The Sun Valley Conference, known as the "Billionaires' Summer Camp," kicked off again this year on the 9th (local time) at the resort in Sun Valley, Idaho, USA.
This year, big tech giants including Tim Cook, Apple Chief Executive Officer (CEO), Mark Zuckerberg, Meta CEO, Sam Altman, OpenAI CEO, and Sundar Pichai, Google CEO, all attended. Lee Jae-yong, Chairman of Samsung Electronics, also participated as the only representative from Korea, stepping into the global arena.
This event has been a closed event hosted by the American investment bank Allen & Company since 1983. While its official name is the Allen & Co Conference, it is more famously known as the Sun Valley Conference, named after its location.
Every early July, only a select few influential figures invited by the host gather for about five days to build camaraderie and discuss trends in advanced technology.
The main topic that permeated this year's conference was undoubtedly "artificial intelligence (AI)." Foreign news outlets reported that attendees engaged in deep conversations about the changes and future of the industrial landscape brought about by generative AI.
Experts noted that it was a rare opportunity for corporate leaders from Google, Meta, Microsoft (MS), and Sam Altman, CEO of OpenAI, the developer of ChatGPT, to gather in one place at the forefront of AI technology competition.
These meetings have hinted at fierce underground competition and alliances surrounding the future dominance of the AI market, going beyond simple technology exchanges.
Vanity Fair quoted sources familiar with the event, stating that "Meetings in Sun Valley often lead to massive technological alliances or unexpected investments" and added that "it would not be surprising for participants to announce new partnerships in the AI field during this gathering."
Along with AI, the issue of media industry restructuring was also a key topic at this year's Sun Valley Conference.
According to Bloomberg, Paramount Global, a major media corporation currently undergoing a sales process, was one of the main focuses of this conference. David Zaslav, CEO of Warner Bros. Discovery, a strong candidate for acquisition, and media mogul Barry Diller, Chairman of IAC, also attended the conference to explore pre-acquisition discussions.
Historically, the Sun Valley Conference has a reputation as a venue where significant mergers and acquisitions (M&A) take place.
The large contracts resulting from discussions held here include Disney's acquisition of ABC in 1996, Comcast's acquisition of NBCUniversal in 2011, and Jeff Bezos's acquisition of The Washington Post (WP) in 2012.
Unlike the Davos Forum, which is held in Switzerland every January and broadcast live worldwide, Sun Valley opens its doors only to an elite few invited by Allen & Company.
Participants minimize media exposure, enjoying golf or tennis in casual attire while conceptualizing future business and networking. Coverage or interviews are prohibited.
Such "secret meetings of elites" exist beyond Sun Valley as well. The "Bilderberg Meetings" have been a closed venue since 1954, where 120 to 150 influential figures from North America and Europe in politics, business, and media gather to discuss international issues. Google co-founders Larry Page and Sergey Brin hold a private "Google Camp" every summer in Sicily, Italy.
These "exclusive leagues" share the commonality of discussing significant issues that could influence global economic trends under a strict principle of confidentiality.
In Korea, Lee Jae-yong, Chairman of Samsung Electronics, interacted with global big tech CEOs at this year's Sun Valley. He has consistently visited since 2002.
In 2014, while embroiled in a "historic lawsuit" with Apple over smartphone patents, he met Tim Cook, Apple CEO, at this conference and found a breakthrough.
Experts collectively voiced that this year's Sun Valley Conference will be a crucial turning point in gauging the direction of AI technology standards and media market restructuring.
There are also assessments that the confidential discussions among billionaires may lead to a butterfly effect that changes the global industrial landscape within months.