00:00What attracted you as you migrated away from the big studio models?
00:05You did also Quibi, I believe, which was the...
00:10Which is now actually working.
00:12They're actually monetizing that in China.
00:14$12 billion.
00:15You were ahead of your time.
00:16Well, it's better to be ahead than behind.
00:17Right.
00:18So you...
00:20When you went to the venture capital world, what are you bringing to that?
00:24Yeah, so let me...
00:25From 2016 to now.
00:26So tech, for those decades that I...
00:30When I was in media and entertainment, it was always a competitive advantage.
00:33I wanted the film...
00:35Filmmakers that I worked with to have state-of-the-art tech.
00:38Steven Spielberg, when he made Jaws...
00:40Build a giant shark out of plastic and dragged it behind a motorboat.
00:43That was a special effect.
00:45You know, and you look at over the years.
00:47And so I was constantly going to Silicon Valley to get the...
00:50The best tech for our storytellers.
00:52And so I've always had a appreciation...
00:55And admiration for what Silicon Valley has done.
01:00And it's continued to do.
01:01So when I sold DreamWorks 10 years ago, the natural...
01:05thing for Act 3 for me was to go into company building.
01:10and venture capital around tech.
01:13And I needed to go find somebody that knows...
01:15Everything that I don't know, which is a lot.
01:18And that's where I found my partner.
01:20and Sujay.
01:21To extrapolate on the Jaws theme, Quint said, we need a bigger boat.
01:24Right?
01:25So he comes to Silicon Valley.
01:27What do you bring to the table as far as what you're looking for?
01:30I mean, venture capital is shotgunning.
01:32You have to look at a lot of different companies.
01:35Pre-profit companies as well.
01:37You have to believe in their management.
01:38I'm going to take it to the other thing.
01:39I think it's...
01:40It's actually truffle hunting.
01:41Truffle hunting.
01:42Yeah.
01:43It's a little bit different than shotgunning.
01:44It's about finding...
01:45The best.
01:46The rarest.
01:47The most talented people.
01:48You're not just shotgunning blindly.
01:49No.
01:50You're...
01:50You're putting the pig to sniff out the real gems.
01:54What do you bring?
01:55Well, so I grew up in Silicon Valley.
01:56Yeah.
01:57So my whole life has been tech.
01:59It's been...
02:00You know...
02:01Since...
02:02If you remember 30 years ago, we didn't have phones.
02:04We didn't have anything.
02:05And now the AI revolution is, I think, going to change 70, 80%.
02:10Of what our day-to-day lives look like.
02:12You know, the funny thing about Jeffrey is that he is a total...
02:15force of nature.
02:16And he introduced...
02:18Like, his network is incredible.
02:20His...
02:20Work ethic is incredible.
02:21And when you think about what's happening in Silicon Valley right now, it's...
02:25It's about bridging all of these futuristic technologies and getting the largest companies
02:29in the world to adopt them.
02:30Getting consumers to start thinking in new ways to keep up with the future.
02:35And for me, that's what makes it exciting.
02:37So who are you investing in?
02:38I know you're not necessarily doing...
02:40You're not doing the big hardware players.
02:41You're not hyper-scaling.
02:42You're not large-language model.
02:44You're building...
02:45You're building or supporting companies that add the applications to platforms...
02:50And you're platform agnostic, I would assume?
02:52Yes.
02:53Whichever large-language model or whichever...
02:55AI platform.
02:56We're platform agnostic.
02:57The truth is, at $3 billion, we're about...
03:00One or two days of infrastructure spend in the data center space across the entire world.
03:05So, really what we're focused on is what is, in 10 years, likely to be...
03:10the most transformative uses of AI.
03:12The enterprise application layer is amazing.
03:15But we also look at what's happening in consumer.
03:16You know, we're seed investors in Polymarket, Yasir, which is...
03:20Which is the super app of North Africa.
03:21Quince, which is revolutionizing e-commerce in America.
03:24So all...
03:25All these consumer things are incredible as well.
03:27And we almost kind of jokingly call it our anti-AI.
03:30portfolio.
03:31You've got to have a little bit of both.
03:33Do you see any parallels at all to...
03:35To the dot-com boom and then bust as far as...
03:38That was a rise of a new...
03:40platform?
03:41I don't think...
03:42I know that that is a reference point.
03:44I don't think it's...
03:45analogous.
03:46I think the value creation here that we're even...
03:50seeing no matter how much the capital expenditure is, you're seeing these companies...
03:55grow at a rate that's never, ever happened before.
03:58And the adaption by consumers...
04:00And they're paying for it.
04:02It's just...
04:03When you're spending $600 billion...
