WEBVTT - Businessweek Talks- Sinovation Ventures CEO Kai-Fu Lee 0:00:00.160 --> 0:00:04.160 This is Bloomberg Business Week with Carol Messer and Bloomberg 0:00:04.240 --> 0:00:08.520 Quick Takes Tim Stenovic on Bloomberg Radio. Kai Fu Lee 0:00:08.600 --> 0:00:12.240 has spent nearly forty years at the forefront of artificial intelligence. 0:00:12.640 --> 0:00:16.000 He's the chairman, CEO, and co founder of sign Ovation Ventures. 0:00:16.000 --> 0:00:18.279 It's a venture capital firm with about two point five 0:00:18.360 --> 0:00:21.639 billion dollars in assets. It focuses on AI, healthcare, and 0:00:21.680 --> 0:00:25.000 other high tech and has made more than three hundred investments. 0:00:25.600 --> 0:00:28.080 It's one of the first Chinese VC firms to have 0:00:28.120 --> 0:00:30.479 a presence in the US, and he's also the co 0:00:30.640 --> 0:00:33.880 chair of the Artificial Intelligence Council at the World Economic Forum. 0:00:34.080 --> 0:00:36.479 He's the former president of Google China and before that 0:00:36.640 --> 0:00:39.880 was an executive at Microsoft and at Apple. His newest 0:00:39.920 --> 0:00:44.920 book is AI Ten Visions for Our Future, and unlike 0:00:44.920 --> 0:00:48.519 his last book, it's a work of fiction. He and 0:00:48.560 --> 0:00:51.600 his co author, the sci fi novelist chen Cho Fan 0:00:52.159 --> 0:00:54.920 right ten stories. They're all set twenty years from now, 0:00:55.160 --> 0:00:58.080 in ten forty one now. These stories illustrate a world 0:00:58.080 --> 0:01:01.279 that's layered with artificial intel agents. They cover themes like 0:01:01.600 --> 0:01:04.959 AI displacing workers, deep fakes, and how a I will 0:01:05.000 --> 0:01:09.279 reimagine education of course, also imagines what could go wrong. 0:01:09.480 --> 0:01:12.119 Kai fu Ley joins us now from Beijing. Kai ful, 0:01:12.160 --> 0:01:14.400 great to chat with you. Thanks so much for taking 0:01:14.400 --> 0:01:17.240 the time. Why are these stories? Why is sci fi? 0:01:17.360 --> 0:01:19.880 Why is it the best way to communicate what you 0:01:20.000 --> 0:01:25.520 envision AI doing to society in twenty years. Hi great 0:01:25.560 --> 0:01:28.319 to have to be a here. AI is such an 0:01:28.360 --> 0:01:32.720 important technology, perhaps the most important in the history of mankind, 0:01:33.280 --> 0:01:38.120 and yet it's sometimes viewed as rocket science, very hard 0:01:38.160 --> 0:01:40.800 to understand. So I wanted to see if there's a 0:01:40.840 --> 0:01:44.560 way to make it accessible to people and that it's 0:01:44.600 --> 0:01:48.320 actually not only understandable, but also fun to read. That's 0:01:48.360 --> 0:01:51.880 why I uh found a science fiction writer to work 0:01:51.920 --> 0:01:54.840 with me. He writes the stories, I write the analysis, 0:01:55.200 --> 0:01:58.320 and then we make sure that the stories are realistic 0:01:58.440 --> 0:02:02.080 within the twenty year time frame, so that the stories 0:02:02.320 --> 0:02:05.520 you read will be roughly what life will be like 0:02:05.680 --> 0:02:09.080 twenty years from now. Each story has an introduction, it 0:02:09.160 --> 0:02:12.360 also has an analysis after the fact. What were you 0:02:12.360 --> 0:02:17.840 trying to do here? I wanted to explain the how 0:02:17.880 --> 0:02:22.799 the technology works and what it's good for, why it's 0:02:22.840 --> 0:02:25.200 why it's good at what it's good at, and also 0:02:25.639 --> 0:02:30.040 why it is almost always a double ex short. What 0:02:30.200 --> 0:02:36.200 makes it incredibly powerful also creates some downside. For example, 0:02:36.639 --> 0:02:39.359 AI is great to help Facebook and Amazon make a 0:02:39.400 --> 0:02:42.639 lot of money by showing us things that we will 0:02:42.639 --> 0:02:45.680 watch and buying, But then are those things good for 