Speaker unverified: uncertainty

Transcript context

…Wow. It's like investing in Wemo and getting Google for free. Exactly. Again, when Baidu introduces itself now—I know a lot of the PR people there—it's basically, we're an AI company. That's accurate. They've made, by the way, a lot of progress in autonomous driving so no knock on them, but if you look at Alibaba, they also have a bunch of JVs and EV. We don't know exactly what they're doing because they've only announced the JVs but no specifics. Tencent of course has invested in Nio. Alibaba also invested in XPeng. Then, Meituan invested in Li Auto which are the three publicly-listed Chinese EV companies. They've all made significant money—I guess at least on paper—on these investments because they're all up significantly in the last year, which is hilarious because when we visited Nio in October 2019, I remember when our meeting got canceled that last minute because this was the period when people weren't sure if they were going to be in business. Their stock price was hovering. Are they making cars? Are these companies' cars on the road?…

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