The advent of automation has led to a decline in labor-intensive tasks as machines are more efficient, but it has also led to the creation of new industries like Uber, Etsy, and YouTube. Higher-order services jobs have emerged and upgraded the capabilities of factories in a world where automation is increasingly essential.
The US needs industrial policy to bring chip manufacturing back and compete with countries like TSMC. The solution may require forcing companies like Intel to bring their manufacturing back to the US, and providing funding to entrepreneurs.
The Shanghai Cooperation Organization is becoming more important and needs more attention from the West. It includes countries like China, Russia, Iran, and India, but its relationship with the US is becoming closer.
The speaker recalls building robots for the Christmas 2002 market and visiting small companies outside of TSMC in Taiwan, which inspired the idea of building a robotics company that could earn over a trillion dollars.
The peak of the Big Tech Market Cap may be within the next year or two as Apple and the metaverse are predicted to have more successful VR and AR efforts. While companies like Facebook or "Tang" may face more challenges.
Bill Gates discusses China's business policies, highlighting the country's requirements for foreign companies seeking access to its market - which includes setting up engineering jobs in China - and the lack of accountability due to the absence of an independent judicial system.