ballooned up and the public market gets their hands on them. do you think uber will live up to its valuation when it goes public? >> i think so. what many people do not realize onthat uber cannot be valued existing market size, because it uber itself is growing the market. when that is taken into account, the valuation is absolutely justified. ifo confident that uber will do well. that 40% ofearlier your investments are in china, your portfolio. i think i read on the internet, that about 6% of gains are coming from china. you have a words i view of that space -- you have a birdseye view of that space.

with what is going on with china's economy, is that part of the same pattern of growth and plateau we have seen out of china? or is something larger happening ? >> it is really hard to see right now. i think we will get more evidence of what is going on in china. i think of the u.s. experience if you goguidance, back to 2008 or 2009, when we were making our investments in facebook, it is clear evidence that even in a crisis when the economy is not doing well, some of the tech companies can accelerate. it is easy to understand because many corporations and individuals are more thinking about saving. technology provides those saving opportunities. possible that we will see

a similar pattern in china. in x you have a 7% stake aomi. isn't that one of the company's you see benefiting? >> yes. because they are producing high-quality, and expensive phones. i think the world will be a significant drive inside china and other markets to get high-quality thing, maybe half the price of more established brands. >> you also have investments in , e-commerceba platforms in china. as well as wish, and e-commerce platform in the states. e-commerce platform in the states. if you can throw up the slides i have, chinese growth and commerce has well outpaced the u.s., despite the fact they got

a later start than us. why do you think that isn't? >> it is really an incredible phenomena. china started 10 years later, 2005 versus 1995, and the market is larger. there are actually a few reasons -- a few reasons explaining that. one is that the reason the u.s. is much more organized. organizedof retail is -- about 85% of retail is organized in the u.s. versus 20% in china and 10% in india. from that standpoint, off-line retail in the u.s. is doing well , so there is less of a disruptive potential and e-commerce.

-- potential in e-commerce. on the other hand, the difference in population with the u.s. is significantly less than in china and india. if you think top 10 u.s. cities in all three countries, then you would see the chinese cities getting twice as a deadly -- as densely populated as in the u.s. , and in india, four times more densely populated. of course, the density of the population is very conducive to inefficient shipping. this is one of the drivers. markets isr u.s. , especiallyent data around the generation y, shows that in the next few years, and maybe this is the beginning of the trent, there will be more

opportunities for e-commerce in the u.s. if you look at the data, baby , 75% of the baby boomers want to live in a single-family house. and only 50%tion x of generation y. this is a dramatic shift into moving from single-family homes into multifamily homes in the u.s. another encouraging sign is that x and babyration boomers have the propensity of using cars to travel to their jobs, while only 75% of generation y. you see some interesting finds of e-commerce being --

e-commerce becoming fundamentally more economical in the u.s. i would say the prosperity of e-commerce and the u.s. is opening up in the next few years. >> i want to transition to the future. elon musk has interesting things to say about artificial intelligence. he is not a fan. he says it is an exit stencil threat to humanity. what do you think the threat of ai is? >> i would disagree on that one. although i am a fan of this space exploration and, of course, tesla. disagree, and the reason is that, i do not believe that artificial intelligence will not develop in the way that he believes it will develop. that robots will completely dominate humans, and that we

will be chasing them and cannot get rid of them ultimately. what we see very clearly is that there is a convergence between human brains and computers. google is a good example of that. you have one million people , and all ofmachine the contents on google is created by human brain, and then there are a bunch of servers that are analyzing the data and feeding it back into the human brain. there is a very peaceful coexistence between us and google. our brains are slowly and adjusting to google being around. the same thing with facebook. around a billion people are entering information into facebook, and then service are analyzing this data and providing advertisements. think that is the way artificial intelligence will develop. a combination of computers and the human brain. an example is chess.

is obvious that beginning in the 1990's, computers are better at playing chess in humans. all the tests that have been done so far show that if computer is assisting a human to play, then they beat another computer. so human brain plus computer is always better than just computer. if that is evidence of how things will play out in the future, that is what i think will happen. >> rest assured everyone, we will be safe. let's talk about your $100 million investment and a breakthrough initiative. hot for extraterrestrial life. why go through this now? why is the timing right? this was myn childhood dream.

