Bill Gates reflects on the death of his longtime friend and rival Steve Jobs in an upcoming interview with Nightline's Bill Weir.

"You gotta pick important stuff because you only have a limited amount of time," Gates says, reflecting on Jobs' passing, mortality and his own philanthropic goals in a segment posted to Yahoo.

Walter Isaacson's best-selling biography of Steve Jobs noted that Gates visited his house and the two would have in-depth conversations about their lives, work and families.

In Gate's official statement after Jobs' death, he said it was "an insanely great honor" to work with Jobs. Gates said the two were, "colleagues, competitors and friends over the course of more than half our lives."

Jobs was well-known to have an obsessive, sometimes abrasive personality, which the world became privy to when Isaacson released the biography of Jobs shortly after the Apple co-founder's death.

Jobs stepped down from Apple in August 2011 and died that October. His passing was marked by his family, friends and colleagues — as well as untold millions fascinated with Jobs' work — who paid tribute to him through eulogies, books and shines.

The full Bill Gates interview is scheduled to air Tuesday at 8:35 p.m. PT on ABC.