Door No. 3

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Door No. 3 | Fortune

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What if AI made your paycheck optional? Vinod Khosla, one of the world's greatest venture capitalists and an early backer of AI, believes the technology will take over 80% of labor, freeing humans to live on passion instead.

His track record backs up the boldness, as early bets on OpenAI, DoorDash, Instacart, and Square have made him one of the most consequential investors of our time.

In this episode of Titans, Khosla sits down with Fortune Editor-in-Chief Alyson Shontell to unpack his abundant vision for the AI future, what government policy should tackle for a more equitable 2040, and what the U.S. needs to do to win the global AI race. 

The End of Work: Vinod Khosla's Bold AI Prediction | Titans and Disruptors

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The competition for green capital is reshaping investment strategies across Southeast Asia. Energy, agriculture, and infrastructure players are racing to secure the funding that will define the region’s low-carbon future. Markets like the European Union are setting stricter sustainability standards, while lenders and development banks are tying capital to measurable impact. For companies, meeting those conditions can open doors to new markets and growth opportunities, failing to do so risks being left behind.

Financing Asean's Green Transition

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New technologies are opening doors to fresh investment opportunities—from breakthroughs in artificial intelligence and climate tech to shifts in mobility, digital infrastructure, and biotech.  As innovation accelerates, the challenge is knowing which trends have staying power. So where are smart investors putting their capital today? What’s real versus overhyped? Hear insights from seasoned investors on how to spot the next big thing before everyone else does. 

Lunch Session: Where to Invest Next?

Europe faces real challenges that demand adaptation, greater self-reliance, and tough choices. With war on its doorstep, the pressure of U.S. tariffs, and China’s grip on key technologies, Europe’s ability to act cohesively is under strain—but it still remains an influential global power. Will initiatives such as a 5% NATO spending goal and nearly one trillion euros in long-term defense investment be enough to strengthen its position? We’ll discuss what it will take for Europe to lead with confidence in a rapidly evolving world. 

