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Speaker 1: It's Tokyo seven. A young, relatively unknown businessman is giving
Speaker 1: an interview to a local magazine. I always say this,
Speaker 1: It's a habit, maybe a kind of disease. I won't
Speaker 1: rest until I'm number one. His name is Masiyoshi Son.
Speaker 1: Outside of Japan, he's usually just known as Massa. I
Speaker 1: just hate not being first. People want to sleep well
Speaker 1: at night, but I lose sleep thinking why am I
Speaker 1: not yet number one? What do I have to do.
Speaker 1: At the time, it was easy to laugh at Loss's
Speaker 1: big dreams. After all, becoming the world's top company it
Speaker 1: seemed outlandish. Massa himself had just turned thirty and his company,
Speaker 1: soft Bank, was all of six years old. But today
Speaker 1: it's not so laughable. Over the years, Massa built soft
Speaker 1: Bank into a technology giant, and he's among the world's
Speaker 1: one hundred richest men. And now Massa is Onto, perhaps
Speaker 1: his biggest most during project yet talk about soft banks.
Speaker 1: Massa Yoshi Song has formally announced the first round of
Speaker 1: capital commitments for his tech investment fund that is worth
Speaker 1: more than billion dollars. It's called Vision Fund, and money
Speaker 1: has come in from Saudi Arabia, Abu Dhabi, Apple, Qualcom,
Speaker 1: and Fox Con. Massa's plans to increase the amount to
Speaker 1: a hundred billion dollars in the next few months. Hi,
Speaker 1: I'm Brad Stone and I'm Peter Lstrom. And this week
Speaker 1: on Decrypted, we have the story of Masa Yoshi Son,
Speaker 1: the eccentric Japanese billionaire who conceived of and willed into
Speaker 1: reality an enormous fund that has both odd and terrified
Speaker 1: the global technology industry. Venture capital firms are worried that
Speaker 1: so much new money will drive up valuations for startups,
Speaker 1: hurting returns for everyone. But no matter what happens, this
Speaker 1: fund has earned Massa place in the pantheon of the
Speaker 1: world's legendary investors. We'll speak to his biographer as well
Speaker 1: as his first employee, and we'll also play you some
Speaker 1: tapes of Massa as a young unknown businessman from thirty
Speaker 1: years ago that have never been released before. Massa has
Speaker 1: made an unlikely journey from being bullied as an outsider
Speaker 1: on the rural island of q Shu to becoming one
Speaker 1: of the wealthiest men in the world. And after all
Speaker 1: that success, he's risking it all now for even greater returns.
Speaker 1: Stay with us, so, Peter. The tech industry has been
Speaker 1: bracing for a few months now for Massa's Vision Fund
Speaker 1: to close. It's a pretty heavy expression of optimism in
Speaker 1: the future of technology, not only for Massa but the
Speaker 1: other entities contributing to the fund, like Apple, Qualcomm and
Speaker 1: Fox count and the Saudi Arabian government. It's hard to
Speaker 1: think of anything we can compare it to. Well, there
Speaker 1: hasn't been anything quite like this before. I talked to
Speaker 1: a professor at the University of Chicago who made the
Speaker 1: point that Sequoia Capital could raise ten billion dollars tomorrow,
Speaker 1: but they don't. Why because it's dangerous. It's hard to
Speaker 1: find enough promising deals to investing with that much money.
Speaker 1: But Massa has never been a conventional investor, right, I
Speaker 1: mean he is. He He looks not only for startups
Speaker 1: but to invest in bigger companies, and his vision seems
Speaker 1: a little bit bigger and bolder than average. That's right.
Speaker 1: This is a man who speaks without irony about his
Speaker 1: three year plan. He looks for really big opportunities. He
Speaker 1: says he's interested now in artificial intelligence and based the
Speaker 1: Internet of things. And also this here's Mosses speaking to
Speaker 1: investors through a translator on an earnings call a few
Speaker 1: months ago. We saw a big man in PC, we
Speaker 1: saw a big man in the Internet, and I believe
Speaker 1: the next big then is going to be even bigger
Speaker 1: with IoT and Singularity. One of the futuristic dreams will
Speaker 1: be investing in will be the integration of computers and humans,
Speaker 1: known among enthusiasts the singularity. The chip is going to
Speaker 1: exceed human brains, uh intelligence, and that to be connected
Speaker 1: with wireless and connected in the cloud for super intelligence.
