Fortune Brainstorm Tech 2019 was held July 15-17, in Aspen, Colorado

Brainstorm Tech 2019

Stitch Fix CEO Katrina Lake Reflects on the Company's Evolving Model Two Years After IPO

Retail

In 2017, Katrina Lake took her company public. But first she spent years building her business, wisely leveraging data in the fickle retail and fashion worlds, and developing a sustainable new model in a highly competitive industry. 

Why It's So Important for e-Commerce to Keep Growing

Tech

Why It’s So Important for e-Commerce to Keep Growing	GGV Capital’s Hans Tung explains.

It's great to be here, I think is my fifth conference now. Um and we'd see a lot of friends here. Um, I moved to China in 2005 thinking, Now we'll go there, be a semiconductor investor and quickly realized that Wow, it is a very different market. Seven. Conductor is a tough market company business. Um, this Tony's Europeans, Americans, comportment everybody can think of are there. But it's a little thing called Internet. Seem to be going pretty fast and a lot of users on it there no way to monetize it. But hey, who knows? Overtime. Maybe somebody will figure something out. It was with that inside the hay over time. This may be the easiest place, but going online, you build a national business. A country of 1.3 billion people were under communist rule, very difficult skill offline. But being online, everything seems faster and ends up being easier, not inside. Help me to end up where I am today by being a lot investment both in the U. S. And also emerging markets were white. Why is a matter for the next 1,000,000,000 users a ton of stuff to do in New York stuff doing silica. Matty. America's a great place. The best we've been tumbling to Seattle L. A. To give in parts of East Coast in the body alone is booming. However, we look at the statistics 10 years ago when Ali Baba first chemo and first lunching e commerce Ingham or major fashion they start a single stay promotion on November 11. You're all alone in Chinese Double 11. You don't have any any date. You're by yourself kind of loser. So what do you shop here? Because l feel better. So that's how they start a promotion. $8 million sales happened today Quickly. 10 years later, you goodbye, 4000 AKs 2 31 billion. And obviously the group is have a trillion dollar company listed in New York the same time in the U. S. Promotion. So group you look a cyber Monday in Black Friday over that during a period to come by myself, all the group for axe. But what's in this thing? And you look at what was happening in China Internet space. Some point user only doubled. Yet the world changed because they believe I used to do things online going Online seems like the best way to skill business, even in control oriented Communist Party. I'm just here with five facts that kind of helpless to think through why we're excited to find out where the next gun users we look at user growth, Internet on a worldwide basis, a lot of girls coming from smartphone, and we look at what a smartphone users air coming from three places send out over the next three years from 2018 to 2021. We're expecting 750 million new net ass off Smart User's smartphone Users in 2000 are in three places. India Last 10 mostly in Brazil in a visa wouldn't have been the biggest market that's actually about eight or nine cities. Is some Pollo. It's Bogota. It's Mexico City, Zakarneh. It's bangle or New Delhi. So obviously you tell. My travel schedule under Lisa's place is quite a bit. Many of these users are coming online, are very young, almost have home. We low under 24 years in age. All of us have kids. Many of us have kids, and we want to see my daughter and my son. One is seven year old ones 11 year old and every singly they see the Ottoman want to touch it and moving. They grew up on iPad, the grub listening and to qualify. They grew up looking at shows on YouTube. They have more time YouTube than all of TV time ever spent in my life. It's amazing how digitally native, the users are still ears used to trying new things. And we'll look at China. One lesson we learn on the job title vice chairman about about my mentioned this as well. Back in 2009 he noticed that keeping people capital for China would sit around $4000 on a current dollar basis. So nominal not P P. P. And since then incomers took off. And back then it was only one year, according China. And that was, uh, you look at some of the other countries Indonesia, Brazil, India, where the most user coming from you look that GDP per capita. There's a slice of the population that has that Indonesia 264 million people, total average GDP per capita. It's just around $4000 for Brazil, obviously have been up and down, but it's even copper is relatively high on a global basis for India, about half a 1,000,000,000 people, the average of that is about 4000 per capita. This is why these country, despite some of the early bubble, that people are seeing people still feeling a long run. There's gonna be a lot, of course ahead. This is the funding for 2018 forties places we love New York. We spent a lot of time in New York. Newer has 20 unicorns. Yet you look at some of these other emerging markets where the next going use is coming from. They're still actually underinvested you. Look at India already 19 unicorn with half a 1,000,000,000 people averaging $4000 U. S. GDP per capita vs China sink deeper capita for 1.2 billion people. Only one in the corner, you can say argue India is definitely inflated. And there's a bubble, however everything what could be in the future? China has about 100 50 unicorns right now and everything that in 10 years India could be 40% of China that still 70 and 70 unicorn that could be made still plenty of growth ahead for the country. A dating life of users. We pull users in these regions, and it's amazing to see all the things that they want. This solved more than one to do look over similar to each other. Everybody has that kind of mind body out to go to the right, sharing app for commuting their mobile payment so they see a lot of busy locals. But you look more closely when it comes from, or messaging entertainment, pop culture or more broader, thinner app. You see a lot of Absalom us dominate with by dense and thick cock. The only exception. Look at the individual verticals. You start seeing a lot more local players emerging. But look, adaptation, even even though the philosophy are very similar across the table looking for delivery, there's obviously there's, uh, overeat and Gord Ash here in the U. S. You look a TTE India. You see Ziggy and tomato in Brazil. You see, I food going out again. Happy in Indonesia, you see grab and go job going at it with enough funding, and people have gone through the history of what happened, how we happened in China and us. You do see pattern emerging. You see someone will be being played out. It seems the similar behavior happen as the VC, we try to share what we know and help people avoid excess and try to figure out how to get to a Maur, equilibrium or control of Eastern sooner and faster. I'm putting the story of 500 the commonality among these that these are the people that building the next generation cos that's already a $1,000,000,000 valuation serving the next 1,000,000,000 users often come from very different backgrounds. Laki, the Distant Player automated in Brazil, sung by gentlemen Who's from Friends live in Brazil for 10 years, had a first are about look more like the uber of that time couldn't raise money, had a full did that end up in the 2nd 1 Now recently, in our evaluation, we're lucky to be an investor. Softbank put most of the money to get into a war. There are right now, but when you're inside their warehouse, seeing everything automated with machinery coming from India coming from China, coming from Germany is extreme impressive. Not only will we impressed by what has gone through in his second start up and therefore bet on him his comments on the machinery he used after helping make the second best in China in B plus because, he said, off every machine that he has tested was one that had a best value. Performers. It's cheap, like the Indian product, but performs a consumer product. So it's very easy for us to realize that Hey, we only do investment in China. This becomes very easy. Local play, only a local market but in reality is a global play. So by having more data, points it helping to see more media wouldn't be rewarding English When Lydia from med um, Andi learned and practiced get better. He come from a small town and end up building a company that number one e commerce in Indonesia. You look a soppy songs came from Kenji in China. I was fortunate to get stem for Jesse for MBA 10 years ago. End up going to Singapore. Thereafter buildup to startups Carina and Choppy that has a mark on my mark. Out of 14 billion you look the founders of who done their first start up the all from I T network. First off that was put card. They learn and struggles of the working, getting wood for the part and then the lessons. Now they're building the fastest business e commerce player in India. It is extremely inspirational for some of them go to their office and to see that it's raw in the air come from poor backgrounds. But they have so much that I have learned that Lumen to share and change the world for us. A VC, just like the panels before me were so fortunate to be part of their journey. Thank you.

The Positives and Pitfalls of Spotify's Streaming Revolution

Entertainment

The streaming platform once derided for destroying an industry is now hailed for rescuing it. Can now-public Spotify discover profits? And how does its foray into podcasts figure?

Waymo CEO: Cars With Driver Assistance Are Not Self-Driving Cars

Autos

He spoke Fortune’s Brainstorm Tech CES Dinner.

Waymo CEO: Cars With Driver Assistance Are Not Self-Driving

The View From The White House

Joseph Van Valen, Office of Science and Technology Policy in the White House, discusses his role in tech decisions made in the White House.

A Chip Off The Block

Can blockchain companies emerge from a category’s crisis of confidence? Joseph Lubin, ConsenSys CEO, and Dominic Williams, Dfinity founder, discuss.