Europe at a Crossroads

Hello, good morning. My name is Ellie Austin and I am a Fortune Live media editorial director. Next, we are moving on to talk about Europe. Now throughout history, Europe has shaped global trade, it's driven industrial change, and it's spread ideas that continue to influence the entire world. But today, crises at both home and abroad, tariffs and a reliance on foreign technology are testing Europe's influence. The continent remains a global player, but staying relevant means making tough choices. What will it take to lead with confidence in a world that isn't waiting? To discuss all of this and more, please welcome to the stage, Colinda Graba Kitarovich, the former president of Croatia, and Matteo Renzi, senator for the Electoral College of Florence, and the former Prime Minister of Italy. Good morning. Thank you. Good morning. Good morning Madam President, Prime Minister, thank you so much for joining us here this morning in Riyadh. So, I want to start with a broad question for you, Madam President. How would you characterize Europe's position globally today in October 2025? Um, I would characterize it as still a global player, but, um, as you defined it at crossroads, uh, or what we call inflection points, so this, this is the moment of taking existential choices that are ahead of us that will determine whether Europe will continue and build itself as a global player or it will become um geopolitical playground. Wow, OK, give us an example of some of those existential choices that you just mentioned. What are they? Absolutely. First of all, security and defense, for instance, for way too long we have been codependent or even dependent a consumer of security in the transatlantic relationship with the United States and I witnessed personally, um, the very famous moment at um. NATO summit in 2018 when President Trump threatened to walk out, and I have to say that I fully agree with what he said at the time. He said, How do you expect me to go back to America and justify to the American people why the United States is spending billions of dollars on European defense, whereas Europe is not living up to its commitments to spend at the time 2% of the GDP. And uh when Europe is paying billions of dollars for cheap Russian gas and energy and uh that should have been a wake up call. However, we spent the past uh the years in between the two Trump mandates uh discussing mostly how we're going to Trump proof the relationship if it comes back, and we knew he was going to come back with a vengeance. So what we should have done is to actually uh prove it with uh. Measures and action that are aimed at providing for our own defense. We talk about strategic autonomy strategic autonomy does not mean strategic solitude, so it's not about decoupling, it's actually being a partner to the United States and contributing to our security and defense. The second example would be, for instance, artificial intelligence. I think we're moving. The European Union is moving too slowly. I appreciate that in this world where the rules-based international order is becoming a power-based international order, the European Union remains a rules-based system. However, just governing artificial intelligence is not enough. We have to do a lot more in generating artificial intelligence, which means investing into innovation, into human capital, uh, and, um, basically building a new social contract with the industry, with the private sector, and with the citizens in the EU. There's a lot to come back to there, but Prime Minister, I want to bring you in your reaction to what the president just said, and do you believe that strategic autonomy for Europe is realistic at this point? A big question. Big question and I'm not sure uh that is the Uh, clear in the European debate and international debate. Frankly speaking, I'm not very politically correct. I think Europe lost. A momentum. I believe in Europe. I am a dreamer. I believe in the United States of Europe. I think Europe is one of the biggest. Uh, ideas in the political institutions. 70 years ago in Roma, the father founders decided to stop the civil war inside Europe long century and century to create something new. Now the world is totally different, and that is good. It's not a problem. We cannot think, oh, we love the past. The world is totally different. Look here, look Riad, look what happened in this part of the world. And in the new global order, maybe in the new global disorder, we have a multipolar world. The question is not what type of Europe we dream about the past, but there is an idea in the European leaders about the future. So your question is a question what we can insert in this framework very briefly. What type of Europe could play a role in the international disorder if we haven't energy? Please come on. That is the truth. Germany during the Angela Merkel, Angela Merkel's leadership decided to block the nuclear plants. Italy blocked that 55 years ago. France has old nuclear plants. We haven't oil and gas, not as in Saudi, but not sufficient. We don't invest in shale gas. So if we think about autonomy, the first point is energy. The second is innovation. I agree about the consideration about artificial intelligence also in the previous panel, but look, we lost the battle for artificial intelligence as Europe. America and China play in the different championship. What we can do, we can play a different role in something different to discover the next, that's what means quantum computing. Europe could play a role. Nobody speaks about that. And to finish, I think the real question is what type of message we give to our young people. Because Europe is very little continent if you look at the numbers, less than half billion and we have a decline of demography unbelievable. Look at the numbers, it's a collapse. It's not a decline. But if we will come back to be a hub for innovation and not simply a place of bureaucracy, we have a future. Our problem is not outside. Our problem in Brussels over regulation, the lack of vision, and the lack of desire of the future, and that, I think, is the priority. Then we can decide single strategy for military issues, energy. Issues innovation issues, but the question is what type of mission Europe wants to have