I'm really interested, Alfred, at this
moment in how much you are putting your mind to the future of US-China
relations, the US's global relations at this point.
Marilyn, good morning. Thank you for having me back.
Very good to see you.

This is a very interesting time.
But I think just if you look at where all the activity in tech and in venture
at this point, pretty much everything is A.I.
driven, whether they are like what we do, which is shake up the plumbing.
So I'm like the plumber of Silicon

Valley trying to mend all the
infrastructure, which is all the critical pieces that enable these
enterprise applications, do now have a neural network inside and be able to be
very smart and be very efficient and be extraordinarily efficient with the China
and the U.S.

Part of it is because the way that we
train the data for the large model itself, we're not completely separated.
So there's a model for China, but it's a completely different model.
What we've been doing in actual model

models in the United States, because I
think a lot of it has to do with the history of data are just so much more organized.
So we have systems that we've been preparing for the past decade.
You like all the things that were put

into SPARC.
Databricks, for example, were all great preparation for organizing this data to
make the computer think like a human. So the U.S.
has a huge advantage at this point in time and getting ahead of this
program.

I'm interested in just the supply
chains. Fact of it, though, Alfred, you talk
about the efficiency, the clear efficiency that's been built in in the
US, but we're about to potentially see tariffs that we can't be unaware of.
The fact that a lot of things are

imported even at the most high-end
technological element. Will that put pains to efficiency here
in the US? I think there's already pain.
I think obviously there's more pain to the people that are not now allowed to
be importing to a 100, 100 film and

video that equivalent.
Obviously, supply chain is not like what it used to be before COVID.
So we have to slow down already. And at this point in time is that we're
back to normal. And by the way, we are still very behind
in this country.

So we're, you know, we're not really
about very wealthy apps of limited capability.
You know, we are dependent on a lot of fabs in Taiwan.
Some of these low-end chips are built in China still.
So there's co-dependency between these

countries in order to continue to
advance. And I'm, you know, I have great hope that
all the great reasons will continue to progress mankind.
We don't stop these trades, which I don't think that will be the case because it
just will this dysfunction.

I want to think about the environment a
bit, Alfred. This week, for example, my colleagues
and I reported that Databricks is doing a tender largely for employee liquidity,
and that's a name that Databricks that's in your portfolio.
But there are signs things are

happening, right?
Whether it's the IPO market, whether it's different kinds of exit through
M&A. I'm going to ask you what you think kind
of happens next, particularly under a Trump administration, for your portfolio
companies and VCs that are looking for

an exit.
Yeah, and very good to see you. Thank you for having me back.
Databases, you need a case database, perhaps, which I believe is probably the
best, the most exciting, the fastest growing large enterprise tech company
and run by probably the best CEO ever in

enterprise tech.
So they're in a unique place. I think whatever they're going to do in
fundraising is their choice that they decided not to go to the public
marketplace. They might have qualified to do so.
And I think that's just by choice.

And I think that choice comes from what
I believe in the past ten days, is kind of how we feel with all the founders in
the Valley, which is we're going through a reboot process because we would
process would likely have a chance to

relook at how the SEC, the FTC,
the CFPB, how they're going to be conducting business on their policies,
how they're going to regulate, how are they going to regulate.
I. Are they going to regulate other
weaponry, technology, cryptos and other

things.
And I think we kind of were stuck for the last two or three years, you know,
in a place where it's very difficult to get anything done from that perspective.
Very little. The company went IPO, very little M&A happened.
So I think there's a lot of new hope.

You know, we don't know yet.
I mean, the new administration won't start until the 20th of January.
What are they going to do to do things differently to kind of re-enable this
ability to do some of these things?

So I think I'm very optimistic.
Offering next year is going to be unreal, a great year for innovation and
for our venture deploying capital. Alfred, very quickly, the next area of
growth. But then, in fact, the next area of
growth.

Where are you looking right now?
We just have 10 seconds. Okay.
Seconds, without a doubt. AI-enabled enterprise applications.
Let's get the 100% efficiency on every individual that is using enterprise
computing. That's where the growth would be.

US, China's AI Codependency

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Bloomberg Technology

US-China Relations and Global Tech Landscape

Discussion begins with the speaker's focus on the future of US-China relations and US global relations.

Current tech and venture activity is heavily AI-driven.

Focus on improving tech infrastructure to enhance efficiency in enterprise applications, particularly concerning US-China relations.

Data training for large AI models differs significantly between China and the US, with the US having a significant advantage due to better organized historical data.

The US possesses a substantial advantage in AI development due to past investments and data organization.

Impact of Tariffs and Supply Chain Issues on US Efficiency

Potential tariffs on imported goods could negatively impact US efficiency in high-end technology.

Existing pain points due to import restrictions and lingering effects of the COVID-19 pandemic on supply chains are highlighted.

The US remains behind in certain areas and is dependent on foreign fabs and chip manufacturing.

Co-dependency between countries in tech advancement is emphasized, along with hope for continued progress despite potential trade disruptions.

IPO Market, M&A Activity, and Regulatory Environment

Discussion shifts to the current state of the IPO market and M&A activity, focusing on a specific company in the speaker's portfolio.

The speaker's outlook on the future of portfolio companies and VC exits, particularly under a Trump administration, is discussed.

Analysis of a specific company's decision against going public, attributing it to the current regulatory environment.

The tech industry is undergoing a reboot due to the regulatory uncertainty of the past few years.

The speaker expresses hope for a change in the regulatory landscape under the new administration.

Limited IPOs and M&A activity in recent years is noted, with optimism for future growth under the new administration.

The speaker expresses optimism for the coming year.

The next major area of growth is identified as AI-enabled enterprise applications, focusing on maximizing efficiency.

US, China's AI Codependency

US, China's AI Codependency

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