Hey, thanks for being here, guys. Thanks. Yeah, let's do an audience poll. Who here owns Cryptocurrency? Okay, Who here is thinking about buying Cryptocurrency? Okay, everybody owns it. That's that's a pretty even split Nobody else who doesn't was thinking about it, but, uh, all right, so just by way of introduction, dumb divinity, you are calling yourselves the Internet computer, obviously the centralized cloud platform that relies on Blockchain uh, where you have servers across different data center. So it sort of a centralized data center. And that is part of the foundation of what you're trying to do in terms of potentially disrupting some of these big tech giants. Sales sports are linked, and you're talking about decentralized versions of these big social social media companies. Are Amazon companies like that? Joe You, co founder of Ethereum. You also run consensus, which is a Blockchain development company. Um, but telling you know, thinking about a hearing which right now is the second leading crypto currency was a goal. You know, when you started appearing because you hear a lot of people talk with blushing about disrupting bank versus disrupting big tech. How What was that part of it. When? When you started a fury. Um, you know, thinking about potentially the new a different type of Facebook. A different kind of Google. Or how did that play into your vision? Sure. Um so big coin essentially invented a couple of things that invented this next generation decentralized database and something called crypto economics and a token that, via mechanism design and crypto economics would incentivize people thio essentially create our money was of the people by the people for the people and in that way essentially build a maximally decentralized trust system on so 2012. Many people came along and said we should be using this kind of data base infrastructure for everything on so of that the serum was born and we built essentially what, uh, what we then called a world computer on. And many since then, including us at our company, consensus had built tools and infrastructure on DDE have been building in different verticals to essentially do some of the things that the dumb is intending to do. Where we do you go after thes. Um, major service is on the internet, but it's also much more that because we're bringing a new trust Foundation. We're building a global settlement layer and were able to build a new kind of financial plumbing where we can issue of issued essentially billions of dollars worth of digital assets on that part. Yep, dumb. So the idea of an Internet computer, I mean, we already have the Internet. We already have. Amazon Web service is we already have a theory. Um, why do we need defense? Internet computer? Um, so the, uh, the Internet computer is reinventing. The Internet is a computer that can host and run secure salt flat with a range of super pass on Di's dress problems. Major problems with a stalking attack today. So it's intended is that complete replacement to sort of $3.6 trillion legacy, um, and addresses major issues such as the difficulty of crazy secure structure? Um, it also dressed addresses, uh, the difficulties we have with the monopolization of the Internet today and provides a platform to create a new breed of open Internet that will provide a better platform for innovation on pluralism investment song going forward. So the city, I mean decentralization going to create a decentralized version of some of these huge tech companies. Is there any evidence that a decentralized organization you might not even call it a company could rise to that level where it could actually challenge that dominant? In the middle of example that I can think of is Wikipedia, and it's not even there, you know, it's not even competing on the same level. So the most powerful force in Tak, his network effects and the increasing monopolization of the Internet is driven by no sex. So one approach to deal with that increasing monopolization of the Internet is to bring it into trust. Uh, regulation that's on and try and break up. Big tech on the Internet Computer provides an alternative means to address the increasing monopolization of the Internet by providing a platform for the creation of open Internet open Internet service. You can think of being something roughly analogous to open source project, where the service itself has its independent existence independent existence and is managed by an essential government system. Most of all, these things provide a means to address on the platform risk. So early example harbinger of what was to come was provided by singer singer, built on Facebook and I feel they're very successful company. Facebook changed the rules. A few months later, they lost 85% of their value. Stroll forward to today. 18 of the last 22 touch life guys mention platform risk as existential threat in There s one filing. The problem is, if you build on the A P I. If you build on top of big pack, you're building on sand. You know you just can't trust it. And, for example, recently, hundreds of startups years ago now had had the access to Lincoln revived on DDE. And open Internet service is will provide a way to create, for example, from WHATS app open link to an open cell. Taking things in, for example, in open mics in would become part of the fabric of the Internet itself and would be able to guarantee that it's a P I would never, ever be removed or vote so that entrepreneurs on investors wanting to build new Internet service is that needed to incorporate business profiles can securely build on top off opening today, and this will credit kind of mutual eyes network effect, which will drive the development of the open Internet forward very rapidly. Who's gonna build three ideas to essentially build on protocol based open platforms? If you're building on Facebook, you're building on a platform that somebody else controls, and they're probably at towards the end of their monetization cycle. They're probably gonna end up having to eat your lunch. And if you're building on T c P I P, which is a protocol, then you can be relatively certain that that's not gonna shift out from under you for competitive reasons. So Web 3.0, which will be the evolution of where we are right now with 2.0, it will be lots of decentralized open platforms. It'll be platforms like if they're in for trusted transactions. Automated agreements will be platforms like Definitive. It'll be platforms for decentralized storage, decentralized bandwidth, decentralized, heavy compute, decentralized identity and all of these things. We can have the governance discussion soon. All of these things are currently contemplating massively decentralized governance, and that, um, plays out in a lot of different dimensions. Is their business case, though. Did you incentivize the building of this? I mean, if you don't, if it's decentralized, you don't have a CEO. It's not a company is only nonprofits Who could do this? Um, no. Um, protocol based open platforms with this new invention of Satoshi called crypto economics, um enabled the issuance of a token on and effective mechanism designed so that lots of different actors can pursue their selfish interests, perform different roles on and achieve the goals of the system so you can achieve be centralized governance while still enabling people toe pursue their own interests. Can you make money doing it, though? Put it this way. If you're an entrepreneur and you wanted to build a new business that needed to incorporate business pratfalls, would you rather build on top of closed proprietary Ellington? You haven't even got that choice anymore because it's already closed. All the guys down, the only people that have access to lengthen a sales force. We chat Mike's office on. But let's say closed fracture links in still provided a p I. Who would you rather build up closed for fraud? Shirlington or open? Maintain the guaranteed Your foundation's solid would never revoke your your your access and break your service. Adlington did to hundreds of startups. Would you rather build on that? The reason the open Internet will succeed in triumph over the closed proprietary Internet in enormous numbers of engineers and researchers leaving places like Google, Facebook, Ibn Mike Soft and partly because the technology is very interesting, but also because they believe in sort of taken into their back to its roots make it more open, creative, innovative, running a better platform for entrepreneurs and investors. There's a huge movement which of course, is parting represented by success, things like and it's not going away part of a major transition to a different model. Yeah, I'm gonna come to questions in a minute, so get him ready. Raise your hands will bring you a microphone. But, you know, I wanted to talk a little bit about Syria mute because its second leading Cryptocurrency, which had this terrible crash crypt a winner. All of that charge about back this year, the Bitcoins up about 160% Syrian flagged a bit. It's about only about about 60%. Still good, But you know, it hasn't had the same bounce back that Bitcoin has, and I know you're still trying to scale. They're still questions about that. You are planning to launch a theory of 2.0, Um, starting early next year. He's also had a restructuring at consensus of it to some head count reduction. But e you know, in terms of scale is the technology that really can rise to the level where it could replace you know, these huge platforms Google Amazon from the oh. So it's fair to say that, uh, the room is the second largest crypto currency, if you only look at that to mention. But it's by far the largest Blockchain ecosystem. If you look at the number of developers and the number of projects that are building on the platform, we have scaled enormously even during crypto winter. So many of the people who were focused on the more speculative aspect related to Bitcoin, or related teeth or or related to the many tokens that were launched on the platform. Some of those projects were, well, many of them worked out quite badly, and a lot of the speculators have fled some speculators air coming back at this point as we've seen. But all through that the technologists, the entrepreneurs that have been drawn into the appearing ecosystem, have stayed. Once you see the value of decentralization and building systems in different ways. You can't unsee that you can't really go back. Thio building on web to architectures. And so throughout that period, our ecosystem has grown enormously. Throughout that period, enterprise usage of our ecosystem we work in many different verticals has gone a grown exponentially. So we've seen even on a transaction basis. Uh, the hit on a serum is that it can handle around 20 transactions per second. But that's that layer one at the base trust layer layer to where we have many different technologies that anchor in tow, layer one for enhanced trust. We're seeing tens and hundreds of thousands of decentralized transactions coming online on exchanges and gains, etcetera. So scale ability is already here. And it's going to be here in spades when we release him to which gets started in its release early next year. Yeah, thanks. Any questions in the audience? We have any Your hands in the back, please. Yes. Hi, Jeff Roberts. Fortune. I'd like to hear a little bit more about governance, which you sort of alluded to but didn't explain purity, centralized governance. How can you build something that will take on Google and Facebook because people say a Syrian government has been dysfunctional in years to create basic scaling. And what exactly are you gonna do to put in the government structure people can understand and possibly participate in? Yes, of the theory of decentralization is a very powerful one. But it does require good governance like everything else on the planet. As I think we would all agree governance is difficult. Governance of decentralized platforms is the new thing that we're trying to figure out. I feel like the Ethereum Foundation. Governance has been excellent. I believe that, uh, we launched unprecedented platform in about a year and 1/2 and have continued to improve it and have pioneered on architecture that will scale it enormously on dhe essentially end up being a a base trust layer for the planet. Um, governance on the appearing project is different from definite e different from polka dots in that we are focusing on having lots of different actors in different roles who are all incentivized to make the platform better. Have voice on DDE. I like the idea of more automated governance. There will be governance by token votes and we already do some of that. But there are projects in Duncan. Take it from here. Their projects that air contemplating building layers and layers of governance of these platforms. And I think it's gonna take years to figure all that out there and we'll do the same thing slowly, imprudently. But even without bad, I believe that many different actors all committed to improving the platform, will be able to challenge the big entities who have, Ah, perhaps a smaller number of highly incentivized actors. And as we get the layers of governance right over time, um, it'll be a foundation for many kinds of systems on the planet thinking about governance. Yeah. So, um, the Internet, of course, has not profit governance organizations like Diana, which you know, give you your race and number and I p addresses and saw in Europe. I speak, um the computer has automated hybrid make government systems that both to ensure the Internet computer network, which is comprised from independent data centers, remains open. It's also a key part of the means we used to address platform risk, which is so important with respect to the second part of the question. How can we compete with John organizations like Google and Facebook. The definitive foundations strategy and is to apply enormous resources to RD on. Although it's a non profit organization, it operates, really uses the Silicon Valley playbook. We've got research Centre County in Zurich, Palo Alto in San Francisco. There more going life soon on DDE, you know, with powering the world's very best research is an engine heads using the best engineering research practices we can to deliver in tonight computer technologies. In that sense, um, although it's a not for profit, we work in exactly the same way. And indeed, you know, we've been successfully hiring some of the very brightest and best from from places like the thing. I mean, you know, with Facebook, you know somebody. If they wanted to, they could ban me from their platforms. Google, You know, somebody commits an ad that's fraudulent or fishing Sandvik and banned from the platform. What do you do about bad actors? I mean, what is your power or what the networks power? So that's a difference between the computer, and I could hear him So the Internet computer does have. The network has an onboard open government system and it is capable or neutralizing bad actors. There's debate about whether that's good or a bad thing. Perhaps the libertarian think bad actors should be tolerated on. Do you know I wouldn't want to. I don't really have a firm position on that, but we do have the technological means to. So from the start, the appearing project assumed that the vast majority of APS transactions on the network would be valuable because they would be between significantly identified or fully identified actors. We've built infrastructure that enables us issue digital asset in many different countries with full identity checks, MLK, y c et cetera. And so we're bringing identity and reputation to these applications. But, um, it's, ah, it's a deep philosophical issue. Yes, there. Now should we have a base trust layer? That is permission, Lis, Or should we have one that is essentially sensible by government actors? It's powerful technology and our society are different. Jurisdictions of our society are gonna have to have those discussions, but the technology and with their belief system, your personal beliefs, yes or no bad actors should be tolerated. Yes or no. Um, that's a difficult question. I generally know but who defines the bad actor? Yeah. No, it's a question. We'll have thio longer discussion. That's all the time we have. But, uh, thank you both. So much for being here.