Speaker 1: Um okay. These are ideas once thought of, perhaps still
Speaker 1: thought of a science fiction. I kind of think there's
Speaker 1: still many technological, practical, and perhaps cultural barriers to the
Speaker 1: ship still though. In Japan, Massa Yoshi's son is one
Speaker 1: of these larger than life household names that everybody knows. Right,
Speaker 1: that's right. He's the second richest man in Japan. He's
Speaker 1: worth about fourteen billion dollars now. His company Soft Bank
Speaker 1: is a mobile operator, but also has a huge investment
Speaker 1: portfolio with stakes and hundreds of companies. He backed Yahoo
Speaker 1: were early on, along with a bunch of early technology companies.
Speaker 1: His biggest hits so far has to be Ali Baba.
Speaker 1: He put in an initial investment of about twenty million
Speaker 1: dollars and that's grown to be worth more than ninety
Speaker 1: billion dollars. You've had a keen eye or what might
Speaker 1: be a successful investment. Yes, this was Massa talking to
Speaker 1: Charlie Rose in two thousand fourteen. Yeahoo, Japan and this
Speaker 1: is the most recently Alive Baba. Alive Baba is gonna
Speaker 1: be a huge pay day for you. This it'll be
Speaker 1: one of the largest I pos around. Yeah. Yeah, we
Speaker 1: are lucky. Yeah, well yeah, you need that lack a
Speaker 1: lot of mass Ushi's son grew up on q Shoe,
Speaker 1: which sits at the southern end of the main islands
Speaker 1: of Japan. His family had come from Korea, and his
Speaker 1: heritage made his early years difficult. Right. For all its
Speaker 1: reputation for being such a polite country, Japan is also
Speaker 1: a really difficult place to be as an outsider, even
Speaker 1: more so if you come from China or Korea, which
Speaker 1: both have long troubled histories with Japan. They all met.
Speaker 1: Moss's classmates would sometimes pick on him. He was pelted
Speaker 1: with rocks and left bloodied. He talked about the challenge
Speaker 1: of being an immigrant in Japan with Charlie Rose. Japan
Speaker 1: is a homogeneous in a race country, one culture with
Speaker 1: one race, So if you are considered outsider, it's not easy. Nowaday,
Speaker 1: I stick up enough so people know that I am
Speaker 1: I am, you know, just myself. But one thing Massa
Speaker 1: and his two brothers had going for them was their father.
Speaker 1: He was the kind of man who praised his children endlessly,
Speaker 1: especially the young Massa, who was particularly precocious. Here's Massa
Speaker 1: talking about what his father would say to him, You
Speaker 1: are a genius number one in Japan. He would say,
Speaker 1: there's no one better in your age group, the smartest.
Speaker 1: You'll be a big shot. He keeps saying that like
Speaker 1: it's brainwashing me for any silly little thing. As a kid,
Speaker 1: even before I started elementary school, I started to think,
Speaker 1: maybe I'm actually the real deal boy Peter. I thought
Speaker 1: the conventional wisdom and parenting that was that you weren't
Speaker 1: supposed to overly praise your kid, I may have to
Speaker 1: start over with my kids. Here's how Atsuo in a
Speaker 1: way explained it. He wrote a biography of Massa called
Speaker 1: Aiming High. The secrecy of his success sounds success. I
Speaker 1: would say, from his days, how do phase up the Keiths?