0:02:45.760 --> 0:02:49.400 us because that's not being considered in the AI run 0:02:49.520 --> 0:02:52.680 by Facebook and Amazon. So there is a flip side 0:02:52.720 --> 0:02:55.440 to this, and the story is really not just tell 0:02:55.639 --> 0:03:00.440 the technologies but also bringing up issues that they anology 0:03:00.520 --> 0:03:05.880 causes and also suggests possible solutions. Do you think the 0:03:05.919 --> 0:03:09.960 companies that deploy AI today that are working on solving 0:03:10.000 --> 0:03:12.440 these issues, do you think they're taking into account the 0:03:12.520 --> 0:03:18.560 pitfalls the perils that you associate with AI. I think 0:03:18.560 --> 0:03:23.040 they are trying. But because it's a new technology, so uh, 0:03:23.120 --> 0:03:26.679 they're the tools to combat the problems aren't there yet, 0:03:27.040 --> 0:03:30.560 and the engineers building the products weren't aware of the problems. 0:03:30.840 --> 0:03:34.240 None of the problems were intentionally created, you know, issues 0:03:34.320 --> 0:03:39.560 with respect to personal data and explainability and what happens 0:03:39.600 --> 0:03:44.760 when AI makes a mistake and accountability uh, and also bias. 0:03:45.000 --> 0:03:47.920 So these were not intentional by the companies or the 0:03:47.960 --> 0:03:50.600 engineers who build it. But now that we know these 0:03:50.640 --> 0:03:55.720 are real problems, we need to put the training regulations 0:03:56.200 --> 0:04:00.880 UH and investigating new technologies to come back techno oology problems. 0:04:01.600 --> 0:04:04.000 Do you think the incentives, though, are aligned for companies 0:04:04.000 --> 0:04:06.320 that do work on this type of technology to create 0:04:06.400 --> 0:04:10.320 solutions or are they mainly concerned with us getting to 0:04:10.320 --> 0:04:12.880 to buy more, to engage more, to to read more, 0:04:12.920 --> 0:04:15.800 to spend more time on the platform without being concerned 0:04:15.840 --> 0:04:21.560 about the consequences or while you really hit the problem 0:04:21.800 --> 0:04:25.920 on the head that it is exactly because the incentives 0:04:25.920 --> 0:04:28.800 are not aligned. So I think the only way to 0:04:28.839 --> 0:04:32.680 fix it is to realign the incentives. And in the 0:04:32.760 --> 0:04:38.640 short term, the internet companies could have an incentive realignment 0:04:38.920 --> 0:04:43.240 if there were either regulations or certain parties that may 0:04:43.320 --> 0:04:46.800 do an AI audit, or maybe there would be a 0:04:46.920 --> 0:04:51.839 watchdog functions that are estimating percentage of fake news and 0:04:51.880 --> 0:04:55.320 things like that that forces them before their brand and 0:04:55.400 --> 0:04:59.719 reputation to consider that because if they lose their brand 0:04:59.760 --> 0:05:03.040 and have a some kind of a media disaster, they 0:05:03.040 --> 0:05:06.200 will lose customers. So that would is one way to 0:05:06.440 --> 0:05:11.000 externally force an approximation to an alignment, but there are 0:05:11.000 --> 0:05:15.560 also other ways. Why can't we not encourage building of 0:05:15.760 --> 0:05:19.360 applications and products that help us in the long term. 0:05:19.480 --> 0:05:22.160 So if there were a product that could make me 0:05:22.640 --> 0:05:27.760 more intelligent, more knowledgeable, more wealthy, m more happier, then 0:05:28.040 --> 0:05:30.440 that would be a product I would want to buy 0:05:30.560 --> 0:05:33.560 more than I would want the Facebook news speed, um 0:05:33.680 --> 0:05:38.680 or YouTube. So I think there are ways to align 0:05:39.360 --> 0:05:43.120 user interests. I think people just um the company's just 0:05:43.680 --> 0:05:46.760 felt like they got such a good AI tool. It 0:05:46.839 --> 0:05:51.400 can make money directly, so use it for