"Oh, right. Jeffrey Preston Bezos's arriving in New York tomorrow, isn't he?"
Sitting with one leg crossed, Seok-won asked casually. Landon responded immediately.
"Yes. He's flying in from Seattle on the private jet we arranged."
Jeffrey Preston Bezos/Jeff Bezos was a brilliant talent who graduated from Princeton, quickly rose through the ranks at various startups and emerging financial firms, and became an executive before even turning thirty. Then, he suddenly resigned and moved to Seattle to found an online bookstore—Amazon.
Though the company had only been around for less than two years, it had already gained attention during the ongoing IT boom. Just this past May, The Wall Street Journal had run a front-page feature on the startup.
"We've wrapped up most of the negotiations already, right?"
"They're preparing to go public sometime next year, and since they need more investment to boost their valuation before that, they're looking favorably on our proposal."
"That's good to hear."
Knowing Amazon would eventually become the world's largest e-commerce platform, Seok-won had made the first move and offered to invest before the company exploded in value post-IPO.
'It would've been ideal to invest right at the start, but I missed that window.'
Unlike other startup founders, Jeff Bezos already had substantial personal wealth, and he'd easily raised around $2 million from relatives and friends. There hadn't been much room for Seok-won to wedge himself in.
Just a week after launching, Amazon was already selling books across the U.S. and to 45 cities worldwide. With a feature in The Wall Street Journal, it had taken off from the very beginning.
As a result, unlike with Netscape, Yahoo, or Hotmail, Seok-won now had to invest at a much higher valuation.
'Still, considering how much Amazon's stock will soar, it's worth hopping on even now.'
But Landon and Andrew, unaware of what the future held, remained skeptical.
As expected, Landon gave Seok-won a cautious glance before voicing his concern.
"Amazon is definitely a promising startup, but valuing it at 200 million dollars just seems too high, no matter how I look at it."
"I feel the same way," Andrew chimed in. "Especially since you already own a 25% stake in eBay. If we didn't have any exposure to e-commerce, I'd understand, but this seems like overlap."
Seok-won had personally invested $30 million in eBay and owned a 25% stake in the company. Of the many online marketplace startups, eBay was considered the fastest-growing and most likely to succeed, and he had valued it at $120 million. So it was only natural for them to be puzzled as to why he would assign a higher valuation to Amazon, which was often seen as lagging behind.
"I see things differently."
Fingers laced together, Seok-won leaned back slightly, a relaxed smile on his face as he continued.
"There is definitely some overlap, but Amazon and eBay operate in distinctly different ways—product sales versus person-to-person auctions. And the reason I'm valuing Amazon higher is because I believe its growth potential is much greater."
Andrew still looked unconvinced, despite knowing full well how sharp Seok-won's instincts were.
"But in the end, it's just a company that sells books. Do you really think it's worth that kind of investment?"
"Yes," Seok-won replied without the slightest hesitation.
"I truly believe that while Amazon may only be selling books now, it will soon grow into the Walmart of the internet—offering everything from music and videos to games, toys, and even everyday essentials."
"The Walmart of the internet?" Andrew echoed, visibly surprised.
Seok-won nodded.
"Before Amazon, no one ever imagined they could buy books online. But now, someone in Paris can order an American book and have it delivered straight to their door. If that's possible, why not other products too?"
Andrew paused, seriously mulling over the idea. His expression gradually shifted from skeptical to thoughtful.
"Now that you put it that way, it does make sense. There are certainly challenges to overcome, but I don't see any reason it couldn't work."
"If it really becomes the Walmart of the internet, then a $200 million valuation wouldn't be overpriced at all."
Landon chimed in, nodding in agreement.
"No need to look too far ahead—by the time they go public next year, Amazon's valuation could easily double from where it is now."
Seok-won confidently affirmed it.
The two still had lingering doubts, but deep down, they reminded themselves that Seok-won's instincts had never been wrong. They hoped this time would be no different.
If Amazon could truly show signs of becoming an "internet Walmart," the ongoing IT boom could drive its valuation sky-high.
And Seok-won's track record made his prediction all the more convincing. His investment in Netscape had yielded massive returns, and both Yahoo and Hotmail—whose shares he had acquired early—had grown exponentially in value since.
"Besides," Seok-won added with a shrug, "venture investing is all about betting on potential. Even if most don't pan out, one or two big wins can more than make up for the rest. The more seeds we sow, the better."
Since this was Seok-won's personal investment—not from the fund's capital—and the negotiations were practically complete, with only the final signature remaining, Landon and Andrew held back from raising any further objections.
"We're putting in $50 million for a 25% stake, correct?"
"That's right," Landon confirmed.
