Tech industry leaders gathered in Lisbon, Portugal, on Tuesday for the Web Summit, the first major tech conference since Donald Trump’s election victory, with his second term and its implications a hot topic among attendees. Elon Musk’s potential influence on Trump’s administration is raising questions about future U.S. tech policy.

The summit, running until Thursday, has drawn 70,000 participants, including 3,000 startups and 1,000 investors. Organizers anticipate Trump’s immigration policies and past trade tensions with China could reignite tech concerns in the new administration. Several sessions will directly explore the election’s impact on the sector.

AI took center stage as Web Summit CEO Paddy Cosgrave emphasized the event’s focus on the startup ecosystem. Microsoft President Brad Smith outlined the company’s AI vision, while Max Tegmark, president of the Future of Life Institute, cautioned against the unchecked pursuit of artificial general intelligence, calling it a “suicide race” rather than an arms race between global powers.

After last year’s controversy over Cosgrave’s comments on Gaza, big tech firms, including Meta and Google, have returned to the summit. Cosgrave resumed his role as CEO, avoiding mention of the past dispute, stating simply, “It’s good to be back.”