in the global disorder. So on that point talking about a return to competitiveness, what would you have to see from individual member state governments and also Brussels as a whole to make that a reality? That's a question to either of you. I've, I've been listening to what Matteo has been saying, and I'm really trying hard here to find points of disagreement in order to make this more of a debate. It's, it's difficult because, um, absolutely he is right, um, strategic autonomy and everything is still on paper. We have rearm Europe we have safe Europe when it comes to defense. We have excellent legislation in many areas, but this isn't just about budgets and legislation. This is about mindsets and changing that mindset. Of overcoming that bureaucratic hesitancy and over regulation, how do you do that and, uh, putting things into action? I think we have to build new leadership quite honestly. um, I dealt with so many people just like Matteo in Brussels. I was leading Croatia's accession negotiations, uh, for a while. I actually started Croatia's accession negotiations to the European Union. Um, I'm not gonna go into the details of the process. Uh, let me just tell you that when we submitted the first, uh, negotiating position on one of the chapters on culture and education, and our position was we have no objections, we accept the acquis and we will be ready by the time of accession. And you know how long it took the European Union, the commission to respond to us, uh, to a no objection thing? 6 months. So in this fast changing world, we have to work at speed but also at scale, scale things up and adapt that mindset. So this, these are moments of volatility of unpredictability and the success in the future is not being able to predict or having to have to predict the future but being able to. Adapt to it, which means to be able to learn, unlearn and relearn from both the um current situation what others are doing and to change our behavior to be very specific with political action working not towards perfect consensus because we will never achieve it in the European Union. I think it's the beauty of it that we have 27. Different nations who are working together but to work towards imperfect courage to really take that risk and the old saying no risk, no profit really um goes here so we do need that adaptability and I think that Saudi and the Gulf is the best example is how things are shifting now focus pivoting from oil to innovation. Um, is that, um, oil and the classical resources will not be the measure of new wealth, but, um, human capital will be the new measure of wealth and of progress. Many European economies are struggling right now, even the traditionally strong ones such as Germany, for example. Obviously at the start of since the start of the year, President Trump has imposed an array of tariffs on European goods. What do you see as the root causes of economic turmoil, as it were, in Europe right now, and how do we return to the good times, maybe? The European economy was very different, but in the last 20 years we had one leader in the European economy, and that was Germany. That is clear. What happened? Look what happened in the last 5 years, 7 years in Germany. Germany invested in 3 strategies. The first, a very good relation with Russia for energy low price. The second, a very good strategy of economic exchange with China for export, particularly for the car industry, not only for that. The third, a very special relation with the United States of America for military issues. What happened in 5 years? Everything was broken because after the aggression. From Russia against Ukraine, we blocked the special relation with Russia for energy. After what happened in the, in my opinion, stupid green deal, a stupid decision from the European Commission by Ula von der Leyen to invest in ideology in the green climate change and not in technology that was the most stupid decision we did as Europeans, just to be very political and diplomatic right. And after that, China became not a land in which we export our industry car, but we import electric cars, a very active genius. The third and the last with Trump, as you said, everything changed in the first. He arrived you spend 5% and not. That's what means that the European economy is totally in the trouble, but I have a little and brief example of what we have to do. Look at my city, not now. I come from a beautiful city with Florence. Probably if I ask you what do you think about Florence and Italy, every one of you on the audience, OK, great tourism, a beautiful museum, so good food, etc. etc. But Florence became Florence, the capital of Renaissance, not because they had a very beautiful place, no, because they, that was the first city of finance in the history. So Renaissance was created not from artists but from financial guys. And financial guys then invested in education because Leonardo da Vinci was in a bouti in a lab when he was very young and he was paid from financial guys to learn and to explore his genius attitude. What means that. And I finished. We have to come back. First of all, Europe has to come back the place of education and the values. Without education, the values it will be impossible for us to compete in the global competition. Second, we have to combine together the money with the values because if you have money and We have values, you are not able to play a role as protagonist. If you have values without money, you're a spectator. So combined together, that is the priority. Europe could play a role, yes, but sorry, we need leaders, and today in the political, political European life there are a lot of followers, not leaders. They look. As the story of Instagram. Everything has long 24 hours, then disappeared exactly as an Instagram story. So I think there is a possibility for Europe, but we have to deeply change. Which European leaders do you think wield the most influence right now? That is um A very tricky question if you single anyone out, um, I must say that I still am waiting for a much stronger leadership. What bothers me most, um, on the, um, level of the European Union and what bothered me in Croatia when I was president as well when it takes way too much time, way too long to take a decision. I believe it's better