FII Priority Miami 2025: President Donald J Trump Reaction - Eric Schmidt

00:06We have just had President Trump talk about AI and his commitment to keep investing. Do you feel that the space of AI will belong to large companies or will it be more distributed to more towards more small and niche companies? Well, normally it starts off with small companies, but in our industry you start small and then you grow huge really quickly because the gains are so strong and the value is so high. That of course is what happened at Google. It's what happened at OpenAI and it'll happen with the others as well. The president was very very clear that he that he understands that we have an energy problem that he needs to get fixed. So I guess he heard that from Elon and everybody else, but it's it's profound.

00:45America to lead will require enormous energy supplies. And if we get them, we can lead. >> How do you feel Elon Musk having a pos the position he has right now? It's unprecedented. It >> it is unprecedented, but Elon is both a friend, but also he's a very strong advocate for some of the tech positions. So, for example, Elon, who came in on a special visa, is very focused on high skills or high tech visas. And the normal average Republican doesn't understand that. They think people are the same. It makes no sense to take the smartest people in the world, educate them in the US, and kick them out, right? We want them to keep them here. It makes just common sense. >> And like most people, you know, Elon

01:30Musk. So, what is there you would like to share? What we can expect from a personality like himself being so high up in the government? >> Well, Elon is a truly brilliant human being. If you look at his accomplishments, I mean, in in the pantheon of people of great significance, he's a true genius. We'll see. um politics is new for him. Uh I would personally stay out of it because it becomes irrational but as a businessman his accomplishments are profound. >> And how do you feel about businessmen in a way taking over governance? >> I'm not sure that in the US businessmen have taken over governance so far. The political processes are still largely filled with lawyers and people of that ilk in America on both sides. Um, the

02:13key thing that that I heard from President Trump today was a focus on business growth. And I think that was the message for here in the audience. And I think it was extremely wellreceived. What he's saying basically is America is back. This is what he's saying, not me. America's back. We're going to invest and we're going to lead and you should invest more in America. That's good for Americans. >> In the past weeks, have you felt this excitement in America? Have you felt a positive business atmosphere? One half of my friends are incredibly happy and the other half are incredibly unhappy. So I think the wounds of the election have not been repaired yet. >> What are you busy with these days? >> Um I'm mostly working on the next

02:55generation of artificial intelligence. Today you have things like chatbt which is super that's language to language. You're beginning to see planning or strategy. When those two combine you'll have systems that can really make you smarter. that can really allow you to achieve things, solve this problem, build this business. One one woman I was talking to said she wants to be the CEO of a company with no employees because she thinks that a computers will be capable of doing all the things she needs in her corporation. And I said, "You've got to be kidding." And she said, "I'm not." >> Do you find it a little bit scary? >> Um, I think that the drive for efficiency and growth benefits everywhere. If you look at

03:35globalization, which we've all benefit benefited from, the integrated supply chains, movement of people across borders has made the world safer, fewer wars, fewer deaths, so forth and so on. And our codependency is net positive. People will have to adjust, but making things smarter, more profitable, more money in the system benefits most people. >> We have had many things tonight with President Trump's announcement. Of course, he mentioned tariffs as well. What for you was the most important part? >> Well, if speaking as a person in the audience, uh the progrowth message for the United States, >> do you believe in the growth progrowth message? >> Well, the United States is growing and our European friends are not they've

04:17chosen not to grow for whatever reason. Um the Arab countries, Saudi, UAE, are all growing very well. India is growing very well. China's in deep dudu. So, excuse the technical term. So the core problem here is that democracies where democracy that don't grow don't have money to hand out the spoils of growth. You can't solve the problem. So democracies that don't grow eventually die. So growth matters. >> Would you invest in Europe right now? >> Um actually no. And the reason I would not invest in Europe is Europe has not decided to grow yet. Um the governance structure within Europe is so complicated. 27 countries, Brussels, all the regulations and so forth. It's very hard to see how you can break into a

05:02growth mindset. >> At the FIR priority here in Miami, we hear a lot about investment with a purpose. What does it mean for you personally? >> Well, I've always thought that in investing to a higher goal is always the right answer. Google was organize the world's information. It wasn't to make money. You made money as a byproduct. So having a sort of mission-based company, right? we solve this problem, you know, we help moms with their kids or whatever it is. We help educate people who don't do not otherwise have access to education. We make their health care better. Those resonate employees want to work for higher purposes than just a boss and a profit and a salary. >> Thank you very much, Dr. Schmidt.

05:43>> Thank you.