The Coming Global AI Conflict w/ Gilman Louie | EP #54

In this episode, recorded during this year’s Abundance360 summit, Gilman and Peter discuss the rapid advancement of AI and its implications on global governance, particularly focusing on the competitive landscape between the United States and China. You will learn about: 01:28 | The AI Race: US vs China 11:36 | The AI Race: Leadership Matters 27:44 | Investment in the AI Race Gilman Louie is a technology venture capitalist who initially began his career as a videogame designer. He co-founded and managed In-Q-Tel, the venture capital fund of the CIA. Louie is currently the CEO of America’s Frontier Fund. His contributions to the field of technology and his leadership in venture capitalism have made him a notable figure in the industry. Learn about America’s Frontier Fund. >Become a part of my community. Learn about my executive summit, A360. _____________ I only endorse products and services I personally use. To see what they are, please support this podcast by checking out our sponsor: Levels: Real-time feedback on how diet impacts your health. levels.link/peter _____________ I send weekly emails with the latest insights and trends on today’s and tomorrow’s exponential technologies. Stay ahead of the curve, and sign up now: Tech Blog _____________ Connect With Peter: Twitter Instagram Youtube Moonshots and Mindsets Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Speaker 00

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• 0:31Speaker 01

  How do you see these two superpowers? They actually have a timetable. They want to be in a leadership position as the global AI leader. We got there first. We now face a competitor nation. Are we moving fast enough? The answer is no, we're not moving fast enough.

• 0:50Speaker 01

  Their view of alignment and my view of alignment are very different. Is it going to be fundamentally Chinese, American, fundamentally European? It scares me sometimes. It will change everything. The way we live, the way we play, the way we have relationships, the way we learn, right? Everything. The goal is to lead, not to win. Because winning defines a finite game. We're in an endless game. I think this is our AI moment.

• 1:18Peter Diamandis?

  Welcome to Moonshots and Mindsets. One of the conversations that is going on right now is, is the United States prepared for the speed at which AI is going to transform everything, including governance? And is China better situated to utilize AI? I brought on stage this year at Abundance 360, the Honorable Gilman Louis to have that conversation. A look at AI in the US government versus AI in China. Gilman is the past CEO of Incutel, the venture capital arm of the CIA. Today, he's the CEO of America's Frontier Fund, which is effectively our sovereign wealth fund here in the United States.

• 2:01Peter Diamandis?

  It's an amazing conversation and one that we need to be thinking about as the speed of AI is accelerating. And it's going to have some extraordinary impact on who and how we run this planet. All right. Check out this conversation from March 2023 at my private summit, Abundance 360, with the Honorable Gilman Louis on the future of AI and governance. I'm thrilled to have you here and thank you for your willingness to take on this conversation because it's a very real conversation in the world today. Right, you have been overseeing so much and we're in the midst of these tumultuous times.

• 2:44Peter Diamandis?

  And you know, we don't talk about the downside dystopian side here and A360 too much, but we need to talk about reality. And part of reality is the fact that AI is going to drive a lot of change in the world. It was Alex who said, I think it was Alex who said, you know, whoever's the dominant AI players in the world in the next five years will remain the dominant player. I mean, we're playing for keeps in some, in some ways here.

• 3:19Peter Diamandis?

  So if you don't mind, paint the picture for me. Where are we in the AI USA and AI China relationship here? How much is the US government really leading? And how much is the Chinese government really leading? How do you see these two superpowers?

• 3:42Speaker 01

  Well, that's a great question. I think first of all, if anybody spends any time understanding AI, it's not because of what either governments are doing. Most of the AI innovation work is happening in academia, in our companies. Though both countries have seeded a lot of AI research. We do it through our organizations like DARPA, IARPA, our National Science Foundation, our national labs. China does it with its national champions, with its university systems and its regional organizations. I think the real question and the challenge for both countries is it is clear that both countries view that this is a competitive race.

• 4:26Speaker 01

  It's sort of the issue of winner takes all and what that really, really means. And China kind of led first in the world to go out there and said as a nation for, for where they wanted to go, that AI was going to be critical. They actually have a timetable. They said by 2030, they want to be in a leadership position as the global AI leader. Right.

