The former leader of Alphabet Inc (NASDAQ:GOOGL) recently made a stunning prediction for the future of the internet.
CNBC has the details from a conference last week:
Eric Schmidt, who has been the CEO of Google and executive chairman of its parent company, Alphabet, predicts that within the next decade there will be two distinct internets: one led by the U.S. and the other by China.
Schmidt shared his thoughts at a private event in San Francisco on Wednesday night convened by investment firm Village Global VC. The firm enlists tech luminaries — including Schmidt, Jeff Bezos, Bill Gates and Diane Green — as limited partners, then invests their money into early-stage tech ventures.
Specifically, Schmidt said that “I think the most likely scenario now is not a splintering, but rather a bifurcation into a Chinese-led internet and a non-Chinese internet led by America,” in response to a question on what the chance is that we wind up with separate internets in 10 to 15 years.
Google is reportedly working on a project to bring a censored version of its search engine to China, which would mark its first foray into the market in several years.
Alphabet Inc shares closed at $1,172.12 on Friday, down $19.45 (-1.63%). Year-to-date, GOOGL has gained 11.27%, versus a 10.35% rise in the benchmark S&P 500 index during the same period.
Try StockNews.com Premium Today!
Get access to our daily newsletters, Best Stocks List, POWR Ratings, and much more!
Free for 14 days -- no credit card required!