Yahoo CEO Jim Lanzone talks AI, reinvention, and reclaiming relevance
This is an abridged transcript of an interview from Rapid Response, hosted by the former editor-in-chief of Fast Company Bob Safian. From the team behind the Masters of Scale podcast, Rapid Response features candid conversations with today's top business leaders navigating real-time challenges. Subscribe to Rapid Response wherever you get your podcasts to ensure you never miss an episode.
I wanted to ask you, you talk about it like Yahoo is sort of in a turnaround or a restart. But I mean, Yahoo News is the number-one news site on the internet, right? Yahoo Finance is the number one. Your fantasy sports platform is huge. You've got a big ad tech business, which I'm sure you talk about here. Second-largest email platform. You've got search, not Google-size search, but still substantial . . . All that sounds pretty robust.
Yeah. Amazing ingredients with which to do a turnaround. So the way I would think about it is that absolutely the brands are still extremely relevant and they've had very loyal user bases.
As a business, I think a lot of people know, but some maybe don't, that we were spun out of Verizon. Over the years, Yahoo was a stand-alone public company. It was acquired by Verizon in the mid-2010s. They also acquired AOL, which we also own and is one of our brands. And we were acquired for about $5 billion. So if you think about the other brands in and around our rankings in the traffic rankings, they're all trillion dollar brands. And so we had something to work with in terms of the size and loyalty of some of the audiences. But in some cases, email's one of them.
We had a big announcement last week. The core product hadn't been improved in over 10 years. And so in the last nine months, every product that we operate has been relaunched with brand-new versions. And so taking advantage of the size of that audience to rebuild the business to be super valuable is the more turnaround side of it.
And when you look at something that is robust, like the fantasy sports, as the NFL season comes, which will be your next big burst, right?
We actually have a lot planned for it this year.
I was curious, how much of the goal is to use this opportunity to introduce those users to other things you have, versus give them new things around what they already are coming for?
I mean, what you'll find is that our individual brands have in some ways different audiences. People who really use Yahoo Finance as their way to make more money and save more money and attract stocks and all that is pretty independent of people who love fantasy or love checking sports scores with Yahoo Sports.
I definitely think the secret sauce of Yahoo, especially for advertisers, since we're here, is that, collectively, it's hundreds of millions of people who have a first-party relationship with us, which makes our ad targeting extremely effective. So one Yahoo overall is something that actually is true about the actual business. Getting people to use Yahoo as one point for everything is something that will happen over time, but we're not going top-down in how we go about it.
But it sounds like you don't necessarily, at least right now, need to convert people into being like, 'I'm a Yahoo, and I do everything in the Yahoo world.'
I think that was the '90s Yahoo, and I think the internet kind of moved past that. That said, we did relaunch the Yahoo homepage in February after months of testing different variations of it because the user base gets pretty locked in with how they do things, and you can really mess it up in the link chain if you change something.
So we found one that really worked, and the most interesting thing about it was we went back to adding more portal-like features. Over the years, it'd become kind of just a newsfeed, and we added things back that were more utility-based around weather and other things and found that people love that. So actually, the Yahoo homepage that is more of a place to get things done is probably more the direction we'll head with it than just straight news.
Not everything about the way the internet was framed in the beginning was wrong. Right?
It's interesting because having competed against the people at Yahoo for the first 20-plus years of my career and taking that eye towards it, working here, you do kind of get an appreciation for how . . . If you go back and look at the 2007 version of the homepage or 2003, there was some magic to that and how it all worked, especially with the way the internet has gone with a lot of slop and misinformation, disinformation, clickbait, and people trying to get you to do things. The fact that it kind of had everything in one place, I don't know, it was maybe taken for granted a little bit.
So we actually have taken some inspiration from that. Obviously we try to modernize it. But yeah, we've taken some inspiration from it.
So with the generative AI wave, media is changing like crazy. As search engines like Google become more of an answer engine as opposed to a search engine, sites like a lot of yours may see some of their referral traffic decline. At the same time, you have a search business yourselves. And if you follow where that is going to become more of an answer engine, you may encourage the development in that direction in people's habits, which could undercut the other part of your business. I'm just curious how you think about those pieces fitting together.
Yeah. And I spent the first 10 years of my career in search, and a lot of what we did back in the day was absolutely moving things towards an answer engine. And so I would say that's not really new. What people know as Google OneBox, a lot of the search engines in the early 2000s were doing, already brought answers like the weather or music lyrics or multimedia or translations directly into the page. So this has always been the case. Now, there are certain kinds of queries called navigational queries. Those are trying to get you directly to a website.