• 4:49Peter Diamandis?

  I used to take a group to China every year up until things started devolving. But it was clear that the party and the mayors and governors were making huge capital investments. They were recruiting, they were creating policies, they were creating cities that were focused on AI.

• 5:10Peter Diamandis?

  Do we see the US doing the same?

• 5:12Speaker 01

  Well, I think right now because of the current situation, it's not just because of ChatGPT. Though that has accelerated things. The US kind of woke up and said, you know, we now face a competitor nation, right? That's committed, that has integrated this as a part of a national strategy.

• 5:32Peter Diamandis?

  Is this the equivalent of the US versus Russia in the space race?

• 5:35Speaker 01

  Absolutely. They had their Sputnik moment when, you know, AlphaGo beat the best Go champion.

• 5:42Peter Diamandis?

  Yes, Lee Sedol, right.

• 5:43Speaker 01

  Right, so that was their moment. And in fact, even though I participated in this great study in this commission, you know, two, a 750-page report that we put out, two and a half years.

• 5:55Peter Diamandis?

  I'm gonna have ChatGPT read it.

• 5:56Speaker 01

  Right, it's just like that thick and chat can probably compress it down to, you know, a few pages. But I think this is our AI moment.

• 6:05Peter Diamandis?

  Yeah.

• 6:06Speaker 01

  This is our Sputnik moment, you know? People are waking up in Washington and looking at ChatGPT and are saying to themselves, what does this, what does this mean for our economy, for national defense? You know, how should we look at these particular technologies in a much more profoundly different way than we looked at narrow AI?

• 6:26Peter Diamandis?

  Yeah. By the way, once again, please put your questions into the chat and upvote them. I'll be going to your questions here in a little bit. I mean, listen, I'm thankful, I'm a libertarian capitalist. I'm thankful to be American, I love this country. But when I think about linear sclerotic systems, I think about the government. And so the notion, it scares me sometimes. I'm super happy that we have amazing entrepreneurs like we just saw on the stage here, who are able to do that. You're investing in, I'll get to that in a little bit. But do you think that, are you seeing from within the president's AI commission and so forth?

• 7:07Peter Diamandis?

  Are you, are you seeing the internal attention and awareness and significance here? Is the? Are we moving fast enough?

• 7:17Speaker 01

  The answer is no, we're not moving fast enough.

• 7:19Peter Diamandis?

  Okay.

• 7:20Speaker 01

  The governments have a very difficult time dealing with nonlinear change function.

• 7:25Peter Diamandis?

  Yes.

• 7:26Speaker 01

  They algorithmic change, they can't understand how to put that in perspective. And so, and it's not just the US government or the Chinese government. I just got back from Brussels, right? The EU is trying to wrestle with this. Now, all three countries at some level is afraid of particularly the new technologies around generative AI and other AI technologies that's on the bubble. Because unlike narrow AI where we can focus it on the problem, right? We can't necessarily control its outputs. And that's frightening for governments. So, you know, in Brussels, what they want to do, at least some in the commission, you know, they want to regulate it, right? So the first thing they do, they want to regulate it, that, you know.

• 8:11Peter Diamandis?

  That's the first reaction of government always.

• 8:13Speaker 01

  Right. On the US side, it's let's create tort law, basically sue people, right? It's the American way, it's what we do. And then the Chinese are kind of go like, this might come out and say things that are not on the party line. Right? And so you have to understand that kind of cultural realities of government as they look at these technologies. And all three are wrong. I mean, I can give this example. I got this phone call, I won't say from who, and said, like, we got to stop this thing. Like, we got, we got to do a timeout. It's like stem cells all over again. And here's what we need to do. We need to call a moratorium until we figure this thing out, right? Tried to explain, it's already out there. There are these companies, the code is totally available.

• 8:58Peter Diamandis?

  It's open source.

• 8:59Speaker 01

  It's open source, you know, that that strategy is not going to work. But they said, but it acts like a nine-year-old, right? It's like, it says stupid things, but it can like put together dangerous combinations. You can, you can build weapon systems off of this. And I said, look, if your nine-year-old acts out in your house, she throws food, right? Kicks, kicks things around, throws a temper tantrum, do you kill it?