Today I want to talk to you about AI at the frontier. And before I do that, there's a little clarification I want to make. When I talk about artificial intelligence, what I'm actually talking about is a blend of computer science and statistics at the aid of humanity. We use this information to build planetary scale, Inference and decision making systems. I'm sure many of you have heard about the Africa rising narrative that has been going around for a couple of years past decade. I was originally born in Nigeria and I'm a Nigerian living in San Francisco. From the IMF, we know that most of the world's emerging economies fastest growing economies are going to be coming from Sub Saharan Africa. 60 % of its 1. 2 billion population is under the age of 25. At the end of the decade, Africa will have 90 cities with a population of at least a million. By contrast, the United States has 10 of those cities. This statistic is one of the most interesting to me It is the home of half of all global mobile payment users. That's one hundred and twenty million different people using mobile payments. When I talk about machine learning at the frontier I am not talking about the frontiers of the machine knowing knowledge itself. Instead, I'm talking about deploying this planetary scale, inference, and decision- making systems in a frontiers environment. When you think of a frontier, what I usually think about is the American West before the Pacific settlements. That environment necessitates a kind of innovation to make life work. America innovated so many different things that eventually led to the creation of Silicon Valley. We are at the edge of another kind of technology frontier. This time around. It's not in San Francisco, it is happening in Africa. There are the same conditions that necessitate a different kind of technology innovation. One of the most interesting thing about this planetary skill, inference and decision- making systems, is that you don't even understand their power until you travel. So last summer, I went on vacation with my family to Kenya. We arrived at the airport. And immediately at the airport, we went a few doors down to Safaricom, and I got data access on my phone. I didn't think anything of it. I'm just getting data. I went to my phone and looked at the app and I was very very surprised that I was being offered some limited amount of financial services immediately. The system had decided that there was enough data about me to be able to offer me this kind of services. I was rather intrigued, I took my phone, called Uber, Uber took me to where I was going. Used for delivery services like [ UNKNOWN ] to get you to the house. And I did basically the same technology habits, technology [ UNKNOWN ] that's I'm used to in San Francisco and Nairobi. What struck me though was we then went to [ UNKNOWN ] Which is on the border of Tanzania. And to get there, we drove to all the small differences, towns and villages. And the interesting thing about doing that drive was really seeing how far deep technology had fully penetrated. We're talking about very small villages, and yet in those small villages You can still use mobile payments, I realised then and then that this transformation is going to radically change what the continent looks like. One of the interesting things that has emerged in that kind of technology wilderness is for example what do you do where they are either no roads or their bad roads? One of the solutions is you can take to the air. There is a company out of San Francisco called Zipline. They have created a very innovative logistics solutions. What they do is use drones to deliver blood to rural Africa. These are villages that can't get load fast enough because the roads are bad. And so you can just use a drone to drop the package and the life of a person is saved. These are the kinds of radical technology innovation based mostly on data and have a little bit of data as well as machine learning that we're seeing created in the African environment. I want to end with an interesting data story. Last last month I went to lead us with get up CEO Nick Friedman, and his chief of staff at [ UNKNOWN ]. We went to Lagos because based on our October 1 report, which is our annual report of the behaviors of developers in our platform, we realized that Nigeria was one of the countries with the fastest growing rate of developers contributing to open source So we went down there to actually see what the developers were up to. And we use data to inform us on what we should do. We decided we were going to have an open source mixer. We went through our data, and we invited the top 50 contributors to come to our event. The event was an amazing event. What was interesting about that event is every single person in that room earn their way to their work. It didn't matter who they were, where they were born, whether they were born into affluence, whether were born into poverty, or what their ethnicity was. All that matters is their work. And it struck me even I, a person that believes in data driven approaches, mitigating the impact of bias, I had never really seen how powerful it was. We brought all these people together, many of them who never even knew each other. Building the software that many of us rely upon, and we created a community for them through our data. This data is so powerful, it's the power of all of us through one of us, each of us, thank you. [ BLANK_AUDIO ]

How Innovative Technology Can Transform a Continent 

Omoju Miller, Machine Learning Engineer at GitHub, discusses how radical technology innovation can transform a continent such as Africa. 

Qualcomm CEO: How We Are Helping Industries Take Advantage of Cellular Technology

With bruising legal battles (mostly) behind it, the world’s leading mobile chipmaker looks to a 5G future.

Top FBI executive Amy Hess discusses threats to U.S. digital infrastructure and how to improve cybersecurity tactics.