I do find it interesting that a lot of the generative . . . A lot of the large language models, they're getting a lot of their traffic and sending it to places that are more canonical. So for ChatGPT, 50% of their citations are Wikipedia. For Perplexity, almost 50% are Reddit. And so those are more evergreen, deeper, almost more educational responses. A lot of Yahoo's content is real-time, stock prices, sports scores. So for us personally, we operate in a kind of a different space.
But you don't expect that referral traffic to decline?
So a couple things. So one is I actually strongly believe that the role of search is not to take traffic from the open web, but to send traffic. And in our case, Yahoo's been doing that for over two decades. We have relationships with all of our publishers where we share revenue, we send traffic downstream. And so I actually think that's part of what Yahoo's always done really well is help create a healthy ecosystem. That was also part of the bargain of the open web for search, that you would make yourself available to the engine that would then send you traffic downstream.
Having that traffic get cut off and just subsuming that data to then keep it for yourself was not part of that grand bargain. I think we're in the early days of figuring out how that's going to go.
What I actually think will happen in search over time, because I think we're still in the primordial phase here of what AI versions of search will look like, is that the page will respond to your query and to what the search engine knows about you personally to have a different version of the search results page depending on the query type and depending on you. And so you're never going to get the same kind of response to each one of these. I personally really believe that it should ultimately wind up sending traffic downstream to the sources, and little citation links probably are not going to do that.
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The crypto is gonna be bigger, only uh only everybody, yeah, using it on a daily basis. If we have, we'll be able to find a way to let everybody using it on a daily basis, so that's gonna be 10 times, 100 times, 1000 times more, kind of like the bigger than not today. Welcome to Financial Freestyle here on Yahoo Finance. I'm your host, Ross Mack. And look guys, no matter where you are on your journey to attaining financial freedom, you can never stop learning. And that's why each and every week I'm talking to some of the goats, some of the greatest in their field, and this week is no different, as I'm talking to partner of CX Ventures, and we're going to talk about some stuff. Kid, how you doing, brother? Very good. How are you today? I'm phenomenal, man. And listen, obviously, you know, as a journalist, I do my research, but you had quite the resume, brother. But before we truly dive into it, tell the audience who exactly who's Kit. Yeah, so my name is Kit, partner of partner of CX Venture. We are kind of like the early stage deep tech invest globally, uh, uh 70% we invest in the US world-class startup founders and uh helping them to expand globally. So that's, uh, in short, what I'm doing. When you sayearly deep stage, like, let's break that down for the audience, right? Like, how are you guys differentiated from other venture fund venturefunds? Right, because, uh, like in venture fund, yeah, we have multiple stages, right? Some investing in kind of like late stage, but for us we invest in early stage when the founder had the great idea, they want to do that, right? So we supporting them early on. Yeah, so that's uh so that's how different and when we're talking about the venture capital, it's not about only about um any technology. Our firm focusing on deep tech, which is not marketplace, e-commerce, SAS, but refocusing on for like AI blockchain, biotech, robotics. So something that uh uh founder has an IP, right, intellectual property uh uh backing as well. So that's a difference between general VC fund and deep tech VC fund. I love it. But solet's, before we truly get into it, right, like your background, you've done a lot, right, from, you know, you worked in kind of the medical space, like talk about kind of your upbringing or more importantly, like how you've been trained and what truly led you to starting CX Ventures. Yeah, so I was born and raised in Bangkok, right? And then I always been passionate about technology and have been hooked on since when I was because like, I like Silicon. I love Silicon Valley. There's only a few kind of like the tech company, right, from Southeast Asia to be able to scale, uh, to kind of like Silicon Valley. Yeah, I took that leap of faith, uh, I, uh, when I was in a classroom. Yeah, one of my biggest pain at that time. Yeah, uh, is that I want to trade the stock in the the only way to trade the stock in the classroom at that time is using Nokia black and white screen. I'm sure you guys remember snake game or Nokia, right? My teacher keep, yeah, keep coming to me and said, Kit, you're going to be a doctor. Why you keep getting out of the classroom every 15 minutes? I said, I'm sorry. Yeah, by the time the class finished at 5 p.m., the stock market already closed. I always buy high and sale low every day. So that doesn't work. Yeah, for that's why, yeah, I, me and my friends, we developed the first mobile stock trading apps for Thailand, yeah, which is later kind of like sold to the stock