• 9:27Speaker 01

  Right? No, you train it. You train her to be smarter. You put some rules around it. Right? You get her to think about what are the ethical considerations of what it's doing. So our goal, all the countries, you know, even our competitor nations, needs to use AI in a way and mature it in a way so that it gets smarter, not dumber. You know, one of the lessons we learned in the Ukraine right now

• 9:53Peter Diamandis?

  Yes.

• 9:53Speaker 01

  is dumber is deadly. Right? So this idea that, I know there's been a huge debate about how AI is used on the battlefield, but dumber systems leads to higher casualties, right? And worse outcomes.

• 10:09Peter Diamandis?

  Non-intentional.

• 10:10Speaker 01

  And so, you know, generally smarter is better. Same thing is true with AI.

• 10:15Peter Diamandis?

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• 10:55Peter Diamandis?

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• 11:39Speaker 01

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• 12:05Peter Diamandis?

  Fascinating. You know, I'm going to ask you the question ultimately here of who do you think is likely to win the AI race between US and China? But before I do that, when I think about communism and socialism as experiments run, you know, over the last century, one of the reasons they failed is because they were, you couldn't run that system without having actual knowledge.

• 12:32Speaker 01

  Yeah.

• 12:33Peter Diamandis?

  Could communism or socialism, where socialism is basically technological socialism, technology is taking care of you and communism is understanding the markets better than the market's forces could be? Is, are those systems potentially better structured for an AIE world?

• 12:50Speaker 01

  Yeah, so it's pretty clear that authoritarian governments or socialist communist governments want to use AI to better serve its, its public, right? I mean, we have a very Western point of view, right? Which is, we're, we're kind of grounded in the American style of democracy, which I think is a good thing. I think ultimately that's the better model. But if you're in China and you-

• 13:10Peter Diamandis?

  By the way, it could be made better with AI.

• 13:13Speaker 01

  Oh, absolutely. All systems can be made better with AI. But if you want to deliver higher quality, the, the, the things that any government, democratic or authoritarian worries the most is unhappy populations. Unhappy populations leads to-

• 13:28Peter Diamandis?

  Revolt.

• 13:29Speaker 01

  Revolution and revolt, right? So- China is putting a lot of effort of using their AI to deliver better services. Right? So they put a lot of energy in things like smart cities, you know, making sure their garbage is picked up on time, making sure that the the public workers are actually doing their jobs. They're doing some other stuff that I find not necessarily great, the social scoring, that, you know, the the monitoring and tracking. But again, culturally in China, this issue around using technologies for harmony.

• 14:04Peter Diamandis?

  Yes.

• 14:04Speaker 01

  Harmony is making sure.

• 14:06Peter Diamandis?

  Increasing happiness.

• 14:07Speaker 01

  Increasing happiness and alignment. It's just their view of alignment and my view of alignment are very different.

• 14:13Peter Diamandis?

  Right. So how was it? How important is it for the, do you think, for the US to win this AI-China arms race? If I were to polarize it that that way? And and where do you think we are in that? What would the US have to do to get there?

• 14:28Speaker 01

  So we're playing this big game of chess or Go, depending on your favorite game. And and we're in a very early moves. So I think winning and losing is the wrong conceptual framework. It's really about leadership. So if you kind of think about, you you heard some great speakers today talking about, you know, data sets and algorithms and open source. It is what platforms are companies and countries going to build their AI-driven applications on top of? And in the old days, all of us technologists, you know, because I'm kind of old, right? We thought technology.

• 15:04Peter Diamandis?

  Don't worry, you're you're young and we'll have a longevity conversation later.

• 15:07Speaker 01

  Yeah, I wrote one twenty, by the way.

• 15:09Peter Diamandis?

  Okay, good.

• 15:10Speaker 01

  But but the the challenge that we have is this this concept that.

• 15:15Peter Diamandis?

  And by the way, what did you write as your number?

