“In the international space, tariffs matter,” but not as much as they do in the U.S., Ken Ryan argues. He reiterates the need for international diversification as many foreign companies have no U.S. exposure and “very attractive valuations.” He highlights opportunities in Europe’s $1T spending aims and in Japan’s corporate governance reform. Ken particularly likes Taiwan Semiconductor (TSM), calling it “THE core company” in the AI industry, along with Siemens Energy (SMNEY).