Code Advisors Partner Quincy Smith talks with Recode's Kara Swisher about the current state of mergers and acquisitions in tech and media. Smith, who previously worked at Netscape and CBS Interactive, says media companies consolidate in tough times, and a massive game of "sharks and minnows" has begun with AT&T's pending $85 billion deal to buy Time Warner. However, in a similar business climate, tech companies focus on their own products, and Smith argues that the rise of artificial intelligence is delaying or obviating the prospect of big new deals among internet and social media companies.

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