• 15:18Speaker 01

  One twenty.

• 15:18Peter Diamandis?

  What's that? I know, I know for your age, but what about one through five about how you feel about AI?

• 15:22Speaker 01

  Oh, five.

• 15:23Peter Diamandis?

  Five, okay, great.

• 15:23Speaker 01

  Right, right. I mean, it it will change everything.

• 15:26Peter Diamandis?

  Yeah.

• 15:26Speaker 01

  Everything, the way we live, the way we play, the way we have relationships, the way we learn, right? Everything. And it is going to be such a global accelerator. It'll make everything go nonlinear all at the same time.

• 15:41Peter Diamandis?

  Everywhere, always, all time.

• 15:43Speaker 01

  Right, but here's the thing. We're at Visical 1.0.

• 15:47Peter Diamandis?

  Yes.

• 15:48Speaker 01

  Right? I mean, literally, this is like Windows 1.0, the stuff.

• 15:51Peter Diamandis?

  For those of you who don't know what that is, that's like really early.

• 15:53Speaker 01

  That's in really early days, but but I go back into the framework of of how these countries kind of look at this technology and what winning means.

• 16:04Speaker 01

  Whoever puts the data sets together, whoever puts the training sets together, whoever builds these models out can't help but building bias into those systems. Right? This idea that systems are not biased is impossible. Right? Because bias is how we do judgment. It's the thing that we go is our shorthand of how we got like.

• 16:23Peter Diamandis?

  Shortcuts in the brain.

• 16:24Speaker 01

  Shortcuts in the brains and AI is going to develop those same shortcuts. And so.

• 16:28Peter Diamandis?

  But we want them biased the way we want them biased.

• 16:31Speaker 01

  In a positive way, the way we view. So the competition between China and the US is not just who has a better missile system or who can shoot down the other guy's hypersonics faster. All that's really, really important. But how we build all of our information systems and what cultural biases we put into there, right? Is it going to be fundamentally Chinese, fundamentally American, fundamentally European? Right? Those cultural biases are going to be built in, at least in this current generation of generative AI, it's going to be built into those systems.

• 17:03Peter Diamandis?

  Let me remind you, please put your questions into Slido and we can bring Slido up when there's some, let's bring it on back here and we'll get some of the participation.

• 17:14Peter Diamandis?

  Can AI be regulated? I've been dying to ask you this question. I mean, there are regulators who want to regulate it through whatever mechanism, but is it even regulatable?

• 17:25Speaker 01

  Well, clearly people will try to regulate it.

• 17:28Peter Diamandis?

  Yes.

• 17:28Speaker 01

  Right? For example, they're going to try to regulate it so you can't build right the next toxin to kill everybody.

• 17:34Peter Diamandis?

  Sure, we want regulations like that.

• 17:36Speaker 01

  So there will be regulation. But I think this concept that we can can put the genie back in the bottle is false. Right? That is, this not going to happen. And so if anything. If anything, we gotta move faster, not slower. Because the danger point is between that nine-year-old and that thirty-year-old, right?

• 17:56Peter Diamandis?

  Yeah, so I, I love that, right? I think about, AI is about to enter adolescence.

• 18:02Speaker 01

  Yes.

• 18:03Peter Diamandis?

  It's where you're strong enough, but you don't know your strength yet.

• 18:07Speaker 01

  Yeah, you're kind of stupid.

• 18:08Peter Diamandis?

  And the frontal lobe hasn't evolved yet.

• 18:10Speaker 01

  Right.

• 18:11Peter Diamandis?

  My kids are eleven, I'm told it's gonna be blurry for a few years, and then they wake up in their early twenties.

• 18:17Speaker 01

  And we're gonna use that blurriness to our advantage. You know, people talk about AI, generative AI hallucinating, it's a bad thing.

• 18:23Peter Diamandis?

  Yes.

• 18:23Speaker 01

  But if you actually look at what is hallucinating is actually its form of creativity. Right?

• 18:30Peter Diamandis?

  Interesting.