Speaker 1: So that's why I would say he had American with
Speaker 1: a mind. Aso first met Maso when Atso was a
Speaker 1: journalist here in Tokyo. He interviewed Massa for a profile
Speaker 1: he wrote for a local magazine. Atso agreed to be
Speaker 1: interviewed for this episode, and when he stopped into our offices,
Speaker 1: he had quite a surprise. I love this. This is
Speaker 1: true internet history about to be made. I didn't know
Speaker 1: what to expect when I reached out to him. He
Speaker 1: showed up here in our Tokyo office. He's a dapper,
Speaker 1: older gentleman with long silver hair and impeccable manners. He
Speaker 1: was carrying a big black backpack and he started to
Speaker 1: pull all this stuff out of it. Oh my gosh. Well,
Speaker 1: he had magazine articles that he had written decades ago
Speaker 1: in Japanese. Of course, he had a new copy of
Speaker 1: the sown biography that he had just finished up. But
Speaker 1: the biggest surprise was when he pulled out a fistful
Speaker 1: of cassette tapes, old fashioned cassette tapes. He had brought
Speaker 1: in the recordings that he had done with Massa thirty
Speaker 1: years ago. He said that he had never shared them
Speaker 1: with anyone else before. Wow, the lost tapes of Masa
Speaker 1: Yoshi's son. It gives you a sense of what Massa
Speaker 1: was like at that age. Those clips of Massa at
Speaker 1: the very start of the show and that clip of
Speaker 1: Massa talking about his dad both come from these tapes
Speaker 1: more than anything, to help me understand how ambitious, how
Speaker 1: incredibly ambitious, this guy was from an early age. So
Speaker 1: that's why, Peter, So, I'm just brote the that's the treasure. Yeah,
Speaker 1: so I think it's I'm just suggested you could just
Speaker 1: rue part of you know, one minute or so. Uh,
Speaker 1: Younger boys, I don't know. Her family was very poor
Speaker 1: when I was young. Grandpa and Grandma came over from Korea.
Speaker 1: Both were very anti business. Buying something cheap and selling
Speaker 1: it at a higher price was a moral to them.
Speaker 1: Even as a young kid, I saw how hard my
Speaker 1: dad worked, how much he suffered. I remember thinking that
Speaker 1: I wanted to make him comfortable one day. Massa has
Speaker 1: made many surprising moves throughout his life, but the first
Speaker 1: one was moving to the United States when he was
Speaker 1: just sixteen years old. He had studied English there for
Speaker 1: a few months and then decided to quit school in
Speaker 1: Japan and move all together. From there, En ruled at
Speaker 1: the University of California at Berkeley, and that changed his life.
Speaker 1: He learned English, he met his wife, and he became
Speaker 1: an entrepreneur for the first time. Here he is with
Speaker 1: Charlie Rose again. I wanted to stop my own company,
Speaker 1: so when when I was a student at Berkeley at
Speaker 1: ninety years old, I only this that a small company
Speaker 1: and made the first electronic fictions and sold it to
Speaker 1: shop Yeah for one point seven million dollars for Ust
Speaker 1: ninete years old. Kids, it's it's not bad. I wanted
Speaker 1: to find out more about this period and how Massa
Speaker 1: got his start as an entrepreneur, so I tracked down
Speaker 1: the man he worked with while he was in California,
Speaker 1: a man by the name of Hong Lu. They met
Speaker 1: while Hong was managing an ice cream shop. My waitress
Speaker 1: was trouble a lot, and just by saying, Pong, we
Speaker 1: gotta we got a customer says if we do not
Speaker 1: do exactly what he wants, he would refuse to pay
Speaker 1: and said, oh my gosh. I said, you know, I've
Speaker 1: been working there for already four years already, and I
Speaker 1: have never run into that kind of a customer. I say.
Speaker 1: It turned out what Massa wanted was a particular They're
Speaker 1: kind of milkshake. Hong made it the way he wanted
Speaker 1: and the two started talking. They found out that they
Speaker 1: had both grown up in Japan and became fast friends.
