At $19 billion, Snapchat is the third most highly valued technology start-up. Uber, the second, is worth $41.2 billion, behind Xiaomi, the Chinese smartphone manufacturer, which is worth $46 billion.
Sir Michael said that “everybody in the west is in denial” about China’s increasing power in the technology industry. “The balance of power is shifting,” he said. “The reality is, probably the most vibrant setting for start-ups in the world is China. Seven of the 20 most valuable internet companies in the world are Chinese. That should shake the fillings out of the teeth of everyone in the west.”
Mr Gurley, who has investments in Uber and Snapchat, said at the SXSW technology conference last week: “There is no fear in Silicon Valley right now. A complete absence of fear.”
Sir Michael said that “everybody in the west is in denial” about China’s increasing power in the technology industry. “The balance of power is shifting,” he said. “The reality is, probably the most vibrant setting for start-ups in the world is China. Seven of the 20 most valuable internet companies in the world are Chinese. That should shake the fillings out of the teeth of everyone in the west.”
Mr Gurley, who has investments in Uber and Snapchat, said at the SXSW technology conference last week: “There is no fear in Silicon Valley right now. A complete absence of fear.”
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