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.
00:18So, you know...
00:19So you...
00:20When you went to the venture capital world, what are you bringing to that?
00:25From 2016 to now.
00:26Okay.
00:27So, 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.
00:43Yeah.
00:44That 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...
01:05The natural thing 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.
01:16Right.
01:17Which 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...
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 a different thing.
01:39I think it's...
01:40It's actually truffle hunting.
01:41Truffle hunting, yeah.
01:42It's a little bit different than shotgunning.
01:43Okay.
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.
01:58It's been, um...
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...
02:17He introduced...
02:18Like, his network is incredible.
02:20His...
02:20Work ethic is incredible.
02:21And...
02:22When 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.
02:49You're building or supporting companies that add the applications to platforms.
02:50And you're platform agnostic, I would assume?
02:52Yes.
02:53Whichever...
02:54Whichever 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...
03:20The super app of North Africa.
03:21Quince, which is revolutionizing e-commerce in America.
03:24So, all of these...
03:25Consumer 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...
03:35The 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...
03:45It's analogous.
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...
04:07Is 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...
04:20This may be...
04:21What about a shakeout?
04:22I mean, do you see...
04:23What does a shakeout look in the AI space?
04:25Because...
04:26A 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.
04:34But...
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...
04:56Like Databricks...
04:57Or Figma...
04:58You know?
04:59Or...
05:00SpaceX...
05:00Or...
05:01There's so many great companies out there.
05:05Right now.
05:06That we do believe...
05:07In the...
05:08Anthropic...
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 in 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 what's exciting for us.
05:47So...
05:48How transformative are these technologies...
05:49And...
05:50How far and fast have they come...
05:52That enable you to 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 fast 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.
06:07Right?
06:08Waymo is an example of something...
06:09Where...
06:10The...
06:10The AGI...
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 way safer than humans...
06:23Yeah.
06:24Right?
06:25So it's not just that it's magic...
06:25It's also...
06:26Infinitely...
06:27Safer.
06:28Yeah.
06:29Yeah.
06:30So...
06:30For us...
06:31In the earlier stage companies...
06:32We're trying to achieve...
06:33That kind of application of technology...
06:34Yeah.
06:35You know...
06:36How do we actually use something...
06:37That will change how 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...
06:46Autonomous 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 frozen...
06:55Between...
06:56Worlds...
06:57Yeah.
06:58And now you can see it thawing...
07:00So...
07:01I don't think...
07:02The moment is here quite yet...
07:04Where we're able to...
07:05To actually invest...
07:06In mainland China...
07:07But certainly in the region...
07:09Uh...
07:10A lot of exciting things going on...
07:11And investments that we...
07:12Are looking at...
07:13Here...
07:14We have a...
07:15A handful of very...
07:16Very important...
07:17LPs...
07:18That come from the region...
07:19Who are...
07:20Of great partners for us...
07:21So...
07:22We're...
07:23We're optimistic...
07:24We've been back here...
07:25In Hong Kong...
07:25Three times in less than a year...
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