How the Government Is Protecting Digital Infrastructure 

[ APPLAUSE ] Hello? Hi, welcome. Hello, thank you. Okay, so the business model is pretty simple. There are a few other delivery companies out there that have gotten pretty big as well, but you guys have focused on innovating in certain areas. Can you explain a little bit about how you approach innovation? [ COUGH ] Good morning, first of all, great, thank you for having me, excited to be here. Look, we simply like to compete not dollar for dollar, but with innovation, as you just mentioned it. And I think it, in many cases, it's the smarter way to compete. Money is one angle, and I think it's an important one. But if you're not the most well capitalized player in any space that you're operating in, I think you have to find alternatives how to compete. And that's what we do as a company at Postmates. You know, one of the innovations that we have I think we brought it here today. You know, we believe that There is a piece of the network that we're building that can be served because of Thomas vehicles. I was as called Sheriff and, we brought it here. If this would been a cooking show, we would be telling them, be prepared a little bit. But yeah, this is Sheriff. And , maybe, we can show it. It drives itself. Hopefully not off the stage. [ LAUGH ] it understands that htere's an object here for example, so it moves around it. We called it socially aware navigation. It navigates on a sidewalk, so it needs to do things a little bit differently than on the street. It's all built in house. The team is now 60 people. Sorry I'm so distracted. >��� So am I. This is the first time, the second time that he's on she's on the stage. So we're very excited. It's a she? Yeah. All of our Rovers are female Rovers. All right. Okay. We can move over Yeah, we can move over and have a look. Okay. You would use [ UNKNOWN ]. [ UNKNOWN ] socially aware of me? Yes, yeah. It's [ UNKNOWN ] open the lid, there you go. It worked [ UNKNOWN ]. Magic. And we got you a little bit here from Paradise Bakery apparently, it's a staple here. [ LAUGH ] In Aspen. So this is for you. There's actually, there's more in there. There's more. [ UNKNOWN ] so you guys can see Yeah that's- It's maybe in there since yesterday, so I'm not sure if you wanna eat it, but- [ LAUGH ] The baked goods are fine. This is it, it's our little iPod. Okay, so let's sit down, and while I eat- Yeah. Day- old yogurt, I'm gonna ask you some questions. So Why bring it in house? There are a few companies doing this already. I'm gonna, you're not offended if I don't eat this, right? No, it's good. Okay. Anybody who wants baked goods later. Why bring it in house? That was not your competency before. Right, couple of things. So we looked at the landscape two and a half years ago. Transcribed by https :// otter. ai We tried to figure out if there were companies that we can acquire that would help us build [ UNKNOWN ]. It turns out how it's sometimes is in Silicon Valley the valuation of these companies [ UNKNOWN ] extremely high. So we said you know what? We think we can do it in house, we can do it faster. Because the only thing that we need to do in ours is to be our own customer. We do millions of deliveries every month. We have all the data that many other companies need in order to build the autonomous vehicles to perfection, so we decided to bring it in house. What's the roadmap? When is this launching? Where is it launching? How difficult is it to roll it out into Cities. The most, the really beautiful thing about the stuff is that because it operates on the sidewalk we don't have to wait until it has achieved. And until we have permission to deploy with full autonomy that means we can use it in a mode that we call semi- autonomous. So we have an operator that can look at it and can intervene with it. In situations where it can't figure out quite yet itself what to do. So- Is the operator sitting in some war room or is it- Remote in San Francisco. Okay, got it. And we actually work with veteran organizations across the country and help them, help veterans find jobs after they are back from serving this country, so I think that's a beautiful part of it But obviously selfishly it helps us deploy serve and we're testing it right now in LA. Okay. We might get to more questions on service later and innovation but let's get serious for a minute. Are you going public? Okay. [ LAUGH ] You know I think the official line is that that I can't comment on this in anyway but. I would love to take Postmeds public. I've said it before, I think it's actually one of the great American consumer brands that we have in the millennial customer group. It is well loved and our plan is to take it public, yeah. The rumors, there are reports that you are in talks with several other players Companies like Uber, for example. Where did those rumors come from? Are they, can you substantiate them? No, I'm kidding. Well, if I would know where they're coming from I would have addressed that already. But look, it's a small industry, there's a finite amount of player Postmates has tremendous traction this year. We're growing twice as fast as Uber Eats or Grubhub. And I think people notice that. So if you take the necessary steps to prepare your company to go public, you will get inbound. And we do with all inbound requests, the same thing that we have done always. We look at it, we make the smart decision. And that's what we do. There's quite a bit of overlap with customers using multiple brands in the space. In some cases in some locations at least, maybe not in LA, but in some locations that lack of brand loyalty, does that Kind of naturally lead and other factors to tomorrow consolidation in the space. Do you think that's inevitable? There is a lot of overlap between many of the apps, but if you actually look at credit card panel data, you will see that the least overlap is between Postmates and any of the other apps. And that is, I believe, because we are very focused on the millennial customer. 60 % of our customers are female. And we're put a lot of effort into the brand and what the company stands for. We have a lot of exclusive merchants and we have carved out a customer base that we like and that is very unique. What's the reason for the popularity in LA because you seem to have? Very large market share their specifically. Well, in LA people think Postmates is cool and and that is that is difficult to understand because in Silicon Valley, nothing bothers us anymore. And my friend, I have a friend who works for Uber, eats the other person works for caviar. I work with Doordash. So, you almost have like four players that have equal market share. We were the first in LA. It gave people a superpower. People that have very limited time, musicians entertainers discovered the app now almost five, six years ago. They thought it does tremendous things. They started talking about it. Creative people started writing it in movie scripts, in rap songs, in TV. Serious and I think that's what helped. So I'm afraid to say that it wasn't me that made it cool. But it really has a an iconic status. In LA, if you want to have something delivered, you will say to post made it regardless of what service you use. So you become a verb. So I wanna go to you guys for questions, please be thinking of some. But speaking of California, how many of you are familiar with the AB 5, I'm sure the bill that's Coming up With that one. Sorry Sec we had Was one. Okay. So this would potentially reclassify independent, many independent contractors, as employees. How many contractors do you have, currently? I think it's around 400, 000. What does that do for your business model? Is that passes. I think the right wawy to look at this is to understand what it does to the people that do deliver me's on the [ UNKNOWN ] platflorm. You have and I think this is true of most platforms in the delivery space You have almost 90 % of all the Postmates we have on the platform. They work on the platform less than five hours a week. It truly is supplemental income. It's it's 4, 5, 6 hundred dollars incrementally a month. And it's funny that it's that number because it's the same number that most Americans can spare when it comes to medical expenses per year. So, we believe that Postmates fills a gap when it comes to income. It's an it's an important gap. And this is why we obviously believe that leaving these people as independent contractors, as a matter of fact, not leaving them but making sure that in any bill that passes, we solidify their status as independent contractors is the right thing to do. And you think you have a good chance of doing that of making the case that they Remain independent contractors. Look, we, Postmates works with labor unions, we work with the governor's office, we have a fleet advisory board now for almost two years that helps us do the right things for the fleet. And I think we have put forward a proposal that makes it very clear that we care deeply about the workers on the platform. We're willing to put a benefit fund. We're willing to have more worker voices on the platform. So, yeah, I think we're doing the right thing. Okay, questions from the audience. Please raise your hand if you have a question for Bastion. People need more coffee today. Okay, let's talk some more about innovation. If you do have a question raise your hand at any point. Don't be shy. But this is obviously. Very innovative. I know other companies are doing too. But what are other ways, I mean again it seems like it's a pretty simple value proposition here. What other ways are you looking at. Not only offering more to your customers, but also. Optimizing the way that you operate. Right. I give you few example. So when the company was 2 years old we unvailed our [ UNKNOWN ], deliver as a service the first in the space. And what that does is it basically. Allows us to act more like FedEx. If you are one of our customers, for example, Apple or Walmart or 711, you can have access to the Postmates fleet and you can do things that were previously not possible and that means you can deliver the goods extremely Really Fast in 3400 and something cities in the United States. So it's a great product. It grows extremely fast, almost 200 % year over year growth on the API side. We were the first to innovate with a subscription service Postmates unlimited hope that we have some subscribers here. over a third of all orders come from subscribers today. So you pay a monthly on annual fee and you get free deliveries in return. We launched [ UNKNOWN ] party just two months ago. It's the same age as my daughter is now, but it has done a lot more already. [ LAUGH ] There's a lot going on in her brain. You just can't see it. I'm sure she will get there, and it's fascinating to see that. But [ UNKNOWN ] party allows you to have free delivery because what we're doing is we're matching a place where someone else just placed an order. With your location. So when you open the app you see this feed of great places that you can just tag onto. So you're trading a few minutes of your time for free delivery. And for, on your end it's helping to increase efficiency and yeah. It's a very, and we do these things all very selfishly. But many many times, they have a great benefit to the customer as well. So it allows us to be more efficient. We can batch and bundle these deliveries. And I said we launched it two months ago it's no 15 percent of total volume on the planet. Anybody here used post mates party. Few people have that. [ LAUGH ]. Record. We got the front row. Okay. We had a question back here. Brian. Hey Brian O'Keefe from Fortune. I just want to ask about the delivery vehicle. You said you're testing it in L. A.. I'm curious. What kinds of interactions do you see like if that's moving down the sidewalk and people randomly come upon it like how do they react? You know is there like a whole range of reactions do they stop and like look at it. Kick it. Wave at it. Yep. Does she have any program responses when encountering people. How do you. Yeah. It's it's a great question. We have a team that is That is focused on just the interactions part. And you know you have a few interaction elements on the on surf, if you have the eyes, you have an illumination around the ring, you have a display. And people are very curious. People want to interact with it to the extent that we will have a more sophisticated program as part of the launch that allows surf to give back. We're thinking about use cases where you could ask her for help or better yet surf. Could you ask for help? I give you an example there is a delivery robot in a hotel. I don't know which hotel it is, but that delivery robot, you know, delivers food room service. And the one thing it can do is press the button to move the elevator to a floor. So it will ask you to press a button for it for the for the robot. And it's a great interaction because it actually shows how we can complement each other. We started testing this in the- What does it do if nobody's in the elevator? Well, it just waits around. [ UNKNOWN ] [ LAUGH ] [ UNKNOWN ] doesn't do elevators yet, so. Okay. But we actually started testing it in a community for elderly people. And we wanted to do that in a gated community because we thought, if we can figure out a way that it is non- threatening to not just the millenials that are used to technology around them, but to a group of our society that is a little less used to it. We will achieve great learnings, and it was fascinating to see the interactions there. Basically we wanted to make it as easy to use and interact with as possible. Question from Adam? [ UNKNOWN ] hi, Adam. [ UNKNOWN ] with Fortune, thank you for being here. Two quick questions, Does she collect data also as she's going around? Cuz she's got two pretty fearsome cameras there, so I'm curious how you're approaching privacy of what she sees? And, forgive me if you already said this, does Postmates operate outside the United States? And If so, where? If not, do you want to? Yeah, we do in Mexico and we're live in Mexico City, it's a great market for us. We may expand further, but that's like the for the, for the for the medium future. it you know, the data that it collects will do the same thing as everyone else will just sell it to the highest bidder. [ LAUGH ] And we think it's really a unique data asset that because you know facial recognition so No one will be saved once these are fully deployed. Your person here is like just [ LAUGH ] freaking out ,>> But givent that Iwas born in Geramny maybe that's just part of my Evil plan. [ LAUGH ] You did make a joke- You asked me. You did make a joke backstage about how it at some point could shoot lazers. There's always a little truth in everything so- [ LAUGH ] So of course most of the questions are around the robot. But it is so interesting and I I wonder if you could talk a little bit about, also, it's not the actual space inside is not huge. Yep. How efficient is it, and cost- efficient, in terms of replacing humans at some point? I think it's important to really understand, when it comes to innovation, that Whatever you see in any moment in time, this is not how it needs to be forever. You know, the first iMac was a slow computer had a slow modem in it, you know, but it looked great and it captivated people and and it had a handle on it so you thought you could carry it around which of course. Nobody does with desktop computer, right? But we wanted to take the same approach. We wanted to create something that's non- threatening, that has a medium form factor about the size of a kid when it's around 10- 12 years old. Because that is in our preferable vision when we walk on the street. That's the area where we look, and where we communicate. So this is the first version of it. It does only need to work for a few number of deliveries on the platform for us to make sense to operate it so it doesn't have to do 100 % of all deliveries. As a matter of fact, we don't think it should do, but it can do very short deliveries. It could do deliveries that are not time sensitive. It could deliver prescriptions from Walgreens. So there is a lot of use cases where we believe. That the form factor that we have today is very sufficient, and to be honest most deliveries that we do on the Postmates by far, don't take up more space than what's inside of sir. So the question about independent contractors versus employees, I mean at some point and I know this is the question with Uber and Lyft, and others but at some point is it Irrelevant because this is what does the deliveries does it ever get to that point? I think the it's the same, as with innovation. I think the idea that will replace everything is as true as computers have replaced all of us up to this point. I think. It will help, it will augment, it will make things possible that have no been possible before. And I think it's also important to see the other side. Imagine we have deployed a few thousand of these, they are here to help us fulfill the dream of having an infrastructure that can deliver goods locally at zero cost or close to zero cost. And what that allows, is it allows local businesses to distribute their costs, their goods for an extremely low cost. And I believe that that's important. It helps local economies thrive. It helps hundreds of thousands of retailers in the United States compete with Amazon, because they will have a better and faster infrastructure than Amazon has, and I think that is really the positive side of things to look at. Okay, and, real quick, totally separate question, but you talked about how you grew up in Munich, dreamed of coming to Silicon Valley. All my life. Doing a startup, all of that. Is that still an attainable dream? Has it become harder for you or for others to come to Silicon Valley and do scale? In San Francisco or elsewhere in the area I think [ CROSSTALK ] in my personal view what is happening is that, there was a time when you could be a founder and entrepreneur and you had a year to tinker around, in a weird way that was very enjoyable because Maybe your idea was very left field, it was unimportant to the bigger companies. It gave you enough time to figure things out. I think the huge challenge that everybody's facing now is that, whatever you do, if it has the smallest chance of success, it will get copied and it will get attacked from all sides immediately, so It is a lot harder. But maybe that just means that the ideas that we need to work on and that we need to think about have to be more fundamental in general than just how we can get you a pizza in 25 minutes. All right, well, we'll look forward to seeing what news unfolds with you guys in the next few months. Thank you. So thank you so much. Same here. Thank you so much. Thank you. [ BLANK_AUDIO ]