many factors have converged into launching this project. had -- one ise that we now have scientific evidence that emerged in the last few years due to nasa telescopes that have been launched. it has become clear now with scientific rigor that there are billion to 40 billion earthlike planets in our galaxy. when i say earthlike planets, it is what you see when you look outside. it will be liquid water. all of the conditions that life can use to emerge and proliferate. a fuse ago, we had no clue. maybe a few planets like earth, maybe there will be many. -- a few years ago, we had no clue.

maybe a few planets like earth, maybe there will be many. size of the sun has a planet similar to earth within an habitable zone. we have options. one is to ignore the scientific data and continue business as usual. the second is let's try to do something about it, assuming that given some of the possibilities, somewhere life has emerged. life is also evidence that on earth emerged very early after the earth cooled down. and we have 3.5 billion years to have 3.5 alien to go. other possible is existing around the world have many more billions of years. this is one. second is we now have the

equipment and software to analyze data at the rate that is much greater than any previous effort. this effort will be able to analyze the data in a day, as much as any previous effort in a year, because of the software and hardware. and also something that is routinely not appreciated is to communicate between civilizations is actually cheap. i have just prepared a couple of slides to demonstrate. if you just call the first slide. >> can we enough the next slide? >> actually, the previous slide. >> the previous slide. >> this is the largest telescope on earth. it is in puerto rico. it is 1000 feet wide. we have been using it for many years. next slide, please.

if you can imagine that another civilization is no more developed than us, and they have exactly the same telescope, somewhere in the middle of the milky way, then they will be up to to mitigate with us just using the same equipment. the next slide. be able tol communicate with us using the same equipment. the next slide. to send aemely cheap signal across 50 billion miles using these -- using the equipment we have. next slide, please. this is a more challenging task, how to communicate between galaxies. this is a nearby galaxy, andromeda. there is a civilization exactly .ike ours sitting there

it takes 2.5 million years to send a signal that way. but what would it take to send a signal? next slide. this is the biggest energy generating facility on earth. it is located in china. if you go to the next life, it takes only two of those to connect to the same kind of transmitter to communicate the -- communicate between the galaxies across normal distances of 15 trillion miles. it is a cheap endeavor to communicate between the galaxies , so somebody should be sending something out there, and it is our responsibility to keep looking. >> of the breakthrough is not just looking, but deciding how we communicate when it is time. i know you have open sourced and that and asked people to submit their own ideas. i am curious what you would do if you were in charge? what would you say to the

intelligent life? it is a nontrivial complicated question. not only you need to come up with content but also you need to come up with a coding. that is why i was saying maybe a few people in this room will participate when we announced the $1 million prize for the best message. if we hear from them, we will be up to send over. ongoing andtion is we are going to announce the rules very shortly. >> what would you say? >> i don't know. i don't think enough about it. >> fair enough. last question, what do you want your legacy to be? >> well, this is not for me to answer. hopefully i am not done yet. you will see in the next years. >> i am sure you're not done. thank you so much. [applause] appreciated.

he is so cool. i have a crush on him and i am gay. next guest. not a soul in here has not used truck box. please welcome -- used dropbox. these welcome -- please welcome matthew pantry no. [applause] these chairs are fantastic. much better than the ones in new york. dropbox has been criticized recently for lack of a focused narrative of where it is going. i am sure you guys have a different idea. it seems there has been meandering as far as product announcement. >>you think that is fair? with dropbox, we saw a lot of

problems that everyone in this room have spirit -- that everyone in this room has. arises the confusion when we launched here seven years ago, when it was called tech on shifty. company started with everybody -- fast forward to today, mission accomplished. everybody lives in a cloud. now new problems where it is like my new stuff lives and 100 places in a cloud. how do i find? how do i search through all of it? the direction we have been: most beenlp us work -- we have -- we in most is help us

have 4 million people on the platform. a way for people to collaborate that connects every person, company and system in the world. >> what shape does that take? a tool like slack where people communicate and have access to documents alongside that? what are you building that is going to take advantage of that opportunity? >> the way we think about it is --started by just getting people are putting their most important information interop box. it takes a lot of -- in dropbox. of work.a lot it is storage, communication, how do you communicate -- how do you ordinate people? always thinking about how we remove friction from these everyday things you are doing. how to make it easier to work

