By Alan Murray and David Meyer
November 30, 2018

Good morning.

Three years ago, VC champ Jim Breyer told CEO Daily that A.I. would be the investment for the next decade, just as social media was in 2005 and the Internet was in 1995.

This morning, on the stage at the Fortune Global Tech Forum in Guangzhou, Breyer went a step further. “Ten years from now, A.I.-enabled companies will be far more valuable than the current FAANG and BAT stocks,” he said. “By more than 2X…Many will be trillion dollar companies.”

Moreover, he added that “of the top 20 companies, 18 will be based in the U.S. and China.” Asked by my colleague Adam Lashinsky how many would be in each country, he replied: “10 in the U.S., 8 in China.” (His Chinese investing partner Hugo Shong of IDG Capital took a different tack: “10 in China, 8 in U.S.”)

Breyer said what will distinguish those companies will be a cross-disciplinary approach—getting, for instance, chemists, biologists and machine learning experts to collaborate on health care problems. “The difficulty of working across barriers is not to be underestimated,” he said.

CEO Daily promises to check back with Breyer in 2028 to see if his prediction holds.

And a clarification from yesterday: the folks at Sequoia China say that when Neil Shen said: “In 13 years, I haven’t sold a single share,” he was referring only to Sequoia’s investment in Meituan-Dianping, not the whole China portfolio.

More from the conference here. News below.

Alan Murray


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