Speaker 1: I met with Hong in Hong Kong, where he spends
Speaker 1: most of his time. He's tall, with wire rim glasses,
Speaker 1: who were jeans. We talked at the Shango Law Hotel
Speaker 1: in Kowloon. There was tight security around the hotel that day,
Speaker 1: an enormous fountain in the lobby. It turns out Hong
Speaker 1: was the first employee that Massa hired while he was
Speaker 1: still an undergraduate at Berkeley. He was Berkeley student. He
Speaker 1: lives in Oakland, So I went to his apartment. Are
Speaker 1: you asking me to do the next three years plan?
Speaker 1: I just say, why don't we start from what are
Speaker 1: we going to do for us? So I can make
Speaker 1: a plan. Massa always had big ideas, and he had successes.
Speaker 1: Besides selling an early translation machine to Sharp, he got
Speaker 1: into game machines. Space Invaders became a big hit in Japan,
Speaker 1: and Massa wanted to bring that idea to the United States.
Speaker 1: So he bought one of the machines from Japan and
Speaker 1: he put it into the ice cream shop where home
Speaker 1: used to work in the late nineteen seventies. And then
Speaker 1: my boss called me as to say, wow, your machine
Speaker 1: was broken. I said, okay, broke, and then then I
Speaker 1: went into two to see it wasn't broken. The money
Speaker 1: was overthrown and it could not put it in anymore.
Speaker 1: It was. It was very successful. So Space Invaders took off. Yeah,
Speaker 1: became a hit in the US like it had been
Speaker 1: in Japan. It was a sign of things to come.
Speaker 1: Massa saw opportunities and businesses that generated a steady stream
Speaker 1: of cash when we were running the game Marque. The
Speaker 1: reason he likes it is because you can't get the
Speaker 1: cash every every day, and so he always believed in
Speaker 1: the cash cow business. He repeated that approach as he
Speaker 1: moved into software distribution, magazines, then broad band and wireless service.
Speaker 1: So you always telling me that his dream is in
Speaker 1: the future to run the infrastructure business. So I said,
Speaker 1: what is the infrastructure? What? What do you what? What
Speaker 1: kind of business in victuals? And he said, it's a
Speaker 1: you know, a rear road or or the highway or gas,
Speaker 1: water and etcetera. So so those are infrastructures and and
Speaker 1: and so he he always have a very early stage
Speaker 1: vision of what he wants to do, and so later
Speaker 1: on he became UM the broadband operator. Monster's entry into
Speaker 1: the broadband and mobile world marked a significant new chapter
Speaker 1: of growth and success in his career. But it came
Speaker 1: after a serious fall. We'll get into that right after
Speaker 1: this word from our sponsor. You know where you want
Speaker 1: to be. Red Hat has the broad portfolio of open
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Speaker 1: operations management, and beyond. Visit red hat, dot com slash
Speaker 1: opentech to learn more. Red Hat the open technology to
Speaker 1: help you realize your vision. Okay, we're back. So Masa
Speaker 1: Yoshi Son as a young man with huge dreams. He's
Speaker 1: been to the U S sold his first company to
Speaker 1: the major Japanese electronics maker Sharp and is writing a
Speaker 1: wave of success after taking the Space Invaders video game
Speaker 1: to the US. Peter what came next? Well, he was
Speaker 1: in business with Hung in California, but he ends up
Speaker 1: moving back to Japan after college. He founded his company's
Speaker 1: soft bank in one It began as a software distributor,
Speaker 1: and that was just the start. Here he is from
Speaker 1: most tape thirty years ago. My dream isn't to be
Speaker 1: number one in PC software sales. My dream is information
Speaker 1: industry with PC at the center. Going forward, there will
Speaker 1: be no difference between a PC and a mainframe absolutely.
Speaker 1: From there, he moved into magazine publishing, first in Japan
Speaker 1: and then globally. He bought Ziff Davis, the publisher of
Speaker 1: titles like PC Magazine in PC Week. He bought the
Speaker 1: Condex Trade Show, and he used those businesses to gather
Speaker 1: more intelligence on the up and coming companies in technology,
Speaker 1: and he began investing in startups. That's right. He backed
Speaker 1: more than eight d companies during the dot com boom,
Speaker 1: and he saw his share price soar along with THEIRS.