with different people. .loud enabling office making it so you can share, call and communicate from dropbox. , ringing forward the fact there are other people around and moving from this place to move stuff to a place where you can work with other people. that is a big theme. >> to an active wordplay? >> for sure. at aopbox growing sustainable rate? >> yeah. we have 500 people in the beginning of last year. we are 1500 now. we have four officers -- we had .our offices everyone problem that

in this room has. everyone struggles with these challenges. it starts there. you've got to have a huge market. you've got to have an awesome team. you have to have a product that people love. >> in terms of growth, when you have strategic conversations internally, do you discuss what would happen if we had an implosion of sorts? heard them say they thought it was not a case. would you talk about what would happen to dropbox if you lost access to capital in terms of markets? >> we don't talk much about markets. down, it waset was back up again. i think that is something you have to plan for, things to go

well or not well in the markets generally. for us, whether the economy is good or bad, people still have these problems. our focus is on -- even though we are leading, we have only made a small dent in the problem, compared to where we can go. we think our business model -- , the we launched in 2008 business model we chose, we can start using dropbox for free and subscribe if you use it a lot, that has given us a powerful base. we have later on -- we have layered on additional business. millions of people have brought dropbox into millions of businesses. this is the year where larger customers -- we have household name companies like under

armour, nbc. >> let's talk about dropbox for businesses. how many business customers you have? paying this30,000 is customers. that has been growing quickly. they are eight billion businesses -- 8 million businesses using dropbox. a small company, maybe they can use the free product for a while. we have this conversation all the time. corp..ews there are many thousands of people using dropbox. 130,000, to put it in context, it is a super scalable model. really big customers to. we're still super early.

nows that your goal right to snipe those whales echo to say we need to -- wales? to say we need to convert these people? >> it is such a big opportunity. if anything, our customers have pulled us up into these bigger companies. we had a huge market with the other stuff -- we have a huge market with the other stuff we are doing. we hired an awesome new leader hansen, who, thomas spearheads the transition when he was there. >> he is working internationally? >> there is opportunity everywhere. i think it is evenly split. we have been opening up officers all over the world. >> how many people here use dropbox echo -- dropbox?

that seems like a majority. how many of you actively transfer files in and out of it once a month. a little bit less. how do you count those active users? the account people who have items they are saving in dropbox? -- or do you count if you had to characterize your biggest user attention, what would it be? -- keepingthink aople using dropbox is not problem. for all of the things people use dropbox for, how do we solve

those problems in a big way? both very horizontal products. they can collaborate in dropbox. anything you have, you can put in their. supporting all those -- put in thefre. supporting all those -- -- have you change any thought about that? things like facebook does? the only change is we are operating at a much greater scale now. saving a billion files a day on dropbox. billions of connections between users. that takes a lot of attention. >> that's get abstract for a

second -- let's get a bit abstract for a second. people talking about a world in the future. had icloud and then they rolled back. a future where we don't have a file system. people have assets on demand as needed in context. this is image and the slacker. this is the slacker approach. preparing dropbox for that world, where the initial , arept which was strong you preparing for a world where that is older?

ve. if you were to start with a blank slate, there's a bunch of things he would design differently. the challenge is while files might not be the center of the , i hope we're not all shoveling out our inboxes every morning five years from now. the problem is that stuff doesn't go away. a born in the cloud company -- even like us. and we use all of these new tools but we still have a fax machine. like, every office is like this time capsule of the last 50 years of productivity tools including paper and phones. i think the challenge is not so much what are the things we can and we have spent a lot of

time working on that but how do you tie all of this stuff together because you have all of these tools and these different decades, none of which were designed to work together -- how can we design not to get to a better place. >> you talk about building things that utilize dropbox, let's talk about consumers. you launched carousel and it kind of fizzled out. what happened? >> people love you carousel. it's early. all of these problems are big problems. we go after them because they are important. were easy to solve, someone would have done it already. building application for the apple tv? >> i'm sure