that singular purpose, 0:05:51.880 --> 0:05:55.680 um and forget really that companies should be focused on 0:05:55.800 --> 0:06:00.919 user needs first, and users want more than um just 0:06:01.440 --> 0:06:05.039 watching some videos and and reading some blogs. There are 0:06:05.240 --> 0:06:07.680 long term goals that we have, and when we have 0:06:07.800 --> 0:06:11.040 such a powerful AI tool that can optimize our long 0:06:11.160 --> 0:06:16.839 term goals, it would be such a unfortunate, um events 0:06:17.000 --> 0:06:21.200 if nobody tried to build something that that's for our 0:06:21.240 --> 0:06:24.120 long term interests. So let's stick with Facebook because it's 0:06:24.160 --> 0:06:26.640 one of the companies that you mentioned. So who should 0:06:27.120 --> 0:06:30.440 regulate Facebook? Should it be the U S Government or 0:06:30.520 --> 0:06:34.920 should there be some sort of international body that takes 0:06:35.000 --> 0:06:38.440 these difficult questions into account to come up with some 0:06:38.680 --> 0:06:42.919 regulatory framework. After all, for all intents and purposes, Facebook 0:06:43.000 --> 0:06:48.360 is a global company, right right. I'm not an expert 0:06:48.400 --> 0:06:51.719 in regulation, and I think regulation, in my opinion, is 0:06:51.839 --> 0:06:56.440 just usually the last resort because, especially given the tools 0:06:56.560 --> 0:06:59.480 that the US has generally to use, such as breaking 0:06:59.480 --> 0:07:02.599 a company up, that's just too brittle. So I think 0:07:02.640 --> 0:07:06.120 there needs to be ways to push the company into 0:07:06.120 --> 0:07:08.680 an alignment with the goals that we the users have, 0:07:09.200 --> 0:07:11.600 and I mentioned a few of them. Uh. You know, 0:07:11.800 --> 0:07:14.320 when I work for Google, there were third parties that 0:07:14.400 --> 0:07:19.080 measured the relevance quality of Google Search Engine, and Google 0:07:19.120 --> 0:07:21.520 paid a lot of attention to that. So if there 0:07:21.560 --> 0:07:26.200 could be similar third party watchdog measures of level of 0:07:26.240 --> 0:07:30.800 fake news, number of deep faith, and uh, how much 0:07:30.840 --> 0:07:34.480 spam uh, and then it's measured externally, that would put 0:07:34.520 --> 0:07:38.040 a pressure on the engineering team to figure out at 0:07:38.080 --> 0:07:41.080 least to spend part of their time to make the 0:07:41.160 --> 0:07:45.640 content higher quality, uh, instead of just getting us to 0:07:45.680 --> 0:07:47.800 click more and more. So, okay, I feel let's take 0:07:47.840 --> 0:07:49.640 a step back and just think about how we interact 0:07:49.680 --> 0:07:54.000 with AI ine just just take us through, because I 0:07:54.080 --> 0:07:55.320 think that there are a lot of people who don't 0:07:55.360 --> 0:07:57.640 necessarily think about it. Each and every day that we 0:07:57.680 --> 0:08:01.160 are interacting with this technology, we are aariensing this technology 0:08:01.240 --> 0:08:03.440 so so what does it look like for in our 0:08:03.520 --> 0:08:10.920 daily lives globally. Sure, I'll give a couple of examples. 0:08:10.920 --> 0:08:17.040 So one example is that um Ai language capabilities to 0:08:17.160 --> 0:08:22.800 converse with us will grow significantly in many cases indistrestinguishable 0:08:22.880 --> 0:08:26.760 from human human communication. And that means Ai will become 0:08:26.880 --> 0:08:32.000 a companion. UH. And that companion can learn our interests, 0:08:32.040 --> 0:08:35.880 can try to help us improve ourselves. That would be 0:08:35.920 --> 0:08:41.040 an educational companion or to figure out how how we 0:08:41.120 --> 0:08:44.400 might be healthier. That it might be a more of 0:08:44.400 --> 0:08:48.280 a doctor or psychiatrist companion, or it could just be 0:08:48.600 --> 0:08:52.360 a