to take 10 decisions, maybe 7 of them wrong and 3 of them. Uh, right than to wait and hesitate because hesitation is a decision in itself and this is what is slowing us down and we need to, uh, start adapting a lot more quickly in all of those areas that uh Mateo. Um, let me just go back a little bit to what he said about Germany being uh the leader and the German policies. Well, often they did go uh to the expense not just of the European Union but of the rest of us. Um, there were 16 of us, 16 countries who were signing a letter to the commission to stop with the Nord Stream 2, project because those, um, pipelines were just bypassing us and we're raising, uh, the, uh, the prices of energy in Croatia. Uh, I think what we need, uh, in the European Union is also to get away from, uh, tomorrow's elections and think about tomorrow's generations. We have 27 different nations varying interests, and let's go beyond those elections. Think about what brings us together. It's not just the values, it's very specific deliverables where um simply our citizens want to have a better life everywhere. Um, we need a lot more cohesion and connectivity. You still see differences within the European Union. Uh, not just, um, um, physically but also in mindset, you see that with the fact that we're not able um to define the threats that they're based on geography and how far we are, um, either from Russia or from the Mediterranean. Uh, but you also see that in the connectivity, uh, in the digital space, artificial intelligence, and in the, in the logistics. So back in 2015, I worked with President Duda and we established a three seasons initiative that is focused on three, pillars of, um, uh, building infrastructure, energy. So our goal was diversification and independence. Which is crucial also for security, stability and prosperity. Second was connecting the region physically through infrastructure, and the third element was digitalization. And that initiative, unfortunately was looked at with suspicion from some of the European Union. Uh, saying that we're trying to break the, the EU apart. No, we were just getting together to promote what we want to see, and that is the connectivity of the region and the connectivity, so in between the three seas, the Baltic, the Adriatic, and the Black Sea and with the rest of the European Union we wanted to see um increased competitiveness of the whole region and ultimately the cohesion. Of uh the European Union because we will not achieve a strong European Union until every single element, every single region is as strong as the center. I want to end on a big question that you both mentioned, which is the Russia Ukraine conflict. Now last month, President Trump said that Europe needed to step up its support of Ukraine. Was that an accurate assessment? About Europe last thing just to finish, I think our problem is not simply artificial intelligence. Our problem is natural stupidity, not artificial intelligence. If we, if we continue to have a vision without politics and too much bureaucracy, we lost ourselves about Russia and Ukraine. I was prime minister 10 years 11 years ago when we discussed with President Putin and President Poroshenko with of course, the UK, France, and Germany about a possible solution. The last 11 years, we haven't the possibility to achieve an agreement and of course, after 2022 when Putin invaded illegally, uh, Ukraine, everything is changed now. Now there is only one solution. Is a great diplomatic initiative able to block the aggression of Vladimir Putin? And so I think the role of President Trump could be crucial, but we don't know because the President Trump is not very predictable, and I think, I think, look what happened in Gaza. In Gaza, a very great project led first of all by a great friend of this country and a great friend of us with Jared Kushner. Create the conditions with Tony Blair, with the leader of this part of the world, and of course, under the leadership of President Trump to arrive to the very important step. Now in between Russia and Ukraine, we have two problems. The first, we, we don't understand what is really in the main, in the mind in the brain of Vladimir Putin because it's a poker bluff every time. The second, we don't understand what type of strategy Donald Trump really could uh decided to do because it changed every week. And this is the only thing I can be sure is about the unpredictable. My only prediction is the situation is unpredictable. I understand it's not very good for you listen to that, but today the only way is diplomatic effort, of course, until. We don't close diplomatic efforts. We have to give to Ukraine the weapons and the instruments to defend because if Putin stop the war, everything is finished. If we stop to support Ukraine and it finished Ukraine, that is the problem. So we have to defend Ukraine until we'll be able to everyone to do an agreement under the leadership of the United States and the global powers. Unfortunately, Europe lost also in this case. own role and own initiative. I wish we had more time to discuss this, but we are out of time, Madam President, Mr. Prime Minister, 30 seconds, 30 seconds, and then we have to win. Italian elegant. Yes, predictable unpredictability has really become the staple of the day. We do have to step up support for Ukraine. Um, so does the United States. I'm just gonna go back to one very important element, and that is, uh, my talks with President Putin when I was president when we disagreed a lot more on energy. On the LNG terminal in Kirk, then we disagreed on NATO and Ukraine. So the biggest asset that Europe does have is energy, so becoming energy independent and diversifying, strengthening the sanctions regime, keeping an open mind but also not being naive. We cannot uh normalize the situation any further. Diplomatic efforts are incredibly important, but what we need to do is shift the situation. So that we have incentives for both sides to come to the negotiating table because right now we don't, Madam President, Mr. Prime Minister, thank you so much for your time this morning. Thank you. Thank you. Thank you. Thank you.

Door No. 3

Door No. 3 in Fortune Rankings

Door No. 3 in Fortune Rankings

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