Speaker 1: At one point he was closing in on Bill Gates
Speaker 1: is the world's richest person. And then the crash his
Speaker 1: stock fell. He lost more than sixty billion dollars on paper.
Speaker 1: So maybe he was a little humbled by all that. Maybe,
Speaker 1: but not gun shy. In two thousand and six, he
Speaker 1: announced his decision to buy Vota Phone in Japan, which
Speaker 1: was the third largest carrier at the time. What people
Speaker 1: didn't know back then was that Massa had already talked
Speaker 1: with Apple about making his company the only carrier for
Speaker 1: the iPhone. Later on, even before he bought the carrier.
Speaker 1: Here's Massa talking with Charlie Rose again. So I said,
Speaker 1: you know, if I would enter into the mobile business,
Speaker 1: you know, mobile carrier business, I need a weapon and
Speaker 1: the fool can create the best weapon in the world.
Speaker 1: I said, it's only one guy, Steve Jobs. I called
Speaker 1: him up and went to see him, and I brought
Speaker 1: my little drawing of iPod with you know mobile, and
Speaker 1: I gave him my drawing and Steve says, Massa, you
Speaker 1: don't give me, Massa, you don't give me, you a
Speaker 1: going I have my own, don't give me your drawing post.
Speaker 1: I said, well, I don't need to give you my
Speaker 1: you know daddy paper. But once you have your own products,
Speaker 1: give me, give me for Japan. He said, Massa, you're crazy.
Speaker 1: You know, we have not talked to anybody, but you
Speaker 1: came to see me as a first guy I give
Speaker 1: to you. Is that right? So you walked away as
Speaker 1: the carrier in Japan that would be affiliated with the
Speaker 1: iPhone before I acquired bot Um Japan, before you got
Speaker 1: upon Japan. Yeah. So, so I said to him, you know,
Speaker 1: if you can give me exclusively for Japanese market, that
Speaker 1: would be fantastic, right, And so I said, writing down,
Speaker 1: signed for me. He said no, Massa, Massa, I'm not
Speaker 1: gonna sign for you because because you don't even get
Speaker 1: mobile carrier yet. I said, well, look, Steve, you probably
Speaker 1: can you give me your bore I bring you. Know.
Speaker 1: Our colleague and co host Akiedo used to work out
Speaker 1: of the Tokyo office, and I remember her telling me
Speaker 1: that she signed a soft Bank contract in her first
Speaker 1: year of Bloomberg back in two thousand nine, specifically because
Speaker 1: she wanted an iPhone, even though her editors told her
Speaker 1: to go with one of the bigger carriers that had
Speaker 1: better signal range. She probably wasn't the only one willing
Speaker 1: to make the leap to soft Bank for the iPhone.
Speaker 1: The deal was instrumental in making soft Bank the carrier
Speaker 1: that it is today in a household name. But soft
Speaker 1: Bank has grown to be so much more than a
Speaker 1: mobile carrier like we talked about earlier and now with
Speaker 1: stakes and hundreds of companies, including it's hugely successful steak
Speaker 1: in Ali Baba. Even in the way that he talks
Speaker 1: about his decision to invest in Ali Baba, Massa clearly
Speaker 1: revels in making himself an outsider, someone who directly goes
Speaker 1: against what everyone else is doing, which might not seem
Speaker 1: that unusual for our listeners in the US, but you
Speaker 1: really don't hear a lot of people talk that way
Speaker 1: in Japan. Here he is on an earnings call from
Speaker 1: earlier this year, speaking through a trance later. Sixteen years ago,
Speaker 1: I invested into Ali Baba sixteen years ago. At the
Speaker 1: time in making that investment, at the time in Japan,
Speaker 1: the top leaders as the business circles in Japan. When
Speaker 1: I sat, I invested in Chinese company Ali Baba, What
Speaker 1: is that company with the name of a Robbert? You
Speaker 1: can at trust China. You will feel if you're invested
Speaker 1: in China. So many people cautioned me. But at the
Speaker 1: time I said, no, I don't agree. Just a year ago,
Speaker 1: Massa was talking about retiring. He had brought in a
Speaker 1: former Google executive as president and named him heir apparent.