04:05a year in infrastructure, is that revenue model going to actually...
04:10accelerate quick enough...
04:12to...
04:13you know...
04:14for there to be a valid ROI.
04:15on that edit.
04:16But...
04:17this is not a...
04:18this is not a bust bubble.
04:19This...
04:20maybe...
04:21What about a shakeout?
04:22I mean, do you see...
04:23What does a shakeout look in the AI space?
04:25has a lot of capital that has been put towards it?
04:27You know what?
04:28I don't know.
04:29We're pretty optimistic.
04:30here.
04:31I don't want to be...
04:32I really don't feel like I'm a naysayer about it, but...
04:35I would just say...
04:37caution...
04:38is actually...
04:39you know...
04:40a good lens to look at this through.
04:43So...
04:44it has not stopped us from investing...
04:45but it makes us treat each one of things...
04:48it's like a silver bullet.
04:49You know?
04:50if you're going to take a shot...
04:51you should find the best companies doing the best work...
04:54and whether that's a...
04:55later stage company like Databricks or Figma...
04:58you know...
04:59or...
05:00SpaceX...
05:00or...
05:01there's just...
05:03there's so many great companies out there...
05:05right now...
05:06that we do believe in the anthropic...
05:08it's...
05:09I mean...
05:10they're doing...
05:10amazing work...
05:11and there's real value creation going on.
05:14What is the end...
05:15game then?
05:16Is it taking it to the public markets...
05:18uh...
05:19IPOs and...
05:20Sure.
05:20Always.
05:21Obviously.
05:22But...
05:23where are you on that trajectory...
05:24with your portfolio of companies?
05:25Well...
05:26so...
05:27one of the things that's very unique about us...
05:28is we start a company every year.
05:29We call it our builds.
05:30we are...
05:31in the process of taking...
05:33potentially taking two of those builds...
05:35in the public...
05:36hopefully this year.
05:37So...
05:38that'll be an exciting milestone...
05:39but it's definitely not the end game.
05:40you know...
05:41the end game is...
05:42these companies should have products...
05:43that hundreds of millions of people...
05:44hopefully are using in 10 or 15 years...
05:45that's really...
05:46what's exciting for us.
05:47So...
05:48how transformative...
05:49are these technologies...
05:50and...
05:50how far and fast...
05:51have they come...
05:52that enable you...
05:53to do what you want to do...
05:54in your storytelling...
05:55and in your business application...
05:56to become profitable as well.
05:58Well...
05:59so...
06:00let's just...
06:01fast forward and say...
06:00you know...
06:01what...
06:02what are the...
06:03if you just say...
06:04what is AGI...
06:05in a company...
06:05it's Waymo.
06:06Yeah.
06:07Waymo is an example of something...
06:08where...
06:09the...
06:10the AI...
06:11and...
06:12in combination with the data...
06:13the sensory data...
06:14allows a car to do...
06:15what a human used to do...
06:16and it does it...
06:17spectacularly well...
06:18I don't know if you've sat in one yet...
06:19but it's...
06:20it's magical, right?
06:20it's a magical experience...
06:21and...
06:22and...
06:23way safer than humans...
06:24so it's not just that it's magic...
06:25it's also...
06:26infinitely...
06:27safer...
06:28yeah...
06:29yeah...
06:30so...
06:31for us...
06:32in the earlier stage companies...
06:33we're trying to achieve...
06:34that kind of application of technology...
06:35yeah...
06:35you know...
06:36how do we actually use something...
06:37that will change...
06:38how we all live our daily lives?
06:39what about...
06:40your exposure to Chinese tech companies?
06:42how...
06:43how much do you have that?
06:44I mean...
06:45they're going gangbusters...
06:45as well...
06:46on autonomous driving...
06:47and...
06:48all the different companies...
06:49that have come public here...
06:50in the last year in Hong Kong?
06:51yeah...
06:52what I would say is...
06:53is there was a period of time...
06:54in which things were kind of...
06:55frozen...
06:56between...
06:57worlds...
06:58and now you can see it thawing...
07:00so...
07:01I don't think...
07:02the moment is here...
07:03quite yet...
07:04where we're able to...
07:05actually invest...
07:06in mainland China...
07:07but certainly...
07:08in the region...
07:10a lot of exciting things...
07:11going on...
07:12and investments...
07:13that we are looking at...
07:14here...
07:15we have a...
07:15a handful of very...
07:16very important...
07:17LPs...
07:18that come from the region...
07:19who are...
07:20great partners for us...
07:21so...
07:22we're optimistic...
07:23we've been back here...
07:24in Hong Kong...
07:25three times...
07:26in less than a year...
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