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President Obama, speaking at an Obama Foundation event last month. Photo: Scott Olson/Getty Images

"We need to stop believing that more and bigger is better. We are chasing the wrong things," former president Barack Obama told a Silicon Valley audience Thursday.

Why it matters: Obama's warning has an added layer of meaning here, where the tech industry has grown powerful and rich by mastering the art of "scaling up."

The big picture: Speaking at Salesforce's Dreamforce conference, Obama traced many of the problems in today's society to uncertainty fueled by globalization and automation, along with an underlying misconception of what it takes to be satisfied.

  • "What I also see is just this sense of anxiety and rootlessness and uncertainty in so many people some of which is fed by globalization and technology," he said. "So much of the political turmoil we are seeing right now has to do with people feeling materially insecure."

The bigger picture: Technology and globalization have "turbocharged" the anxiety, and we need to deal with the social issues that has created, he said.

  • "Part of the goal of solving big problems is not just a matter of finding the right technical solution," he said. "Part of it is also finding out how do we restore some sense of our common values."
  • "We're chasing after the wrong things," he said, adding that climate change tops his list of concerns. "There's such a thing as being too late."

Yes, but: Obama argued that we're hampered by lack of a common experience, which he said was easier when there were only three channels on TV. At that time, he said, everyone was watching Walter Cronkite or David Brinkley whether they were conservative or liberal.

  • "If you watch Fox News you live in a different reality than if you read the New York Times," Obama said. The internet had the potential to help people better understand one another, he said — and perhaps still does — but right now it is splintering us.

Go deeper

Lawmakers call for Israel-Hamas ceasefire amid aerial bombardments

Combination images of Republican Sen. Todd Young and Democratic Sen. Chris Murphy. Photo: Michael Reynolds-Pool/Getty Images/Greg Nash-Pool/Getty Images

Sen. Todd Young (R-Ind.) and 28 Senate Democrats on Sunday called for a ceasefire between Israel and Hamas as fighting continued into the night.

Driving the news: In the first bipartisan call for a ceasefire, Young, a ranking member of the U.S. Senate Foreign Relations Subcommittee on Near East, South Asia, Central Asia and Counterterrorism, joined its Chair Chris Murphy (D-Conn.) a statement saying: "Israel has the right to defend itself from Hamas' rocket attacks, in a manner proportionate with the threat its citizens are facing.

Bill Gates faces scrutiny over relationship with Microsoft employee, Epstein ties

Photo: Alessandro Di Ciommo/NurPhoto via Getty Images

Representatives for Bill Gates pushed back on claims Sunday that he left Microsoft's board because of an earlier sexual relationship and against two other reports detailing more extensive ties with Jeffrey Epstein than had previously been reported.

Driving the news: Microsoft said in an emailed statement to Axios that it "received a concern" in 2019 that its co-founder "sought to initiate an intimate relationship with a company employee in the year 2000," but denied a Wall Street Journal report that its board members thought Gates should resign over the matter.

AT&T in talks with Discovery to combine media assets

Illustration: Annelise Capossela/Axios

AT&T is in talks with media giant Discovery about merging its media assets, like CNN, TBS and TNT, according to two sources familiar with the discussions.

Why it matters: A potential merger could allow AT&T and Discovery to better compete with entertainment giants like Disney and Netflix in the video streaming wars.