So, is it laughing in relief at having survived the horror, laughing in an attempt to hide its fear from this terrible beast which in a moment of weakness has accidentally revealed its demonic qualities previously hidden behind feigned affection, or laughing in existential despair at the crushing revelation of what sort of nightmarish pit of surreal absurdity it is faced with spending the rest of its existence in?
I'm not an expert on the cognitive functions of babies, but it almost seems like he's pretending to be scared of the nose and then laughing his ass off at his own joke. If that's the case he will surely grow to be a comedy genius.