• 18:31Speaker 01

  We just need to, you know, I'll give you a great example. I just said, uh, uh, name all the awards that Gilman-Louis has won. So it lists like a bunch of my CIA medals, and then three other medals I don't have. Right? So one of them was the Presidential Medal for Innovation. So I took it to the White House and asked them to deliver the medal next week to myself, right? So, so, look, we're seeing these AIs be super creative. We, we just think it's a hallucination. We're not leveraging the power of these pattern recognitions to our advantage.

• 19:02Peter Diamandis?

  Let me go to a couple of questions here. Uh, what is the likelihood of stacking AI on blockchain to keep governments, uh, transparent? A fact-based scoreboard?

• 19:13Speaker 01

  Um, so, there are a couple of problems. First of all, blockchain is hugely energy inefficient, which I have my own challenges around that. And the security models itself, right, will last for a little while. I know we have a bunch of quantum-resistant algorithms who we're playing with.

• 19:29Peter Diamandis?

  Yeah, we have, uh, that's tomorrow night's quantum competition.

• 19:31Speaker 01

  But, but I would say this, it, it, that question might be grounded in this idea that, um, AI fundamentally is explainable. Right? That's kind of like clean coal. Right? When I, when I ask my child, how did she come up with that idea to eat that candy all at one time at the dinner table? She says, I don't know. Right? It's the neural net, right? So she doesn't know what neuron fired at what time to make that decision. AIs are like that. Now, can it be more transparent? Yes. Can we do things to make it more understanding of kind of how it got there? But at the end, at the end of the day, neural networks are neural nets. And anybody who understands that space understands it's not, it's statistical. It's not, right, deterministic.

• 20:15Peter Diamandis?

  McMahon from our Singularity community ask, why have we not heard of a Chinese GPT competitor? That's interesting.

• 20:24Speaker 01

  Well, they're clearly working on one. Well, many, many companies, Chinese companies are working on this, right? Again, we got there first.

• 20:31Peter Diamandis?

  Yeah.

• 20:31Speaker 01

  It's sort of like vaccines on the, I think we got there first, right? It doesn't mean that we'll continue to provide that leadership going forward. I think we have to give the Chinese companies and government credit for being able to actually apply these technologies faster than we do, right? So that's why for, for the US and for, for the Western countries, moving faster is going to be more important because if we don't, those foundational tech, that all of that foundational AI could easily be built upon Chinese technologies.

• 21:06Peter Diamandis?

  Um, a few questions. You previously served as the CEO of Incutel, which is an extraordinary venture fund, the venture fund of the CIA, which I always thought was amazing as a, as a concept. I'm curious, um, one of those subjects we talked about here last year, we'll talk about again next year is the field of brain-computer interface. Is Incutel investing in BCI?

• 21:26Speaker 01

  Well, I'm gonna go specifically Incutel because I'm not actively involved in Incutel anymore, but this is an area of interest and it has been in the interest for 30 years.

• 21:34Peter Diamandis?

  So I would imagine every defense organization is going to try to increase intelligence.

• 21:38Speaker 01

  Well, yeah, well, here's our problem, right? Our, our problem is our mental models is based on what humans do. So all of our data is based on what are, we call these mark ones, our eyeballs can see, what we can hear, what we can understand. We design all of our informations that are human centric. And the problem with that model is humans become, it's the limitation, right? If you're going to design systems in the future, you gotta break out of those sensory things, a direct brain interface. Now, why is the military interested in that? Well, for obvious reasons, right? If I'm underneath, you know, nine Gs, I'm, my head weighs 2,000 pounds, I can't move my hands, right? Thinking about what that system should do for it to do is probably better than me having to physically try to reach out.

• 22:23Speaker 01

  You know, at 9G's to pull that aside, also because the stakes is much higher. You know, it's one thing for an AI to make a bunch of mistakes on, you know, picking a stock, it's another thing if AI picks the wrong things that ultimately leads to somebody's death.

• 22:40Peter Diamandis?

  Yeah.

• 22:40Speaker 01

  Right, so the stakes are much higher.

• 22:41Peter Diamandis?

