposed tax changes on endowments and foundations, which could significantly alter their investment strategies. Action Items •⁠ ⁠[] @Mark Sanor - Follow up on the request to meet with the mayor of Bellevue, Lynn Robinson. •⁠ ⁠[] Coordinate with Keith to arrange a tour and visit at Valve's headquarters. •⁠ ⁠[] Coordinate with Lisa Rich to expand the "space" panel and include additional speakers •⁠ ⁠[] Reach out to contacts at Blue Origin to see if they can participate in the Seattle program. •⁠ ⁠[] Reach out to Madrona VC to see if they can participate or speak at the event. Energy Market and Geopolitical Impact •⁠ ⁠Leslie Bendig asks about the impact of energy prices on the global market. •⁠ ⁠Stephen Burke and Michael Hammer discuss the geopolitical implications of the Saudi Arabia-OPEC production cuts. •⁠ ⁠The group considers the impact of energy prices on the US economy and the potential for fluctuations in global markets. •⁠ ⁠The discussion includes the role of natural gas exports and the potential for increased production in the US.