Postmates CEO Introduces the Newest Member of the Postmates Fleet

Bastian Lehmann, Postmates CEO, showcases ‘Serve’, an autonomous delivery vehicle, on Fortune's Brainstorm Tech stage. 

Meg Whitman, Jeffrey Katzenberg on the Future of Digital Content

The two discuss their new streaming startup, Quibi. 


Bob joined Intel only in 2016, which makes him unusual. You're the first CEO of Intel to not be a company, lifer, essentially. And you've worked a lot of places. I'm just going to list them quickly eBay, General Atlantic, EDSTRW Webvan, my personal favorite of your of your former employers. And General Electric and I was sort of going, I think I was going in reverse chronological order right? That's right, that's right. And Bob was interim CEO of Intel for seven months, and so it was sort of like when **** Cheney was head of the search committee for the vice presidential nominee and Got the job, right? [ LAUGH ] Very good. Is that a question? No, [ LAUGH ] Just trying to get a rise out of you, but okay. So I wanna I want to start by giving everybody a sort of grounding and where where Intel is today we think of Intel as the company that makes the microprocessors that go in PCs. That's true but it's not the whole story. In fact, PCs are a smaller percentage of the overall revenue pie than they've ever been. So could you explain what Intel's business is today? Yeah. I mean to a certain extent, the makeup over the years was the CPU inside the PC and that was the massive growth driver. And several years ago we started to take the CPU and put it inside the server inside the data center. And then, from our vantage point, we saw a world where, and you've talked about it a lot during the course in the last couple of days, we saw a world where there's an incredible demand for data. And with that demand for data, there was more and more compute that was going into more and more things. So if you think about intel today, it's evolved from what we call a PC center company to a data center company. And it's not just a CPU inside a PC, but it's a CPU inside of everything. Inside a server, inside an automobile, inside a factory, inside a retail store, inside your home, so we build the CPU so that it essentially go inside more and more things, more and more computers. In an addition to that, over time we've had to evolve not just building a CPU, but as the world is about And the incredible demands for data calls for alternate architectures. So we have now. You know GPUs and FPGAs and software and more and more things going inside. More and more things so we've evolved from PC to a data centric company. Now for intels for much of intels history when you talk about architecture intel was the architecture for the PC industry, and as the company is trying to diversify it's trying to get into other segments are some of those efforts has gone better than others, well before your time spent a lot of, spent billions of dollars trying to get into Communications chips and that did not go well. Talk about the areas that are important for Intel's growth and how. And what the strategy is for being as As important in those segments, as Intel has been for so long in PCs. Yeah, yeah, I'll do it in two ways. One is what the technology goes into and what kind of technology, so what the technology goes into, I kind of touched on. Again, PC is roughly four or five years ago was 70 % of our business selling a CPU to a PC today that's 50. So what's happened in this data center transformation is again the CPUs just going into the side lots more things and we call it the data center business but also internet of things where More and more factories require high performance compute. More and more automobiles require high performance compute. More and more retail shops require high performance compute. More and more hospitals require high performance compute. So over time as more and more things demand more and more compute we tried to evolve the business to Particular applications that will be beneficiaries of the incredible amounts of data that's being created that needs to be analyzed, stored, retrieved, etc. So all your businesses are generating more and more data. For us, that means we got to make sure that we're evolving where we're putting our high performance compute to help you manage and analyze that data much more effectively. So that's a little bit about where we're taking the CPU. The what we're taking in at again, particularly as the workloads in a data center continue to evolve. The what we're taking inside these is not just the CPU But it's the GPU. That's graphical- Graphical processing unit- Which when I think of invidious being the company that I know that leads at that. Yeah. And we have we've always had a very strong integrated CPU with a graphics chip. But now we're developing a discrete GPU unit. FPGA is more customer oriented products for a data center environment we acquired through a company called El Tara, artificial intelligence chips that go inside everything that we do. But also there's a discrete artificial intelligence chip. So we have a much broader array of architectures that are required. In today's data centric world to do more and more processing, more and more analytics. In addition to that, as the advancement of processing power and compute has evolved and gotten better and better and better, you start to have an impediment called the pace of which memory Keeps pace with processing power. So if you want to get all the benefit out of the CPU or the GPU or the FPGA, you need to have be able to store and retrieve data faster and faster than you ever have before. So the things that go inside include memory. And then the things that make all those work together is software, so if you think about how weve evolved it is more architecture for hardware, more things like storage and more and more software that makes them all work together, more effectively for those end user cases that l defined. And can you other than that you gonna Make good investments, hire good people and try hard. Can you summarize why Intel will win in those things, those are areas where there are leaders. It's not necessarily Intel. And I know these are new and growing areas. But still, what will be Intel's special sauce in these newer areas? Well, I mean, first, the CPU is not going away. The resiliency and the innovation that we build inside of the CPU is still the predominant processor of workloads in all of these different environments. So The role of the CPU continues to be incredibly strong. In addition to that, what what a lot of our customers are looking for is not simply as their environments get more and more complicated. They're not just looking for the CPU or other pieces of hardware for their environment. They're increasingly looking for a platform who has the packaging technology to bring together the CPU, the GPU, the FPJs, the software. And we believe as we evolve that we have more and more technology packaging and processing capability than anybody else on the planet. So as we think about the world today, it was a relatively short period of time ago that we defined the company as having roughly 90 % share of CPUs inside the PC in the data center. In that world, prospects for growth are not that significant. In today's world in terms of the silicon and the platforms require, we look at our market as a $ 300 billion, Tim. Where we don't have 90 % share, we have roughly 30 % share. Yeah. So, the prospects and the opportunities to grow. When you have 30 % share of a much bigger market, a much more significant. And we think we're uniquely positioned to go after that much larger market. In 2017, Intel spent $ 15 billion to buy mobile AI which does technology for autonomous vehicles. Explain what that is and what. Intel's part of the market is. So I think it was almost a two year anniversary. We couldn't be more thrilled about mobility being a part of Intel and again at its when we think about those devices. Those things that require massive compute. We think about the industries automotive being the maybe the best example where the compute the horsepower required to enable the evolution of the automobile of the future that requires really significant high performance compute. The role of mobilize is really kind of threefold one and I caught part of the discussion on the stage earlier. One is, I think can defined iterative approach and I believe I should defined You know, a go for gold approach or L5 autonomous drive in. Ten is talking about assisted drive in. Right. What mobilize approach is, they are the leading player in providing product Inside of tens of millions of cars today of initially L1, L2, L2 +, L3 products. So its core business Is double the size of what it was when we bought it, it generates. What is that size, how big a business is it? It was roughly $ 700 million last year, and it was $ 500 million when we bought it. So if you project forward you can get to kind of the size of the business. And I'm sorry for interrupting you, marquee customers are? And every all the OEM >> All the big auto [ UNKNOWN ] Virtually every OEM and or the tier one provider that they rely on >> And these, to simplify it. These are semiconductor sensors that enable this either, assisted or just shy of completely autonomous driving. At its most simplistic level characterizes two things. Vision. Yeah. Cameras and then an A. I. algorithm wrapped around that camera to allow you to process all the information being digested, it allows you to drive safely. So that at its core is the L1 to L2 to L2 plus business that is fast growing, lots of customers, 26 design wins over the course of last year. And just, I'm sorry, please. In addition to that, I'm gonna get a little fired up cuz this is a pretty cool business. [ LAUGH ] In addition to that we're evolving not