  Let's talk to your, let's talk about your newest venture, which is amazing, America's Frontier Fund. I've heard it described as the America's Sovereign Wealth Fund. And I've always wondered, why doesn't the US have a sovereign wealth fund like Saudi has PIF and many other countries? So, talk to us, what is America's Frontier Fund?

• 23:02Speaker 01

  So, our view is, particularly because it's revolution in AI, right? That because AI, modeling and simulation, digital twins, as we call them, right? It's moving along at such a rapid rate.

• 23:16Peter Diamandis?

  Yes.

• 23:16Speaker 01

  That those technologies are going to revolutionize, right? Foundational or frontier technologies for the next decade. So, things that might have seemed 20 years off are now only going to be five to 10 years off. You can talk about quantum.

• 23:30Peter Diamandis?

  Yeah.

• 23:31Speaker 01

  Quantum is always 20 years away, right? Fusion is always 20 years away, right? Being able to decode and actually simulate a human cell is always 20 years away, until now.

• 23:43Peter Diamandis?

  Yeah.

• 23:44Speaker 01

  Right? And so, America's Frontier Fund is to make sure that the US begins to actually invest in the technologies that are going to transform the world. It's not just the AI, it's the application of AI to improve all of humanity.

• 24:00Peter Diamandis?

  Hey, everybody, this is Peter. A quick break from the episode. I'm a firm believer that science and technology and how entrepreneurs can change the world is the only real news out there worth consuming. I don't watch the crisis news network, I call CNN or Fox and hear every devastating piece of news on the planet. I spend my time training my neural net the way I see the world by looking at the incredible breakthroughs in science and technology, how entrepreneurs are solving the world's grand challenges, what the breakthroughs are in longevity, how exponential technologies are transforming our world. So, twice a week, I put out a blog.

• 24:39Peter Diamandis?

  One blog is looking at the future of longevity, age reversal, biotech, increasing your health span. The other blog looks at exponential technologies, AI. 3D printing, synthetic biology, AR, VR, blockchain, these technologies are transforming what you as an entrepreneur can do. If this is the kind of news you want to learn about and shape your neural nets with, go to dmandis.com/blog and learn more. Now, back to the episode. Well, we go to these last two questions here in our four minutes. How can we, as taxpayers, advocate for the development of AI technologies and the race to embrace these technologies in the US to maintain our competitive advantage?

• 25:20Peter Diamandis?

  So, should, should American citizens be saying to the White House and Congress, "Guys, you got to get, you got to get in the game here"?

• 25:28Speaker 01

  Well, absolutely. And, and look, the Defense Department was the first department of any military in the world to actually create its own AI ethics, which is amazing. Trust me, I was in there when the sausage was made. You don't want to know how we made that sausage. But, but we under, what we said is, if we're going to have leadership in the world, if the goal is to lead, not to win, right?

• 25:50Peter Diamandis?

  I love that distinction.

• 25:52Speaker 01

  Lead, not win, because winning defines a finite game, right? It's like video games, you know, we're, we're in an endless game. Hopefully, it's endless.

• 25:59Peter Diamandis?

  The only way to win is not to play.

• 26:01Speaker 01

  Right, exactly. So, in, in that particular case, right, I think the public needs to demand from the government, what are the frameworks of how we should be using these technologies?

• 26:12Peter Diamandis?

  So, you know, I remember in the, in the 19, late 80s, when I was in medical school, I was playing with restriction enzymes, the first ability to chop up DNA, and there were these very famous Silmar conferences where all the gene jockeys got together and they self-regulated.

• 26:30Speaker 01

  Yeah.

• 26:30Peter Diamandis?

  Before the government regulated them. Is that going on in the AI world now?

• 26:34Speaker 01

  I, I think the AI companies are beginning to get real about this, and our view is this. And we try to communicate, we being, you know, some of us who are trying to wear our government hats, talking to our companies, and that is... If you don't have some level of self-regulation, right, and responsible use, then somebody's gonna tell you what responsible use and regulate you. So, in the European world, that means ban. Right? If the European courts make a ruling, that's it, there's no appeal. Right? That's not like the political system here, you just wait for the next administration to show up to go again. Right? And the same thing that's on the Chinese side, right?