exchange of Thailand, right, and sparked my mission, yeah, to be kind of like the uh how I can uh make the bigger impact to the I went from building these mobile apps to studying medicine, right, and then becoming a doctor and uh like along the way, I pick up many skills called like uh many kind of like decision making, data driven, right, uh, like the, but then after that.I thought, how I'd be able to kind of like bring this kind of like skill that I built along with the many years to not only helping myself, to getting all these like richer alone, right, but how we be able to create a real impact for the local people here in Southeast Asia. So that's why I found a company called Rice, RISE. So, so Rice is a consulting firm, so we uh uh focusing on only one thing, which is how to start the new S curve for the big corporate. So we've been working with around 500 largest corporate across Southeast Asia to helping them developing the new innovation. So I think we can do even more because for us, we also help these big giant corporate spin out around 200 companies, right? But we thought, how we be able to kind of like doing it, uh, doing more so that's why CX was born around 2018, uh, when I was at Stanford, right? How, because we, I, I see a lot developed in the, in Silicon Valley, and how we be able to bring this technology from Silicon Valley to Southeast Asia. Yeah, tap into Southeast Asia and making this flash over there aswell. That's epic, man. That's a phenomenal story and I love what you're doing with Rise as well as CA's the fact that you were able to find some parallels kind of with your upbringing and more importantly, how you were studying healthcare. So I'm curious, right, when you're looking at a lot of these early stages, right, what promising industries are you seeing right now and technologies that you and CX are actually betting on? Right, I think there's a few things, right, because definitely like the well now if we don't talk about AI it's gonna be weird, right, because everything is AI, AI can be kind of like helping, improving, make things even faster, cheaper, and and a lot, a lot better. Yeah, so anything that is related to AI, we love to kind of like look and dive deeper into that, right?But then, apart from AI, I think there's a couple more things that we think is very important because when you think of being thinking about AI, you, you're not only thinking about the ship, and also kind of like the semiconductor, they gonnathe world needs to, need to have that a lot more. But then another thing is also energy, right? Because AI can consume a lot of energy. How will we be able to have sustainable energy? What going to be the next generation energy source, right? Yeah, at CX we invest in the company called Taiwan Energy, yeah, which might be the first, very first company in the world, right, that be able to produce commercialized so that's 24/7 green, right, uh, emits zero carbon or near zero so our, our co-investor is uh like uh Bill Gates breakthroughy winter. That's, uh, yeah, apart from, apart from that, definitely, right, healthcare is something that I really like because now you have AI discovery going to be a lot easier. In the past, it might take a couple of years before the drug, the drug or the molecule be able to get to the clinical trial, right? But now all the pros that you take years to complete, now it's like only one year. So one, we might have to nerd out real quick because I love it. you talk about kind of fusion energy with type one, like compare that to what they're doing at Oclo with nuclear energy, because obviously when when we're talking about power and is the bottleneck. We need a ton of power. So like, can you even compare that or better yet, talk about that really quickly for the audience, also for me. When we're talking about renewable energy, right? So renewable energy, the mature one gonna be like solar energy, wind power, yeah, so, but these solar energy and wind we, uh, the difference is that, uh, we're talking about intermittency, right? Because you cannot have the wind like 24/7, you cannot have like the sun 24/7 as well. Yeah, so now, yeah, but the, the server, the AI, they're gonna consume energy 24/ what, what's going to be the next source of energy, you know, when the sun and the wind is not like 24/7. So the answer is kind like nuclear energy. So when you're talking about nuclear energy, yeah, like one in a spectrum we call fission, right? are a couple of company they're doing fission uh already, and then fission is, uh, we're talking about what we call small modular reactor, right? But these small modular reactor, while the technology is more more and more getting more and more advanced every in the past, yeah, there's some kind of like the emission left, right? There's some uh like kind of like the, sometime they broke down, if you talk, uh, if you heard about Fukushima, uh, like in Japan, that, that got the big glass, right, or should be, right? So those, of like the, the fission technology. Why in the other hand, when we're talking about fusion, the fusion energy is safe, and there's no radioactive uh like uh things left over. So that's and then it be able to continue 24/7. Yeah, so that's another, another nuclear. When we talk about nuclear, uh, we need to be clear whether this is fission energy or fusion energy. What's so amazing is I'm going to rewatch this episode to even take notes on our own conversation. I love