just putting the hardware inside the car but how do you then when you're when you're when you have hardware and tens of millions of cars you're ingesting it a lot of information a lot of data. And what we've been doing with a lot of our customers either we MS or. New customers outside of the automotive space is how do we leverage this data that's being ingested process to make it relevant for new and different applications. So that's the second wave of what mobile is trying to do. More service oriented, data rich applications of how we ingested it, use it in new and different ways. The third aspect is really and you know, Robo taxi as a vehicle to accelerate the rate of adoption of autonomous driving. So mobile AI is, you know, deploying technology inside automobiles where we have a very strong position today. It makes a lot of money we invest that money back in to the second service oriented opportunity. And third new methods of mobility down road. So mobile I itself makes a lot of money. Yes. So just to be clear, so even at a if you're approaching a billion dollar run rate it's a relatively relatively small part of Intel but you think first of all, it makes money second off very fast growing and could be a big part of Intel in the future. Absolutely, that's the intention. The big you know, a thing that Silicon Valley people talk about with regard to your leadership and Intel is that you're not a technologist. You're only the second non technologist to be CEO of Intel. You know what, how do you lead such a technology driven company not being a technologist, yourself? Well first, you gotta make sure they have a lot of brilliant technologists that you're surrounded by and I'm blessed with that Intel is very rich and deep technology capabilities, brilliant people. And my my role is, in some ways, strategy intense respect. for what the engineers are capable of and a huge desire to get them to dream through inquisition. And from that, I think, a little bit the power of this incredible technology- rich organization that I'm fortunate enough to lead with a desire to change the world is a pretty powerful combination. Your questions if you have them. Yep, I have one right in the front. It may take a while to get you a microphone. Just so just stand up and start talking, the microphones coming your way please identify yourself .>> Michael Miller brothers investments in PC Magazine. Over the last 50 years. Intel has been known for helping the economy by delivering roughly twice as many transistors for roughly the same price every two years. That seems to becoming harder and harder to do. How do you think that impacts the economy as a whole and your business going forward. And of course, Michael is referring to the popular notion that Moore's Law is dead or dying. I mean, in one sense, it gets harder and harder to do which means fewer and fewer people can do it and that we characterize as competitive modes. Secondly, we've over the last couple of years in terms of Moore's law or transistor density which in effect was defined as two x the density in two years and. A few a years ago we went from a process node, we went to, when it was getting harder, we went to 2. 4 scaling factor. And then this most recent technology, what we characterized as our 10 nanometer technology. We went for 2. 7 scaling so the reality is we're able to continue to scale the technology that provides the capabilities for you to leverage it to kind of grow your business in new and new and different ways. And when we went for 2. 7 higher scaling factor took us longer to do it. So our challenge is getting back to kind of a two point O factor. In our belief is there's lots of road left in Moore's Law. Lots of juice left. So we'll continue to innovate and drive process technology in the future. In addition to that, in addition to that their's more things we have to do. So it's not just about process capabilities. Packaging a different technologies becomes more important so you can put advanced Process technology and maybe last generation technology together on the same chip because the application may not require just current gen technology. The role of the different architectures that I've talked about before become increasingly important. And lastly, software becomes a much bigger role. So at the end of the day, customers don't really pay us for chips based on what transistor density they have. They pay us for chips on what performance it delivers. And the deliver of performance is evolving overtime. Bobby. Different architectures, more software in better packaging. Talking about new architecture Intel has been significantly laid in delivering this ten nanonmeter technology five years later approximately. Briefly why and secondly, as a new comer, you've addressed The culture of the company that you wanna keep some of the best of the old culture but you need to change it as well. Lots of leaders in the room experience that. Would you talk about that? Well first the challenges of being late on this latest node of Moore's Law was somewhat a function of What we've been able to do in the past, which, in essence, was define the odds on scaling the infrastructure. And with that, define the odds in the past, we set, what it says, a very complicated scaling factor. Moore's law 2. 0 This new node, this ten nanometer node we said, let's try 2. 7. At a time where it gets harder and harder, we set a more and more drastic goal. From that it just took us longer cuz you gotta then, the way you build the fab and process, you're putting more revolutionary nodes inside The fab, so. So can I interrupt you to the extent that you're late. You set the bar too high rather than anything else is what you're saying. We prioritize performance at a time when predictability was was really important. Yeah, I'm sorry to rush over. [ CROSSTALK ] Yeah. So the short story is we learn from it will get our 10 nanometer note out this year, and we'll. We said our 7 nanometer note to the gentlemen's earlier question that will we'll be out in 7 Adam in two years and it'll be a 2. 0 scaling so back to the historical Moore's Law. Moore's law curve it does relate a bit to a bit to culture. This company. Has an unbelievable culture that over the course of 50 years, has been able to reinvent itself by delivering incredible things and technology where the world is changing all the time. It built incrediblely strong market positions. You don't get to 90 % share with a lousy culture. It's a real strength of the company. But today our dreams are much bigger. We don't wanna have 90 % market share, cuz there's not that much room for growth. So if you redefine the role you can play in the industry, to have 30 % share You have to begin to dare to dream, you're not protecting what you've built, you're evolving your thinking, you're daring to dream. And when customers have more choice, by definition, 70 % of the market is owned by somebody else, you've got to be much more customer obsessed in everything you do. When customers have more choice, you have to be much more competitively aware and work together more as a team, one intel, when the competition is outside rather than the competition being for resources inside. And when you go from 90 to 30 % share, You have to be more fearless you have to take more risks to evolve in the technologies that you're doing. And then last, we say to pull the entire company together and our pace in our ambitions to play a much bigger role in the industry. More truth and transparency in the free flow of information. So it makes the scale of what we do much more nimble and faster. Last but not least, diversity, inclusion and everything we do. Having diverse thought and ideas in every room and every meeting enhances our thinking and the products that we build and how we go to market. Those five aspects are what we're doing to evolve a wonderful culture, because our ambitions and our dreams are much bigger than they've ever been. I appreciate that. I won't paraphrase back everything you said, but if you listen carefully, he did identify the aspects of the old culture that needed to change. We have time for one quick question and one quick answer. Please. Hi Bob, we're [ UNKNOWN ] review NVidia, [ UNKNOWN ] Intel, to buy [ UNKNOWN ]. And Intel and NVidia have been good unspoken partners in the CPU GPU relationship. Does this acquisition mean now that Intel will not be focusing heavily on GPU to compete with NVidia? And how does the future of GPU look for Intel? Well, first, I think the the players in the industry, given these incredible demands for they to see opportunity to take our technologies Invest in new technologies and capitalize on a much bigger opportunity. And in doing that, we think about organic investments and acquisitions to make us stronger. For us, acquisitions include Mobili, they include Alterra, they include Movidius, they include Nirvana. So we're always investing organically and inquisitively in technologies to enable us to play In a much bigger role in the success of our customers, we're not the only one that does that. So obviously in video with a relatively large acquisition, they see bigger opportunities to leverage their competencies. So that's just the nature of what we do and it means that we will, you know we will compete, we will be partner Where it makes sense and we'll also compete where we have competitive products. Bob, we're out of time but to rephrase his question in a yes or no fashion. Do you intend to compete directly against Nvidia in GPUs and graphics chips? Clearly out intention is to we have integrated GPUs today. And our intentions are to launch a discrete GPU in the next couple years. Bob Swan, thank you very much. Thank you. I appreciate it. [ BLANK_AUDIO ]

A Look Inside Intel with CEO Robert Swan

He’s been at the helm since January 2019.


