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Hello, this is Benedict Evans, and this is the Andriesen Horowitz podcast. I'm here with my colleague, Steven Sinovsky. I put a

presentation online that I gave at a Wall Street Journal conference and that our own Tech Summit conference this week,

where I talked about the way that mobile is changing the tech industry, but also the way that it's changing

the broader economy and moving out into broader sets of industries. You can see the presentation

with the talk that I gave with it on A16Z.com, and Steve and I are going to talk through some

of the themes within that. So, Stephen, there were kind of

three things that I wanted to capture in this presentation, and they both kind of give rise to a

bunch of interesting questions. The first was just to point out how much bigger mobile is than the

PC industry and then consumer technology has been in the past. But more importantly, to kind of make the point that it's not so much that it's bigger

as that this is the first time that tech actually sells to almost everybody.

That previously you sold mainframes to companies, you sold PCs to upper-middle-class households,

but mobile and therefore smartphones is a product that 70, 80, 90% of people on Earth are going to have.

And that's kind of a profound change. And it changes the tech industry and it changes how the

internet functions. But it also gives rise to scope for these kinds of products for the tech

industry overall to change much broader parts of the economy for kind of software and

mobile and mobile devices to push into changing areas that maybe haven't been affected as much

by technology so far. Yeah, I mean, what to me is so fascinating about this is how when something

has such a huge exponential change, it gets very, very hard to predict. And it does appear, too, that the closer

you are to, like, actually helping make the change, in a weird way, it's almost harder for you

as an individual to see the changes, because you're mired in all the details. You know,

...