that. So earlier, right, you stated that you know from a CX allocation standpoint, it's about 70% to the US and I'm imagining 30% to kind of Southeast Asia. 20% like Europe and then 10% APAC. Yeah. OK. So my question right is across those three nations effectively, uh, or areas or do you actually see kind of innovation ecosystems evolving differently, especially when we're talking about like, who's the leader in AI so to speak, like kind of what are you seeing? Right, yeah, and I think these to thanks to the US, right, because I think UST or the epicenter like the of software, right? We we talking about softwa and AI I think the USD leading the pack because you have great like the like the academic um, yeah, when I, when I went to the US for study, I feel that as well that uh the the level of uh like the academic excellence is there, right? So that you can produce great PhD, kind like great professor, and also great science. Yeah, so in terms of uh like uhThat's the first thing. And then when you already have that, right, so that's gonna attract the capital, right, into the, into the country, into the region as well, because the capital, like, especially venture capital, also like something that is kind of like going to be create something breakthrough, right? So that's, uh, so that's, I think I see that as the US while in Europe, I think Europe is kind of uh very big on another industry, which is climate, right?I joined Davos Worldic Forum earlier this year, right? So and then there's a meeting, uh, and everybody, most of the people coming from European, uh, like leaders, they all said the same thing, right? Uh, no matter what the new administration in the US would be, right? They're still pushing forward with this climate goal, right, net zero goal, it's still the then uh if you uh like building uh climate tech, right, or things that gonna save the world, like emit less carbon, yeah, so whether it's going to be energy or food, right, because our food also produce a lot of methane, right? So then the food chain system, so that's bad for the, the, the that make global warming more and more, right? So if you develop something in this field like climate is something that is very interesting. Wow, if we switch the gear to Asia. So I think uh the definitely like uh in Asia, not every country have a lot of money. We're talking about Southeast Asia, right? So that is still kind of like the many of the countries still developing we don't have, uh, we don't have a lot of capital. We don't have, uh, we do have very good academic uh like already, but not compared to like the US or Europe just yet, right? We are getting a lot better. But then, what we, what we have here, I think is the growth. Yeah, we're talking about Southeast Asia, we're talking about 600 million strong, kind of like um people, right?And the growth rate is still like economic growth rate for the whole region is still kind of like 5% on average, right? So that's it, so that's kind of like huge growth. Yeah, that'd be able to propel the region. So if you're thinking about growth, uh, like Southeast Asia is going to be another region that you should look at in terms of investment. Thank you, thank you. So look guys, we're going to take a quick break, but when we come back, we'll have more with Kid of CX right guys, welcome back to Financial Freestyle here on Yahoo Finance, and guys, we're getting in deep, right? We're talking to my guy Kid of CX Ventures, and it's only right because you guys got a unicorn in your portfolio and that's you guys have been an early investor in Salana. So one, let's break down one your overall outlook of crypto. 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I am a huge crypto advocate. If you could explain what Salana is to an eighth grader, what would you say if it in only like twosentences? Right, actually, like the Solana is a is a platform, right? So at the end, yeah, like uh we need bottleneck of uh money transfer or do some transaction is a throughput, right? Which, which means if you, if you're looking at like the Bitcoin. Yeah, so Bitcoin, if you want to transfer to your friends, right, it might take kind of like a couple of minutes, uh, in order to do the time stamp and everything. But like Solana make it faster. So that's, uh, so then faster means more people can use it, right? And then more people can adopt this can be to go on a global scale. I love it. Well, it's only right we talk about it and I have to put you on the spot. If you have your last million dollars in your fund or less whatever, right, and you can only deploy it in one strategy, and all else is equal. The team is of their, you know, competitive advantage is equal. All you're betting on is the industry. Will that be cryptocurrency, AI or biotech? And making this obviously as a venture, you're talking about what's going to be the biggest in the next 5, 10years. Yeah, so I think uh for me, I mean like uh I cannot uh as the fund, right? So we're not gonna put all egg in one basket. We cannot do that. Yeah, we need to, we need to express the risk, right? Yeah, and then uh the, the risk is let's say if these two industries, even one of them become unicorn, become decacorn, so then uh we got all the return for our everybody happy. Yeah, we don't need to, we need to, they don't need to have 1000 Xs. Yeah, probably 100 X. Every everybody already happy. That is the right answer. You might as well go into politics after