Eric Schmidt: seeing off the robot takeover
Former Google boss Eric Schmidt is concerned about the dangers of artificial intelligence and has set up a $125m philanthropic venture to help steer the technology in safe directions.
When the “father of the atomic bomb”, Robert Oppenheimer, witnessed the first nuclear weapons test in New Mexico in 1945, he famously quoted a line from Hindu scripture: “Now I am become Death, the destroyer of worlds.” In a recent book, The Age of AI and Our Human Future, Eric Schmidt makes a similar point about artificial intelligence, says the Financial Times. The threat is less obvious than with nuclear bombs, but AI has the potential to be equally destructive in unpredictable ways. There are far more “uncomfortable questions” than “comforting answers”.
The former Google boss, himself “a key AI power broker”, now hopes to fill the gap with a new $125m philanthropic project, AI2050, that will fund research into “hard problems” ranging from “deep fakes” – convincing faked video footage – to AI’s use in geopolitical conflict and its effect on economies. The broad remit is to advance AI technology “that everyone can generally agree is beneficial to society”. A tough ask.
Adult supervision at Google
Schmidt, 66, can certainly afford the loose change, says Wired. When he stepped down as chairman of Google parent Alphabet in 2017 he was “almost $14bn richer” than when he joined the start-up, co-founded by Larry Page and Sergey Brin. Schmidt was brought in as “a hired gun CEO” in 2001 – famously supplying the “adult supervision” that drove its transformation to global titan.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It was a shotgun wedding, imposed by the outfit’s backers, Kleiner Perkins and Sequoia Capital. And although Schmidt was deemed a more acceptable candidate by the founders than others put forward, many doubted the “loveless marriage” would last. History said otherwise. That the Google “troika” lasted nearly 20 years in various forms was partly down to Schmidt’s character. Described as “calm and unflappable”, he had no particular need for the limelight and bowed to Page and Brin’s technical instincts. In a previous role as CEO of the networking giant Novell, notes Fast Company, Schmidt wrote the treatise on “managing geek gods”.
Schmidt’s interest in tech began in 1970 when his father hired a computer and he precociously rewrote its software, going on to take a degree in electric engineering at Princeton. His first job out of school was at the Xerox research centre in Palo Alto – then the leading incubator of tech talent. From there, he joined Sun Microsystems and led the development of its ground-breaking Java programming language. Made CEO of Novell in 1997, he fought a losing battle to maintain the company’s market share against Microsoft NT.
A bevy of billionaires
Schmidt’s lofty international connections, his public backing of Hillary Clinton in the 2016 presidential race, and attendance at elite gatherings such as the World Economic Forum and the Bilderberg group, have long made him a target of far-right conspiracy theorists – not helped perhaps, says The Verge, by his reinvention, post Google, as “a technology adviser and investor in the US defence community”.
In November 2020, eyebrows were raised when it emerged that Schmidt had applied to become a citizen of Cyprus via its controversial “passports-for-sale” programme, says Vox, potentially joining a bevy of “borderless” billionaires, mainly from the former Soviet Union and Middle East. More recently, he has spent $65m buying former Microsoft co-founder Paul Allen’s Enchanted Hill estate in Beverly Hills.
Whatever the challenges ahead, Google’s former “elder statesman” looks to be keeping his options open.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Jane writes profiles for MoneyWeek and is city editor of The Week. A former British Society of Magazine Editors (BSME) editor of the year, she cut her teeth in journalism editing The Daily Telegraph’s Letters page and writing gossip for the London Evening Standard – while contributing to a kaleidoscopic range of business magazines including Personnel Today, Edge, Microscope, Computing, PC Business World, and Business & Finance.
-
The UK areas which saw biggest jump in asking prices in 2025 – is yours on the list?We look at the UK areas where asking prices rose the most last year.
-
‘Sandwich generation’ carers losing £6,000 a year to support elderly relativesMiddle-aged adults are often caught between caring for children or grandchildren and their elderly parents, leaving them taking time out of the workforce and facing a huge hit to wages while they are still trying to save for retirement. We look at the true cost of caring.
-
Michael Moritz: the richest Welshman to walk the EarthMichael Moritz started out as a journalist before catching the eye of a Silicon Valley titan. He finds Donald Trump to be “an absurd buffoon”
-
David Zaslav, Hollywood’s anti-hero dealmakerWarner Bros’ boss David Zaslav is embroiled in a fight over the future of the studio that he took control of in 2022. There are many plot twists yet to come
-
The rise and fall of Nicolás Maduro, Venezuela's ruthless dictatorNicolás Maduro is known for getting what he wants out of any situation. That might be a challenge now
-
The political economy of Clarkson’s FarmOpinion Clarkson’s Farm is an amusing TV show that proves to be an insightful portrayal of political and economic life, says Stuart Watkins
-
The most influential people of 2025Here are the most influential people of 2025, from New York's mayor-elect Zohran Mamdani to Japan’s Iron Lady Sanae Takaichi
-
Luana Lopes Lara: The ballerina who made a billion from prediction marketsLuana Lopes Lara trained at the Bolshoi, but hung up her ballet shoes when she had the idea of setting up a business in the prediction markets. That paid off
-
Who is Christopher Harborne, crypto billionaire and Reform UK’s new mega-donor?Christopher Harborne came into the spotlight when it emerged he had given £9 million to Nigel Farage's Reform UK. How did he make his millions?
-
Why Trustpilot is a stock to watch for exposure to the e-commerce marketTrustpilot has built a defensible position in one of the most critical areas of the internet: the infrastructure of trust, says Jamie Ward