friend, a power for for a young kid. And 0:08:52.440 --> 0:08:56.520 they take and take shapes in UH, both in the 0:08:56.800 --> 0:08:59.400 in the phone and the computer of course, but but 0:08:59.520 --> 0:09:03.800 also v R and a R will be really realistic 0:09:03.880 --> 0:09:06.480 by then that if we put on something like glasses, 0:09:06.840 --> 0:09:12.840 we will see figures and avatars superimposed on the glasses 0:09:13.480 --> 0:09:17.480 and and then there there there is as though they 0:09:17.480 --> 0:09:21.679 were in the actual environment. So it would be um 0:09:21.960 --> 0:09:27.280 really virtual reality that's indistinguishable from the real reality. UH. 0:09:27.400 --> 0:09:32.120 In transportation, autonomous vehicles should just about work by then 0:09:32.520 --> 0:09:35.199 get all the kings worked out. Of course, throughout the 0:09:35.240 --> 0:09:39.720 way we will see incrementally robot buses and shuttles and 0:09:39.880 --> 0:09:43.840 trucks and so on. But truly, the steering feel wheel 0:09:44.040 --> 0:09:47.600 free car that we can either share right or buy 0:09:48.320 --> 0:09:52.240 will be just about fifteen to twenty years from now. UM. 0:09:52.320 --> 0:09:56.280 That would dramatically change our habits because we will have 0:09:56.800 --> 0:10:00.560 um something like ten hours a week freed up that 0:10:00.679 --> 0:10:04.160 when we're in the car we can educate and entertain, communicate, 0:10:04.480 --> 0:10:07.720 no longer have to drive or look at the road um. 0:10:07.840 --> 0:10:12.640 And also cars can be on demand available um. And 0:10:12.679 --> 0:10:15.400 they will be smart, they will talk to each other, 0:10:15.559 --> 0:10:18.559 they will avoid accidents, they will miss each other by 0:10:18.559 --> 0:10:21.079 one's enemy there in a very calculated way. They will 0:10:21.160 --> 0:10:28.160 drive more safely, probably eventually reducing fatalities. So it will 0:10:28.200 --> 0:10:33.080 be more efficient, lower costs, save us time, more comfortable 0:10:33.520 --> 0:10:37.560 um and and also safer uh. And finally, in healthcare, 0:10:38.160 --> 0:10:40.640 a I will be able to with a very high 0:10:40.640 --> 0:10:45.480 likelihood predict the next pandemic because it could be watching 0:10:45.559 --> 0:10:48.520 a lot of data all over the world. And AI 0:10:48.640 --> 0:10:53.079 will be used to alongside with scientists invent new drugs, 0:10:53.640 --> 0:10:57.200 and that the cost of new drugs probably could be 0:10:57.480 --> 0:11:02.080 as little as ten of new drugs inventions today and 0:11:02.120 --> 0:11:07.240 what that means is today's pharmaceuticals can only go after 0:11:07.360 --> 0:11:11.400 blockbuster drugs for common diseases. But in the future, when 0:11:11.400 --> 0:11:15.600 the cost is slashed because AI is proposing treatments that 0:11:15.720 --> 0:11:20.880 are highly accurate working with scientists reducing the cost, that 0:11:20.920 --> 0:11:25.000 means rare diseases for which is not economical for pharmaceuticals 0:11:25.080 --> 0:11:29.360 to book go after will become possible. And and also 0:11:29.440 --> 0:11:32.800 AI will be keeping us healthy by taking all of 0:11:32.880 --> 0:11:37.319 our m R I and gene sequencing and blood to 0:11:37.559 --> 0:11:40.720 regularly monitor our health and give us hints on how 0:11:40.760 --> 0:11:44.640 to be healthier and live longer, and both of which 0:11:44.920 --> 0:11:49.319 will happen in twenty years. You you paint a picture 0:11:49.400 --> 0:11:51.520 that I think is really optimistic when it comes to 0:11:51.559 --> 0:11:54.439 this type of technology. But I'm wondering what your biggest 0:11:54.480 --> 0:12:01.360 fears are regarding AI. Yeah, AI, like any technology, is neutral, 0:12:01.720 --> 0:12:04.480 and it's good or bad because of the people who 0:12:04.480 --> 0:12:08.319 program it have good or bad intentions. And the examples 0:12:08.360 --> 0:12:12.160 that gave earlier are all constructive, but there are definitely 0:12:12.280 --> 0:12:16.600 cases where AI can can do terrible things. AI can 0:12:16.679 --> 0:12:21.680 be used by UM companies to change the way we think. 