this cause you didn't let me bait to the audience then, over the next 5, 10 years without making an investment, are those three areas the the the biggest growth opportunities or is there something else that maybe we or myself, for instance, I didn't mention? Is there anything else that might be pretty big in the next 5, 10 years that I didn't mention? No, I think that that's true thing is very interesting on its own, right? So we're talking about crypto, I think it's, uh, is, is more about adoption. The crypto is gonna be bigger, only, only everybody, yeah, using it on a daily basis. If we have, we be able to find a way to let everybody using it on a daily basis, so that's gonna be 10 times, 100 times, 1000 times more because like the bigger than that today, right? Healthcare, I mean, uh, take a sample of uh like the world's population.I think the world's get aging more and more. Uh, many countries are gonna entering aging society. So now, we're not talking about how to better treat the patient, but how we be able to prevent, how we be able to live long and live happily, right? So without uh without any diseases, right? So then, so healthcare is also gonna be kind of like super uh, and definitely, uh, the, the way that's uh any industry is gonna be super big, we cannot deny AI, right? So AI is gonna be the integral part. Yeah, it's depending on how you be able to integrate AI and then make sure you get return, you get RI, you get things like better for your audience, for your user, for your customer. Yeah, so that's, so that's gonna be, I think like the the way to make these tree industry getting a lot bigger. And what's your view on quantum, quantumcomputer? Yeah, I mean like the many scientists, uh, we also looking at quantum quite a lot, right? Because that's a frontier technology. Yeah, and then I think once we be able to achieve a quantum supremacy, yeah, so that's gonna be another game changer as well, right? So, yeah, so we but we waiting for that, we're waiting for another breakthrough in quantum. Kindof coming back full circle to venture as a whole, right?You know, to the public, right? What would you say, you know, most people are misunderstanding about the overall space? Yeah, most people think about venture capital as just making money. Yeah, but for us, I think we're thinking about it not only make money, but also uh like bridging the gap between innovation and real impact, right? How?Yeah, because the founder, world class founder gonna they had the IP, they kind of want to change the world, right? They have innovation. But then, how that innovation be able to become reality? We need to fund them. We need to support them. So that's why what I like about my role and my jobs here at CX, right, because we be able to meet great people across the world, where these people, they want to change the world to be the better place, right? Uh through technology, through innovation. That's epic. That's epic. It's so curious, what is the that you live by, like, what's one of the best personal finance uh rules that you would want to kind of tell the audience that they themselves should follow? Right, I think uh I, I learned this from my parents, right? So my parents are veterinarians, right? Uh and uh my mom, right, especially my mom also working as a civil servant. So civil servant work uh uh like she's a professor, right?Uh, work 8 a.m. to 5 p.m. After 5 p.m. she come back and uh open her own kind of like pet hospital, right? So from that 5 p.m. to 10 p.m. like uh every day. So I saw that kind of like working hard when I was young, right? And I saw inspired because that that's how I uh like when I applying this to the investment, right?So we also working very hard, right? We also do this is really hard because deep tech is not easy. Uh we have many jar on that I told to you at the beginning of the podcast, right? So then, uh, how we be able to understand all of this, right, or find the expert, find our investment committee to help brainstorm and then validate this kind of like idea. So I think still, yeah, most people thought, oh, worldwide balance is for me, yeah, it's all about work life integration. And I, I'll tell my team member, if you come here, you work at CX, there's no work life balance. There's only world life integration. There is one thing, and then that one thing is mean working hard and then you create a real impact for the world. I love it. So one, shout out to your mom because you know what I took from that was having, you know, she wanted to have multiple streams of income, right? Having one stream of income is too close to having zero. Then I love what you said, right? I saw a clip on social that went viral and it was like in an interview if a candidate asked me, OK, so can you tell me about work-life balance?Instantly you're not hired. So what you're saying is, look, man, it's about integrating the work life. It's not necessarily a balance. You got to keep grinding. So I love it, man, and I think you're a remarkable guest. I appreciate you for being here. That's it for this episode, ladies and gentlemen. Make sure you like, subscribe, tell a friend to tell a friend, and as always, make sure you tune in each and every week. We're going to give you some gems. It's your boy Ross Mack, and this is Financial Freestyle here on Yahoo Finance. This content was not intended to be financial advice and should not be used as a substitute for professional financial services.
