Eric Schmidt, former CEO of Google (NASDAQ:GOOGL), expressed his views on a range of topics in a discussion led by Professor Erik Brynjolfsson and students at Stanford University.
Among other things, Schmidt suggested that investors should "know what to do in the stock market" if bearing in mind that ~$300 billion in hardware capex will go to Nvidia (NASDAQ:NVDA).
On why Google is lagging behind in the generative AI technology race, Schmidt pinpointed the company's emphasis on work-from-home arrangements and flexible hours as the key reason for its current position behind competitors like OpenAI and Anthropic.
Schmidt, who led Google from 2001 to 2011 and served as executive chairman until 2015, highlighted a shift in the company's priorities, suggesting that Google has placed a greater value on work-life balance than on leading the competitive AI industry.
He contrasted this approach with that of startups, where a more intensive work ethic is common.
When Brynjolfsson sought clarification on this issue from the current CEO of Google, Sundar Pichai, he did not receive a definitive response.
This prompted Schmidt's explanation, where he criticized the remote work culture and praised the return to office work in 2022 for its professional benefits and its role in developing managerial skills among younger workers.
He argued that for new companies aiming to compete with established startups, a more traditional in-office work model is essential.