• 27:16Speaker 01

  If you do the wrong thing, you might be gone for six months and, you know, and come back later as a high school teacher. So, so stakes are high. It's really, really high. And so, companies, we cannot, and I'll be really tough on my technology companies in America, right?

• 27:34Peter Diamandis?

  Please.

• 27:35Speaker 01

  We cannot have this idea that we're US-centric first when it deals with the rest of the world. Because when we go into a place like Europe and we say, you know, we don't consider their values, what they've gone through as a group of countries, and we apply just blindly, right, our ethical overlays on those models, it doesn't work. Right? And so, so we culturally have to be much more open-minded in understanding the baselines, and maybe ChatGPT could help our diplomacy a little bit better in dealing with these particular issues, and when it comes to company diplomacy with countries overseas.

• 28:14Peter Diamandis?

  One more question from Slido here. In the space race, the public rallied behind the government's investment, put people on the moon.

• 28:22Peter Diamandis?

  Do you think we might see that in the race to win AI, or I'll translate it, in the race to lead humanity in AI?

• 28:30Speaker 01

  I've already seen it, right? Seven hundred and fifty-page report, two and a half years, you had the CEO of Oracle, the CEO, former CEO of Google, the current CEO of Amazon, a bunch of scientists, there were fifteen of us who put together this seven hundred and fifty-page report. Now, here's what happens to seven hundred and fifty-page reports in the government. You'd stick it on the shelf, and you move on to the next commission, right? That didn't happen this time. This time... Congress, both Republicans and Democrats embrace that report. We put together over $250 billion of spending, some of it you're seeing in the CHIPS Act and many other areas. As a country, we're going to spend $1.6 trillion on technologies. We haven't seen this kind of spending since the Apollo program.

• 29:14Peter Diamandis?

  Wow.

• 29:15Speaker 01

  Right? So, um, we want to win, right? Not win in the sense of, you know, winner take off. We want to win this leadership competition.

• 29:25Peter Diamandis?

  I'm going to use that. It's a beautiful.

• 29:27Speaker 01

  Because that's what we got to do.

• 29:28Peter Diamandis?

  Let me close on this question. America Frontier Fund, your fund, what are you investing in now?

• 29:34Speaker 01

  We are, we're just setting up.

• 29:36Peter Diamandis?

  So saying, well, how big a fund?

• 29:38Speaker 01

  It's a $500 million fund.

• 29:39Peter Diamandis?

  Is this fund that people can invest into or not?

• 29:42Speaker 01

  People can, if you're qualified, invest into the fund, though much of our funding will come from states and pension programs.

• 29:51Peter Diamandis?

  Sure.

• 29:51Speaker 01

  But we are doing a couple of things a little bit differently. So the first thing that we're doing differently, and you heard a little bit about this from the other speakers, is you have to build these technologies with intention.

• 30:02Peter Diamandis?

  Mm-hmm.

• 30:02Speaker 01

  Because the capital cost is so expensive. So it means rather than simply coming up with incubators, you actually have to do company building, matching technologists, with scientists, with people who know how to run companies. The second thing you have to do is, look, our coasts are great. Generated 90% of our innovation jobs for the last 10 years, five cities, right? That's not an economic model that's viable for the next 20 years. We got to involve the rest of the country. And what's interesting is if you look at these key foundational technologies, these frontier technologies, they're being done in places like Purdue, Georgia Tech, right? They're being built in Austin, in places like New Mexico, in Arizona, in Colorado, right?

• 30:46Speaker 01

  Ohio, you know, in places like Taylor, Texas. That's the foundation of our next wave. It doesn't mean that the coasts aren't going to be a participant, but those economies are overcooked right now.

• 30:58Peter Diamandis?

  How long are you going to be with us? When do you have to leave?

• 31:02Speaker 01

  I'm going to have to leave tomorrow morning. Unfortunately, I've been called by a governor. I won't tell you which day.

• 31:07Peter Diamandis?

  But you're here tonight to join us for the celebration of the Tech Cup. Let's give it up for the Honorable Gilman Louie.

• 31:27Speaker 00

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