Seok-won's face lit up with satisfaction. Soon, he would own 25% of Amazon—the future trillion-dollar global giant and a key player in what would later be called the Magnificent Seven—for a mere $50 million.
"Once the deal is signed, let's arrange a dinner together. Since we'll be in the same boat after investing—and considering this man is going to make me a lot of money—it'd be smart to build a good rapport now."
"Since you won't be staying in the U.S. for long, that sounds like a good idea. I'll book a table at the French restaurant in the Plaza Hotel where you're currently staying."
"The foie gras there is incredibly smooth and flavorful. We should definitely have that."
"I tried it not long ago myself," Andrew said. "It really is excellent."
Landon nodded. "I'll have them prepare it in advance as the main course."
With the Amazon investment settled, Seok-won suddenly remembered something and asked,
"Oh, and what's the status on Nvidia?"
"I was just about to bring it up," Landon began. "As you instructed, we sent them a letter of intent, and their CEO personally reached out saying he'd like to come meet us."
"You mean Trevor Hwang, the founder?"
"Yes, that's right."
Seok-won stroked his clean-shaven chin thoughtfully.
"If he's being that proactive, then the rumors must be true—the company's situation isn't looking too good."
"Well, their first graphics card, the NV1, launched last year but turned out to be a major flop. Its performance fell way short compared to competing models, and the final retail price ended up being significantly higher than the initial $200 they'd quoted."
"Still, didn't SEGA show interest and shortlist them as a candidate to supply chips for their next-gen console?"
SEGA, a multinational video game developer headquartered in Tokyo with branches in the U.S. and Europe, had taken notice of Nvidia's early efforts. Their American branch, SEGA of America, had even considered Nvidia as a potential graphics chip supplier for their upcoming console.
"That's true," Landon admitted. "But the issue is that the new chip they were developing still used the same rectangular polygon rendering approach from the NV1, instead of switching to the triangular polygons that have now become the industry standard. So all the development investment has pretty much gone to waste."
Seok-won hadn't known the full extent of Nvidia's internal struggles, and his eyes briefly lit up with intrigue.
"Then I assume the deal with SEGA fell through?"
"Yes. Once it became clear they couldn't compete with the other candidates, Nvidia pulled out of the race on their own. Thankfully, SEGA still honored their $5 million support payment, which kept them afloat for the time being. But from what I've heard, even with that money, they've only got maybe six months left before they run out of cash."
Despite the dire picture, Seok-won knew what others didn't—Nvidia would eventually turn things around. In fact, the new graphics card they were set to release the following year would become a major hit, setting the stage for their explosive growth.
Hearing just how desperate the situation had become only strengthened Seok-won's belief that this was a golden opportunity.
"So, have they completely scrapped development of the new card?" he asked, sitting up a little straighter.
"Not exactly. They're planning to abandon their current architecture and rebuild from scratch. But with limited time, dwindling funds, and two failed products behind them, most in the industry think it's a lost cause."
Landon glanced at Seok-won's expression, then cautiously added his own take.
"Frankly, I don't see much hope for Nvidia. Maybe it's time to reconsider the investment."
Seok-won tapped the armrest of the sofa lightly with his fingers, mulling it over for a moment. Then he looked up and asked,
"You said Trevor Hwang wanted to meet in person?"
"That's right."
"I'll speak with Trevor Hwang first, and then decide whether to move forward with the Nvidia investment."
Landon didn't see the need to go that far, but since the decision ultimately rested with Seok-won, he bowed his head in silent agreement.
"Understood. When should we ask him to come to New York?"
"Let's finalize the Amazon deal first. Sometime next week should be fine."
"In that case, I'll schedule the meeting for Wednesday. That day's currently open."
"Sounds good."
There was no need to rush—after all, it was Trevor Hwang who was desperate.
'The more time passes, the more pressure he'll feel. That'll put us in a better position to negotiate.'
Still, Seok-won knew better than to stall too long and risk letting a truly valuable opportunity slip through his fingers. He planned to play it just right—push and pull with precision.
'Now that I think of it, this was also around the time I first got connected with Taiwan's TSMC, the foundry company.'
Seok-won had every intention of tightening the leash on Nvidia and Trevor Hwang, making sure they didn't have a chance to turn elsewhere.
'If it's good, I'm the only one who should have a straw in it.'
The thought of how much profit he stood to make from these back-to-back investments—in Amazon and now potentially Nvidia—made him smile involuntarily.
And beyond that, the idea of sitting face-to-face with the young versions of two men who would one day become global titans—Trevor Hwang and Jeff Bezos—filled him with a buzz of excitement and anticipation.
TL/n -
Jensen Huang – He's the most well-known of the founders of Nvidia and has been the CEO since its beginning. Before Nvidia, he worked at LSI Logic and AMD.
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