0:12:21.840 --> 0:12:24.840 We already saw that to influence the way we think, 0:12:24.920 --> 0:12:29.480 and that's extremely dangerous. AI can be used in uh. 0:12:29.840 --> 0:12:34.680 The most disastrous situation is autonomous weapons. Imagine a thousand 0:12:34.760 --> 0:12:40.640 dollar drone combined with recognition of individuals with a bullet 0:12:40.880 --> 0:12:44.959 connected to it, and that becomes an assassination tool, and 0:12:45.040 --> 0:12:47.880 it's deployed in the tens of thousands, it becomes a 0:12:47.960 --> 0:12:53.520 tool for genocide. So that essentially makes terrorist groups that 0:12:54.000 --> 0:12:57.800 have a few million dollars they can almost um uh 0:12:58.080 --> 0:13:01.840 do what countries do to create havoc can damage without 0:13:01.920 --> 0:13:06.280 risking any terrorist lives. So that's something that's um I think, 0:13:06.360 --> 0:13:11.679 extremely dangerous. And and also unlike nuclear weapons, which uh 0:13:12.480 --> 0:13:17.000 offers a unique property that is mutually destructive, so people 0:13:17.040 --> 0:13:21.200 don't launch it before fear of retaliation, but autonomous weapons 0:13:21.240 --> 0:13:26.319 are not totally destructive and not easily detectable, So that's 0:13:26.360 --> 0:13:30.760 another serious problem. And and lastly, we already saw the facts, 0:13:30.960 --> 0:13:34.880 but that's really just the beginning. AI will be able 0:13:34.920 --> 0:13:38.160 to fake many things. It will be able to make 0:13:38.320 --> 0:13:43.600 videos that look really real when it's off fabricated UM. 0:13:43.679 --> 0:13:48.360 It will be able to talk like someone quote quote 0:13:48.400 --> 0:13:52.600 room evidence. UH may maybe maybe at the point where 0:13:52.679 --> 0:13:55.640 people can't tell if it's fake or real anymore, not 0:13:55.720 --> 0:14:00.760 to mention rumors on the and false rumors on the Internet. 0:14:01.280 --> 0:14:05.320 And also AI will be able to fake emotion, so 0:14:05.720 --> 0:14:08.160 you know the scenario we saw in the movie Her. 0:14:08.640 --> 0:14:11.560 You know, while AI doesn't have any feelings, it can 0:14:11.640 --> 0:14:14.800 fake feelings to a point that could be used to 0:14:15.640 --> 0:14:17.920 do bad things as well. So I think that interest 0:14:17.960 --> 0:14:23.080 cases are just as significant. But my optimism is based 0:14:23.080 --> 0:14:27.240 on the fact that all technologies that have been incredibly powerful, 0:14:27.560 --> 0:14:32.160 you know, electricity, automobile, internet, PC, UM, they have caused 0:14:32.160 --> 0:14:34.760 problems from time to time, but ultimately they end up 0:14:34.800 --> 0:14:38.120 doing a lot more good than evil because hopefully we 0:14:38.160 --> 0:14:43.040 are learning from experience and have some wisdom to um 0:14:43.080 --> 0:14:46.080 to self managed so that we figure out ways to 0:14:46.160 --> 0:14:49.680 counter the bad guys and encourage the good guys. Well, 0:14:49.720 --> 0:14:51.560 how do we do that? It ends up being all 0:14:51.560 --> 0:14:53.640 constructed because I can't help, but think that those do 0:14:53.680 --> 0:14:55.800 we counter Yeah, yeah, because they can't help, But think 0:14:55.800 --> 0:14:59.240 that those problems are of a different magnitude than problems 0:14:59.280 --> 0:15:01.680 created by other types of modernization. It really makes me 0:15:01.720 --> 0:15:04.800 think of the sci fi series Black Mirror and the 0:15:04.840 --> 0:15:08.560 way that that show really lays out