Speaker 1: Massa didn't end up stepping down, of course, and that
Speaker 1: didn't surprise Atsu, the biographer. That's what had sent Massa
Speaker 1: an email on his day a couple of years back,
Speaker 1: and Moss's reply was telling. He wrote that he's ashamed
Speaker 1: he hasn't been able to do more in his career,
Speaker 1: that even now he hasn't been able to accomplish even
Speaker 1: one percent of what he hopes to do. It's hard
Speaker 1: to take in the full scale of Masayoshi's ambitions with
Speaker 1: the Vision Fund. Here in the US, the CEOs who
Speaker 1: run the biggest companies are always looking for ways to
Speaker 1: make their shareholders richer today. But Massa is a long
Speaker 1: term guy. I mean seriously long term. Here he is
Speaker 1: talking about PCs back in in his conversation with the
Speaker 1: journalist Atsu. In the past twenty years, the capacity of
Speaker 1: computer is doubling for the same price. This will continue
Speaker 1: in the next twenty years, which means more than a
Speaker 1: millionfold increase in power. That computer will be more powerful
Speaker 1: than a supercomputer now out and he was right. And
Speaker 1: now he's thinking long term again. Here's what he said
Speaker 1: in an earnings called earlier this year. What happened to
Speaker 1: this quota? It's not really the focus, but rather we
Speaker 1: are focusing on a ten years later. How are we
Speaker 1: gonna form our company ten years later, thirty years later?
Speaker 1: So I am seriously thinking to sustain the company or
Speaker 1: a group towards a three hundred years so that the
Speaker 1: way you would like to sit such the foundations to
Speaker 1: sustain three hundred years. Wow, So he's planning for three
Speaker 1: centuries into the future. That's the mental hoy you that
Speaker 1: he's applying here. Peter, do you know where the idea
Speaker 1: for the fund came from? Well, it came together as
Speaker 1: it began to bump up against the limitations for soft
Speaker 1: Bank on its own. Soft Bank is one of the
Speaker 1: most heavily indebted companies in Japan and last year he
Speaker 1: went out and he agreed to pay thirty two billion
Speaker 1: dollars for chip maker arm Holdings. His shareholders sort of
Speaker 1: freaked out. This was outlandish even by his standards. And
Speaker 1: then a Saudi prince came to town. That's right. Massa
Speaker 1: met the Saudi Arabian Deputy Crown Prince last September. At
Speaker 1: the same time Massa was looking for capital, Saudi Arabia
Speaker 1: was hunting for ways to diversify its economy beyond oil.
Speaker 1: They met for about forty five minutes and they came
Speaker 1: away with a handshake deal. Then it took a long
Speaker 1: time to finalize the fundraising. So what happened, well, partly
Speaker 1: was the sheer scale. You had a huge amount of
Speaker 1: money at stake, Apple and qual Calm and the others
Speaker 1: had to negotiate their pieces. In addition, the Saudis wanted
Speaker 1: more than just financial returns. They wanted to learn about
Speaker 1: the technology industry. They didn't want to be seen as
Speaker 1: just dumb money. So what did they end up getting.
Speaker 1: It's not clear how active the limited partners will be
Speaker 1: in the Vision Fund, but the head of the Saudi
Speaker 1: Sovereign Wealth Fund was just named a soft bank's board
Speaker 1: last week. Let's talk about the fund itself. How does
Speaker 1: the rest of the ven our capital community feel about this.
Speaker 1: There's a lot of concern already. Venture capital and private
Speaker 1: equity firms have record amounts of money just looking for
Speaker 1: good investment opportunities. So the idea of another hundred billion
Speaker 1: dollars is a serious concern, right. And the reason too
Speaker 1: much money moving around the industry can be a problem
Speaker 1: is because there's a risk too many startups will get
Speaker 1: funded in venture investors will see their returns get crushed.