How Technology Is Transforming the Future of Transportation 

So how many people here I'm going to ask you to raise your hands again actually know what formula is have heard of it before? Raise your hand .>> Right one way via .>> How many have heard of Formula One before? Okay, so this vaguely cars car friendly here Sylvain, could you please explain to everyone what Formula E is and perhaps what's different about it than Formula One? Sure, first, good afternoon, everyone. Thank you for having me here. I just came back from Brooklyn, where we had the race there, end of the season, which was really exciting. So Formula E basically is the leading Racing championship we raced around the globe and we only race electric cars so they look like traditional motor sport cars but they're all electric. The idea behind it and the main reason why we do this and why I was involved in creating your team was that we have a very strong purpose and the mission behind formula is to do two things. First to really accelerate the development and the R & D behind electric cars to really make the range better, the power better the efficiency better, so that as soon as possible. You guys all wants to drive an electric car, you're not forced to buy incentives or whatever you really aspire to drive these cars. So it's very much a technology championship and a second Peter It's about marketing and communication. There is no point developing all these amazing tech if no one knows about it. And actually motorsports in the 50 years of history has been incredibly powerful at being a platform to showcase technology. So we are basically using this new platform to reach as many people as possible and more than 400 million people watch this championship every year. And the idea is to make them think that electric cars are really cool. They are very cool. If you've ever caught a Formula One race, part of the attraction is that kind of guttural roar of an engine. But at Formula E, the only thing I can think of the wind of the electric motors is that they sound like rumbas on steroids. [ LAUGH ] They're absolutely crazy, but it's what's interesting about it is, is that you can race in Brooklyn because you couldn't put a Formula One Race in Brooklyn right that everybody would complain. Yeah. What's really interesting is that we do two things. We do a lot of things that make my life very difficult but it's for the benefit of the cause. First, it's a one day event. So we do offer you practice qualifying and racing in one day, which means you can bring your family you can bring guests you can do and see all of which really in one day Well so very accessible. You can literally walk down the pit lane, you can see the cars the drivers. So we tried to make it very close. But the other aspect of course is that because the cars I think shriek we can raise in incredible places where we could never raise otherwise. So not so much because of the noise but because of the lack of pollution. So we only race in city centers around the city of Paris, Hong Kong, New York. Rome, you name it next year we go to Seoul, we come back to London. So that's incredible because it allows us to really showcase the sport in the best possible way. And instead of asking people to come to where we are, we go where people live. Yeah, very cool. And so you've won the race, you won on Sunday. Congratulations. Yes thank you, we have a picture somewhere. Yes, do we have a picture of my team and leave a selfie? And who are those three? So Robin finds in the middle is one of my drivers. He won the race. It was pretty spectacular 10s of thousands of people there, which explains my broken voice a little bit. And but yeah, it was fantastic. And you know another very successful year for family So Formula E hasn't been around that long, right? It was founded in 2011 officially and your first race was in 2014. And that's why there's only been so many seasons. When I remember when it when it was started, the critics said it wouldn't last a year. Well, who would want to do this and here you are. So You tell me, what has made it last ?, because it was doom to death from the start >> Yeah, still picking up on what the other people are saying on the pennarial, you know it's about some people said that, some other people like me were absolutely 100 % convinced. This would be a runaway success because it's all about surfing the perfect wave, right? And then we can have different views on where mobility is heading and so on. But for sure, it's going to be electric and for sure it's going to become a tournament and all these things are going to happen because they make sense. So motorsport as a as an entertainment platform, but also as an r & d testbed for these technologies. Has to go that way. It makes sense. So based on these fundamentals, it was very obvious to me to [ UNKNOWN ], when and how and how big it would grow and we already knew right and then we are pretty happy with where we are now. But yeah, I think it's all about being based on really strong fundamentals. And again, back to the sense of purpose. You know, I'm leading a team that is not backed by your car manufacture We use that platform to talk about the much better planet we can do by simply linking electric mobility to renewable energy. And now we can shift transportation, the whole of transportation to electric, which would save about 30 % of all carbon emissions in the world. That's something that's worth waking up in the morning to do, right .? Yeah. So let's talk about some of that technology, right. There are actually quite Rigid restrictions on what you're allowed to change and not change on a vehicle. So tell us what those are and kind of how you're pushing forward in the areas where you're allowed to make changes. Sure. So, like in any sport or any motor sport in particular, you have to make it fair. You have to have regulations. And otherwise, it will the Wild West. And we've been, I think, very clever especially with the [ UNKNOWN ], running body to decide that, okay, instead of, we're gonna do things a bit differently than other motor sports series. And we're going to focus all our attention, our resources and money, into developing what really matters. So when you look at all the cars in the paddock They all look the same. So you'd be you could think, well, they're all the same. It's not so interesting, but actually under the birds, three of the guy, this is where it all differs. So basically look at Luke the same the she's the same, the video is the same, because there's no point spending money on areas and that makes these days, if you want to make a racecar go faster, you create more downforce. But it's the exact opposite. There are trying to do on the broadcast it to be pointless. So we spend all our focus on developing the power train which is what makes the car move so taking the energy from the battery through an inverter a motor a gearbox differential and they are used to create lightweight technologies and super high efficiency technologies. Family is all about developing a really efficient power train. And the reason why it's so interesting for everyone including all the car manufacturers in the series, is that you can take these exact technologies and and literally trickle down to road cars in a matter of six months or a year because unlike petrol road cars, if we can five to a few percent more efficiency in our powertrain You translate that into a road car and that means 3 % more range for the same price. So this is why it's so exciting and growing so fast and yeah, every year the progress what's what's interesting is that even though electric cars have been around for more than 120 years, and you guys found the oil in Texas and that kind of killed the electric cars for about 18 years and now we are developing the technology again. And it's accelerating really fast. It's quite cool to be part of something where every year we make big jumps and big steps in development. Yeah. accelerating very fast. Nice pun. Tell me a little bit about the data collection because that's so fascinating to me. I once heard a. A presentation by McClarin years ago about all the data that they were getting from racing their conventional cars. And I was blown away. The real time data collection, and this was a long time ago before we had a lot of the technologies that we do have today. Tell me what your collecting. How often your collecting it. Are you collecting it during the race? How do you make a adjustments over the course of this season weekend to weekend. How does that all work? Sure. So to go back in history a little bit you know for sure motorsport means data right? Without something that's obvious to you. If we don't get the data off within 80 issue the car cannot even leave to go. It's not a nice to have for us. It's like it's too busy to everything but informally because these cars are electric and all the efficiency gains I talked about earlier. Not just the hardware, they're also based on software. You can we can use the exact same hardware for the whole year. And we will find the significant improvements throughout the system software just based on the way that we use the current from the battery all the way to the wheel, depending on the track conditions on many aspects. And so based on that fact, it's interesting because this is gonna be 12 teams in Formula E, all from different backgrounds, but pretty much all of them have been traditional motor sport teams coming from other champions. When [ UNKNOWN ] founded a team that was brand new and built for scratch from Formula E. And believe it or not, my thinking was, okay, let's start from the end. I want to win races and championships, so what is it gonna be the main performance differentiator? And actually, that was software, software and data. You think you need fast drivers and a fast car and that's enough, which really isn't. Because you need to first optimize all the electricity flow in the car. But also you have to make the right decisions during the race and form allies extremely strategic. So you need to be rational. Actually I built a software company. And its really, so you look at the engineers and my team. More than half of my engineers in the race team of software engineers. Yeah, that's good. Which doesn't exist any other racers and. And it's paying off because, we are being very successful. So, basically data is everything. We get to mix of data live from the, from the guys. When they're on track and another big bunch of data, when the gas come back in the garbage. And I think what's exciting in the motor sport and how that can be used as a case study. For some of you guys, it's super important to analyze all the data and get all the insights but also do it really fast. And for us, it's not just the car speed that matters is the fact that because we are running an event of a one day. My engineers only have a few minutes between sessions to analyze the data, make decisions, make tweaks on the car, to go faster So first we are developing software, an algorithm in the AI and I'm here today with a Genpact for helping us do that, to develop this algorithm. That basically means as soon as the data comes in, we get all these insights and then make the right decision. So it's not just about the volume of data to analyze it really really fast. And I think in the future it's going to become more and more relevant right because everyone's gonna be using their data. So it's the Americans with the faster. Yeah yeah. Let's go to the audience for questions see if we got any any fans out there. Could you raise your hand please. If you've got a question for silver. [ BLANK_AUDIO ] Well, I've got one [ UNKNOWN ] You mentioned it earlier about how the effect of motor sports on the consumer side of things it's kind of a trickle down effect, I suppose you could say. Yeah. So how is Formula E doing that? I noticed there's a big omission in Formula E, Tesla. So how is this working its way into the mainstream all the innovations that you're going through every minute of every race at So many examples, but I think this is an interesting example right because they are compared to the manufacturers they have such a huge task at hand and if they've done the incredible thing of creating the momentum They forced all the other car manufacturers to say look, there is a market and we can make amazing electric cars. So the main trickle down is that they declined. Elon says he himself he cannot do it all alone. He needs all the other manufacturers to also develop amazing electric cars. So the way we do it is that we develop as I said, better technologies better Morris inverters, hardware and software. And trickle down to work cars. I'll give you a concrete example. All the A2 cars on the road at the moment are running at 300 to 400 volts, which is good. Our race cars now run at 900 volts, which sounds very dangerous. And it is if you don't do it properly. Extremely. [ LAUGH ] But we have proven now by two years of racing at that level And you've seen the fair amounts of accidents in our races that we can make this technology very safe at the end of the results. And now the next generation of electric cars coming now from Porsche, Audi, and many guys coming will be running at 800, 900 volts as well. And he main benefits are huge because first you can charge twice as fast And also you create far less heat, which also means better efficiency. So these are the kind of no brainer technology that creates huge steps and implement and will result in much better cars for you guys to drive. Correct me if I'm wrong, but this all sounds extraordinarily dangerous anyway because you've got these enormous batteries just whizzing around the track. There's an inherent danger in this beyond that just auto accident when you agree. Well, that's what somebody was there to test and prove, right? And in fact, years of racing, I can't even tell you but we are now to hundreds of very significant accidents on track, right? And not a single time, we've had any electrical fault in any of our archives. So You think it's dangerous, especially compared to petrol engines? We actually much safer. But we know it now. We didn't know it five years ago. So that was one of the reasons, we've done it that way, and also a lot of motorsport technologies. And you don't need to know you can apply to work. As, it was the same it's been the case for the last 50 years and Prenatal care. All right, we've got one question way in the back here. Yes, very quickly, please. I'm Tony Chen, the president of cows in Saudi Arabia. Formula is run in Saudi Arabia if I understand. So our university is a technology partner with McLaren. The F1 so we do in fact aerodynamics and fuel you know research so I'm surprised that aerodynamic does not matter. Anyway my point is this how does the Formula 1 compare with Formula E which when runs failed. Have you thought about in the future as a mixed race. Media combining the two, are they running the same speed selling? Yeah, close. I hope we can get there soon. So the main difference is clear, right and back to your point around our dynamics. Of course our dynamics can make the [ UNKNOWN ] go much faster. But if it's the same for everyone, then it's a level playing field. So instead of spending millions on making crazy, more downfalls we can spend the same money improving the powertrain which is more relevant to both sides. In terms of Formula One performance, their cars are still a little bit faster but I was glad now do you know to 16 2. 6, 2. 8 seconds. Which is very close and then it's all about the energy density the battery. So it's been 4 years in the same volume and weight of the battery we've doubled the amount of energy in that battery. So that shows you the trend. Right. Another few years and energy will become a no brainer to drive an electric car. So it will see. And then we get a lot of [ INAUDIBLE ] technology from Formula One. So Mclaren as a company, they are involved, they are helping develop the battery that we are running in our car. So all these technology companies are kind of jumping on the bandwagon and they are realising that, the biggest impact they can make on innovation, is they run electric cars, so everyone is coming into it. The future of auto racing is running all electric races in Saudi Arabia. Apparently. End of the play. [ UNKNOWN ] Thank you so much, please round of applause. Thank you. [ APPLAUSE ].