so so many 0:15:08.600 --> 0:15:11.720 of the dystopian futures that you could think about when 0:15:11.720 --> 0:15:13.640 it comes to this type of technology, how do we 0:15:13.720 --> 0:15:17.960 prevent that type of future from overtaking us. Yeah, I'm 0:15:18.000 --> 0:15:21.240 a fan of Black Mirror. It's partly inspired the book, 0:15:21.840 --> 0:15:24.720 and I think in the Black Mirror, though, it's usually 0:15:25.240 --> 0:15:28.720 uh a technology is used in the wrong way by 0:15:28.800 --> 0:15:31.960 some some part bad person and then it leads to 0:15:32.120 --> 0:15:36.160 usually a disastrous ending. In in my book, I try 0:15:36.240 --> 0:15:41.240 to create scenarios where many of the bad endings were 0:15:41.400 --> 0:15:44.880 saved by the by the good guys, and that might 0:15:44.960 --> 0:15:50.480 be saved with some clever technology that combats the bad technology, 0:15:50.640 --> 0:15:54.920 or with some smart tools prevents the back technology from propagating, 0:15:55.560 --> 0:15:58.480 or maybe there's some new regulations like the AI audit. 0:15:59.320 --> 0:16:02.240 So what I wanted to propose in the book is 0:16:02.280 --> 0:16:05.680 that yes, AI and like any other great technology, will 0:16:05.720 --> 0:16:08.680 create a lot of problems, but many of the problems 0:16:08.720 --> 0:16:12.280 can be greatly reduced if we let technologies work on 0:16:12.720 --> 0:16:17.520 solutions that address the problems created by technologies themselves. I 0:16:17.640 --> 0:16:21.480 gotta ask about your interpretation of of what's been happening 0:16:21.480 --> 0:16:24.720 in China and your interpretation specifically of President She's cracked 0:16:24.760 --> 0:16:28.880 down on technology I'm wondering how you interpret Beijing's measures 0:16:28.880 --> 0:16:34.760 against d D, Shu Shing or Jack Moll for example. Oh, 0:16:34.960 --> 0:16:38.760 these are not really technology firms per se. And we 0:16:39.400 --> 0:16:43.560 invest in technology, invest in robots and AI and healthcare 0:16:44.080 --> 0:16:46.600 and you know, new cures and new drugs. Those are 0:16:46.640 --> 0:16:51.640 actually heavily encouraged. UM. What those companies are d D 0:16:51.920 --> 0:16:56.320 and Ali Baba and Tensent and others are really I 0:16:56.360 --> 0:16:58.640 think the issue is that they have a lot of 0:16:58.720 --> 0:17:01.400 power and a lot of days done, and that gives 0:17:01.400 --> 0:17:04.480 them even more power, and that power needed to be checked. 0:17:04.840 --> 0:17:08.560 So not at all, you know, consistent with what US 0:17:08.600 --> 0:17:12.080 and EU are doing to rein in Google, Facebook, UM 0:17:12.119 --> 0:17:16.440 and Amazon. Given what's happened in China over the last year, 0:17:16.440 --> 0:17:19.000 when it comes to reigning in these tech firms, has 0:17:19.000 --> 0:17:21.080 it changed the way that you're thinking about investing in 0:17:21.160 --> 0:17:23.840 Chinese companies? Does it make you think differently about how 0:17:23.880 --> 0:17:29.440 to deploy your money. Well, actually, we've always been investors 0:17:29.480 --> 0:17:32.480 in deep tech, so now it's just a better time 0:17:32.520 --> 0:17:34.800 than ever to keep doing what we have been doing. 0:17:35.320 --> 0:17:38.400 UM deep tech hasn't been as favored. They haven't seen 0:17:38.440 --> 0:17:41.879 as much growth five or ten years ago compared to 0:17:41.920 --> 0:17:46.240 the Internet giants. But I think going forward, deep tech 0:17:46.560 --> 0:17:50.400 um is going to generate the best returns, probably globally, 0:17:50.560 --> 0:17:54.080 certainly in China. You told Bloomberg a few years ago 0:17:54.160 --> 0:17:59.000 back in of your money was invested in in Chinese companies. 