Speaker 1: I've already heard from rattled vcs who sees soft Bank
Speaker 1: pushing up valuations for startups and they're worried. Remember, there's
Speaker 1: already a lot of investors with cash doing tons of
Speaker 1: deals in the tech industry, and yet Massa is already
Speaker 1: being pretty aggressive. He led the five point five billion
Speaker 1: dollar funding round a d D, the largest venture fundraising yet,
Speaker 1: and he's put big slugs of money into India's Paytm,
Speaker 1: grab in Southeast Asia, Improbable Worlds in the UK, and
Speaker 1: the satellite startup one Web in the US. So, Peter,
Speaker 1: I've got to ask, does all this mean we're heading
Speaker 1: for another dot com crash? Well? I talk with David Brophy,
Speaker 1: a finance professor at the University of Michigan, and he
Speaker 1: made the case that having such a large pot of
Speaker 1: money does give you some advantages. You can take on
Speaker 1: more ambitious projects than anyone else and you can support
Speaker 1: those investments for longer. If they're going to successfully employ
Speaker 1: all of this money, they have to have some pretty
Speaker 1: sure concepts of areas and spaces in which they're going
Speaker 1: to make investments. Massa certainly does like to stay focused
Speaker 1: on the long term, that's right. One good example is
Speaker 1: the concept that Massa keeps talking about the idea of
Speaker 1: the singularity, right, the word we heard from Massa himself earlier,
Speaker 1: the idea that machine intelligence will one day surpass human capabilities.
Speaker 1: As you said, it's the stuff of science fiction, literally,
Speaker 1: and it's the logical endpoint for many of the areas
Speaker 1: that he's interested in backing through the Vision Fund. This
Speaker 1: singularity is a meaning that computer pass mankind intelligence. Okay,
Speaker 1: so what does it mean? The computer intelligence is buying
Speaker 1: that assistant zero Juana bunch of zero one mankind brain
Speaker 1: is accenting also a buying that assistant new on at
Speaker 1: that this at that we all have about thirty billion
Speaker 1: buying that a system in the head. Mossa in that
Speaker 1: clip sounds a little nuts, but he's used to that
Speaker 1: kind of criticism. Well. In today's show, with this philosophy
Speaker 1: he shared in Otso's tapes from threte years ago. People
Speaker 1: will continue to call me stupid with every new thing
Speaker 1: I do, he missed a step and stuff like that.
Speaker 1: But to keep the venture spirit and keep growing, you
Speaker 1: need to keep trying new things. There will be some
Speaker 1: successes and some failures. Just be careful of fatal wounds,
Speaker 1: of course, but need to always push the envelop Without that,
Speaker 1: you can't become a champion in this industry. You won't
Speaker 1: become a powerful company twenty thirty years from now. And
Speaker 1: that's it for this week's Decrypted. Thanks for listening. Please
Speaker 1: let us know what you thought of this episode. You
Speaker 1: can record a voice message and send it to us
Speaker 1: at Decrypted at Bloomberg dot net or I'm on Twitter
Speaker 1: It's at p lstromp and I'm bat brad Stone. If
Speaker 1: you haven't already subscribed to our show wherever you get
Speaker 1: your podcast. While you're there, please leave us a rating
Speaker 1: in the review. It really helps more listeners find our show.
Speaker 1: This episode was produced by Pia gud Kari, Aki Ito,
Speaker 1: Liz Smith, and Magnus Henrikson. A special thanks to Nico
Speaker 1: Grant and Pavel Alpf who helped me with research and
Speaker 1: translation for today's show. Alec McCabe is head of Bloomberg Podcasts.
Speaker 1: We'll see you next week. Decrypted is brought to you
Speaker 1: by red Hat, whose broad portfolio of open source technologies
Speaker 1: for the enterprise helps you get from where you are
Speaker 1: to where you want to be. Red Hat the open
Speaker 1: technology to help you realize your vision. Learn more at
Speaker 1: red hat dot com, slash open tech