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There was a time when I was frequent on stage just as like this because I, like many of you in this audience was an entrepreneur. I've been involved in a number of start ups, numerous rounds of financing, some successful exits and my own fair share of failures. But today, I'm not here as an entrepreneur. I'm here as an activist, as an advocate, and as the CEO of the Anti- Defamation League, or ADL. An organization founded more than 100 years ago at a time when Jews in this country didn't enjoy the privileges we have today. We couldn't necessarily buy a home, or get a job, or enroll in college anywhere that we like. And so a group of Jews got together with the inspired idea of creating an organization that would focus on fighting anti Semitism. But that's not all. They wrote a founding charter for this organization. And in it are the words that we still use today as our mission statement. They wrote that the purpose of this organization would be to stop the defamation of the Jewish people, and secure justice and fair treatment to all. That's right to all. Because they realized that in this country, we're all in it together. And the best way to defend the Jewish people, and America meant to defend all people and that's exactly what they did. They marched for civil rights. They lobbied for hate crimes laws, they advocated for immigrants, they fought neo- Nazis and white supremacists and anyone who threatened the Jewish community and other marginalized communities and that fight still continues today. But you see, the battle ground has changed. We're not just confronting people marching down Main Street anymore. Now it's shifted. And that struggle is taking place right here right now in the MacBook Pro and your briefcase or on the tablet in your office. Or on your child cellphone in her bedroom. You see, social media has allowed some of the worst elements of the society into our homes and our lives. It's created open door for the kinds of people you would never allow anywhere near your loved ones in real life. Now, it's fair to say social media has also done tremendous good. It's connected us across cultures and divides. But the fact of the matter is, it is also an organizer, a magnifier, a catalyst for some of the worst antisemitism, racism, and homophobia we've ever seen. So to put this in context, let me share a story if you will, about a middle aged truck driver living in a suburb, who mainly kept to himself. His neighbors reported he rarely even talked to them or said hello. But in the 90s he became enthralled with talk radio. And in particular a host who used to rant about the fact that Islam was the source of all of our problems. That the United Nations was an expensive farce. And so he listened alone. But then, with the advent of the internet and social media, he found his way on to Facebook. And then he discovered platforms like Gab and 4Chan, where he found other people who shared his poisonous ideas and who actually egged him on down the rabbit hole of radicalization Soon he was posting comments like, Jews are the children of Satan, or diversity means chasing down the last white man And he would say these things and he didn't need to wear a white hood or find some rally in the backwoods, no. Online. There were rallies taking place 24 seven, where his worst impulses were validated. And then one morning he reached a breaking point. He took out his phone and he went to gab And he wrote, I can't sit by and watch my people get slaughtered. **** your optics. I'm going in. And that's exactly what he did. He drove to Pittsburg. He found the Tree of Life synagogue. He burst in, and he shot and killed 11 people in cold blood. Worshippers, who were there on a Saturday morning. Elderly people, who were simply too frail to flee. He murdered them as they cowered in the pews. And, this man, whose name I will not dignify, today, had committed the most violent act, anti- semitic act in American history. Now you might say there have always been crazy people and deranged types who blame Jews or Blacks or gays for their problems. But no, let me tell you, there's something different going on today. People can now say the most heinous things and hide behind screens while they do it. Social media allows them to connect with other elements on the opposite side of the Earth. It shelters the sociopaths. And literally it encourages the kind of intolerance we would never tolerate in the real world, it's incredibly problematic. [ COUGH ] At the ADL we've studied this issue. We've found that a third of users report That they have experienced in the last year alone intense hate and harrassment. Twitch reports that nearly 50 % of their users have experienced this. And Facebook and Twitter, the same. So the fact of the matter is there is a big problem. Now I work regularly and we see that this hate when it happens online and it's permitted It soon becomes permissible offline and is almost normalized. And we see it spreading today. High school students slinging Heil Hitler salutes at their Jewish classmates, desks and lockers vandalized with swastikas, cemeteries desecrated, synagogues vandalized, black churches burned to the ground. Mosques defaced in the ugliest of ways. So unfortunately, these aren't what I'm sharing today, sort of random data points on a scatter plot. No, these are actually data points on a trend line and we see it from Norway to Poway. White supremacy is a growing global epidemic and social media is allowing it to spread in sustaining this scourge. Now I frequently talk to and work with the executives from social media companies. They're good people and they've taken some important measures Like ejecting some of the worst offenders from their platforms. But the fact of the matter is, I think the reason why they haven't done more is because they don't necessarily see it as part of their responsibility. They cloak themselves in free speech. they invoke high principle And the problem is, is that as we saw even here in Aspen just a few weeks ago, when the founder of Facebook was asked about this very issue, about a fraudulent and malicious video that was posted to their platform only with the intent of undermining The speaker of the house. He refused to offer the kind of answer that responsible people would expect. It's ugly and it's got to change. Now, when I say it's got to change, we know that tech can take steps right now to stop hate. There are things they could do instantly If they would just acknowledge they're not elected governments don't even running public places. These are businesses plain and simple. Like the Shake Shack across the street from my office in New York City. If you walk up to the counter and you shout die dirty, just they will throw you out. If you go upstairs to the registration desk at the St. Regis, and you yell at the people of color, that they should go back to the countries where they came from. They will throw you out. And it is long overdue for Google and Facebook and Twitter. To once and for all take the people spewing anti Semitism and racism and hate and throw them out. [ APPLAUSE ] But if they won't do that instantly, there are simple measures they could undertake. I'll offer you five steps. Number one, reset the algorithms. If they're not willing to eliminate this content altogether, they should meet at least make this film hard to find. Number two, slow it down. There's no natural law that dictates that once you post a video it needs to show up instantaneously across the internet. Give it a minute. Let the AI do its job. And if you find a problem put it in the bullpen so humans can actually look at it. Number three, end hate- for- profit. It's inexcusable that some of the most toxic content on these platforms is monetized today. Number four, eliminate bots entirely. They don't contribute at all to the public conversation, or at least label them so we know what we're looking at. And finally, the company should acknowledge their own accountability. And they can do that by submitting to regular, external and independent audits. So we know that they are living within the means they set for themselves. Now I would suggest that none of these ideas are crazy. In fact I think they're pretty reasonable. But if the companies wont act, I think we're reaching the moment where government will. And if government doesn't do so, and by the way maybe it should, the marketplace can also respond. We as consumers have a power To use our collective ability imagine one day instead of logging into our accounts to demonstrate our dissatisfaction and pushed the companies to get their prejudice off their platforms we simply didn't sign in. A digital lock out could compel the companies to realise that they need to take action now before a short term protest becomes a long term movement. Or even worse, a new business model entirely. Now I've managed teams of engineers, I know code is complicated and they would tell that this issue is hard, but you know the engineers I've managed, they want to solve the hardest problems. They run towards complex challenges That's exactly what they are looking for. And frankly, since when is Silicon Valley daunted by the impossible? From Hewlett, to Packard, to Jobs and Gates, they have reinvented entire industries, rewired our collective consciousness, and reshaped human civilization in the process. By comparison, bouncing some bigots off the platform It's just not that hard. And I say this as someone who believes in tech, who's seen its transformative power. But if the companies want all of us to be connected for good, it's time that they start fighting hate for good and they need to do it now. Thank you. [ APPLAUSE ] [ BLANK_AUDIO ]

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