0:17:59.520 --> 0:18:05.840 Is that consistent roughly yes, still the case, even more 0:18:05.960 --> 0:18:10.240 given COVID. How so what do you mean, Well, we're 0:18:10.280 --> 0:18:13.040 unable to travel, so we can't really see a lot 0:18:13.080 --> 0:18:15.960 of companies outside China, and you think you need to 0:18:15.960 --> 0:18:18.080 see companies in order to know whether or not to 0:18:18.119 --> 0:18:23.000 invest in them. That would help to build trust, to 0:18:23.160 --> 0:18:27.400 see the people, to understand them. So I think generally 0:18:27.400 --> 0:18:30.840 the answer is yes, we have made one investment in 0:18:30.880 --> 0:18:34.520 the French company without seeing them, but that detainitely the exception, 0:18:34.600 --> 0:18:36.520 not the rule. So that brings me to the next 0:18:36.600 --> 0:18:38.720 question is how do you think the pandemic will will 0:18:38.760 --> 0:18:42.240 affect China, the tech industry and in China's place in 0:18:42.280 --> 0:18:50.000 the world. The pandemic has really in China pushed further 0:18:50.600 --> 0:18:55.000 the adoption of automation and robotics. Initially it may have 0:18:55.119 --> 0:19:02.199 been for reducing social contact UH by having robots in 0:19:02.760 --> 0:19:07.439 UH factories and restaurants and even homes, I get my 0:19:07.960 --> 0:19:11.320 um takeoff delivered by by robot nowadays, So I think 0:19:11.320 --> 0:19:15.760 the robotic revolution is probably the big big step forward 0:19:15.840 --> 0:19:20.600 that will be helpful to push China's technologies ahead. Um. 0:19:20.640 --> 0:19:23.240 On the flip side, UM, the other big thing that's 0:19:23.240 --> 0:19:27.240 happened globally is the work from home and and that 0:19:27.280 --> 0:19:30.159 has really streamlined work for a lot of companies and 0:19:30.200 --> 0:19:34.480 also enabled the use of uh ai and cloud technologies. 0:19:34.920 --> 0:19:37.200 And that's why where I think US has really done 0:19:37.240 --> 0:19:40.399 by far the best job, partly because the US has 0:19:40.440 --> 0:19:45.919 always had stronger enterprise technologies, but also partly because Americans 0:19:46.000 --> 0:19:50.120 were um working from home longer than the Chinese. So 0:19:50.160 --> 0:19:54.639 I think each country has got some benefit um um 0:19:54.680 --> 0:19:58.080 out of COVID, even though it's terrible disaster for for 0:19:58.080 --> 0:20:02.480 the whole world, I feel things have changed just quite 0:20:02.480 --> 0:20:05.240 a bit since you picked your computer science as your 0:20:05.359 --> 0:20:07.760 college major years ago. It was of course before you 0:20:07.800 --> 0:20:10.439 went to get your PhD from Carnegie Mellon. So if 0:20:10.480 --> 0:20:12.879 you could go back in time, what advice would you 0:20:12.920 --> 0:20:15.280 give your eighteen year old self, what advice would you 0:20:15.320 --> 0:20:21.840 give to college students today? Um, I would say back 0:20:21.880 --> 0:20:27.320 then I going or today, following your heart, do what 0:20:27.440 --> 0:20:31.000 you really love to do. Is It's the same advice 0:20:31.040 --> 0:20:34.080 I give to myself back then and also to a 0:20:34.160 --> 0:20:38.880 young person today, perhaps even more important today because um, 0:20:38.920 --> 0:20:41.760 a young person is not just competing with other young people, 0:20:41.840 --> 0:20:46.600 but also AI is taking away routine jobs. So it 0:20:46.680 --> 0:20:49.160 pushes us to do things that a I cannot do, 0:20:49.440 --> 0:20:53.199 whether it's creativity or compassion, and it forces us to 0:20:53.240 --> 0:20:55.800 be the best we can be. And the best we 0:20:56.040 --> 0:20:58.480 can be is doing things that we're good at and 0:20:58.520 --> 0:21:02.080 the things we love. CAIFOOLEI thank you so much for 0:21:02.240 --> 0:21:04.240 taking the time and joining us in Bloomberg business. We 0:21:04.359 --> 0:21:05.119 really appreciate it.