The All-In Podcast

The All-In besties discuss Ken Griffin's stark warning that AI is almost certainly in a bubble, and are joined by Palo Alto Networks CEO Nikesh Arora to break down a major PHP zero-day exploit that sparked a cyber panic. The conversation shifts to France, where surging bond yields, massive protests, and an immigration referendum have pushed the country to the brink. They also touch on Trump's second-half strategy and a recurring joke about Jason becoming press secretary.

All-In Podcast hosts Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg sit down with tech leaders Arvind Krishna and Nikesh Arora to discuss pressing tech issues: the quantum computing threat to encryption, the debate between open-weight and frontier AI models, AI's role in cyber warfare, the global AI arms race in regulation, and the trend of vertical integration and software consolidation in the SaaS industry.

Dylan Field joins the All-In crew to discuss Figma’s origin, the blocked $20 billion Adobe acquisition, and how AI is reshaping design and SaaS. The conversation covers the antitrust fight, the potential "SaaS apocalypse" as AI-native apps emerge, the growing importance of taste and boldness in creative work, and the need to preserve human agency in an AI-driven world.

Ben Horowitz fills in for David Friedberg as the Besties react to a dramatic selloff in AI infrastructure debt, led by CoreWeave's bonds hitting a 15% yield and triggering concerns that the AI capex bubble is popping. They explore AI's deflationary potential through decompiled software, then turn to Anthropic: mixed signals from its investor day, a $16.8 billion quarterly revenue figure that raises red flags, and a new security warning about self-replicating models on IoT devices. The episode closes with a discussion of Bill Gates' recent doomer takes.

Billy Evans joins David Friedberg to discuss his relationship with Elizabeth Holmes, the Theranos trial, and her life in prison. The conversation covers how they met, the gap between Holmes's public image and private life, and what went wrong during fundraising. Evans reflects on the decision to stay silent during the trial, the verdict and sentencing, and their communication from prison. He also explains why they participated in the Nathan Fielder documentary and discusses restitution and his new company.

Martin Shkreli joins the All-In hosts to deliver his unfiltered take on three topics. He explains why he sees quantum computing as a one-trick business and is betting against it. He also argues that big pharma routinely underprices critical drugs—a blind spot he exploited as a hedge fund trader before moving into the industry. Finally, he reflects on AI in drug discovery, who actually captures the value, and gets personal about the gifted-kid trap and what prison taught him.

The besties discuss Anthropic's belief that Claude may be conscious and its outreach to the Vatican, the emerging model welfare movement and AI alignment risks, OpenAI's massive release of mathematical results that shocked the academic community, the ongoing protests in France and their bond market implications, and the latest AI product launches including Grok's headless mode and OpenAI's Dots, questioning whether intellectual property still matters in an AI-replicant world.

Chamath, Jason, Sacks, and Friedberg discuss the White House Super Intelligence Summit and the resulting AI safety accord. They explore the national security implications of data centers, a proposed 'America.gov' digital identity system, and what they see as coordinated messaging around AI existential risk. The conversation shifts to recent economic data showing strong GDP growth, robust consumer spending, and cooling inflation. They close with midterm predictions and a look ahead to 2028, plus analysis of media coverage around a recent attempted terrorist hijacking.

Jake Paul joins Chamath and the Besties to discuss turning his massive online audience into a boxing business, his challenge to the UFC’s pay model, and why he views attention as capital that can be invested beyond the celebrity label. He also hints at a possible move into politics. Later, Drew Taggart and Alex Pall of The Chainsmokers share how they transitioned from artists to investors, playing a supportive “sixth man” role in deals, and offer advice on whether fame helps or hurts in venture—while also weighing in on bubble behavior and the importance of returning cash to investors.

Danil Ek joins the All-In podcast to discuss Spotify's origin story, including betting his own money to get record labels on board. He then dives into Neko Health, a $499 full-body scan startup aimed at shifting healthcare from reactive to proactie, and critiques the US healthcare system's incentives. The conversation turns to AI, where Ek argues the tech industry hasn't sold the upside effectively and suggests regulating compute rather than models. He also reflects on open standards for podcasting and shares his early Stardoll venture.

Steve Hilton breaks down how decades of one-party rule in California have produced regulatory capture and a broken legislative process. He outlines a Republican path to victory built on cost-of-living messaging and the case against Xavier Becerra. Spencer Pratt then joins to recount the campaign messages that flipped an LA district, how rules in LA actually reward the connected at the expense of small businesses and public parks, and the fight over water infrastructure and empty reservoirs in the Palisades. The conversation also covers ballot harvesting, voter ID, and whether election machinery is rigged or merely legal.

Blake Scholl discusses the stagnation of commercial aircraft speed, the challenges of reviving supersonic flight, and his company's pivot to serving the data center market. He explains the technical and regulatory hurdles around sonic booms and the need for legal changes to enable supersonic travel over land. Later in the episode, Jason joins to explore the booming demand for data centers and its ripple effects into sectors like private aviation.

Naveen Rao joins the All-In Podcast to discuss the energy wall facing AI, where the cost per token and power constraints threaten scalability. He presents a new computing paradigm based on dynamical systems that eliminates software abstractions, promising massive efficiency gains. The conversation covers the path to product, including porting existing models and building the team.

Adam Foroughi, CEO of Applovin, discusses the company's turbulent journey from a 92% stock drawdown to becoming a leader in mobile advertising. He explains how app discovery relies on recommendation rather than search, dispels the myth that phones listen to conversations, and reflects on the impact of Apple's privacy crackdown. The conversation also covers how lean teams can compete with tech giants, the concept of margin moats, and the challenges of building in China.

Venture capitalist Bill Gurley delivers a presentation at the All-In Summit titled 'Searching for Feynman.' The talk explores the scientific rigor and truth-seeking ethos inspired by physicist Richard Feynman, applying it to contemporary issues such as the investigation into the origins of COVID-19. Detailed content is unavailable as the transcript was not included in the show notes.

NASA Administrator Jared Isaacman joins the All-In Podcast to discuss the future of space exploration. He covers NASA's current trajectory, plans for a moon base, the pathway to Mars, and the revival of nuclear propulsion. Isaacman also addresses the intensifying space race with China and Russia, and how capital allocation toward space research could redefine American leadership.

Nick Shirley joins the All-In hosts to debut his video "Inside California's High Speed Rail to Nowhere" and discuss the legislative and media backlash to his reporting. The conversation covers California's "Stop Nick Shirley Act," recent fraud arrests, and how he entered investigative journalism. Nick argues mainstream outlets practice selective journalism and that his coverage of government fraud is why he has become a threat to them. He closes with his next targets: welfare fraud and building his own platform.

Brad Gerstner joins the All-In crew to argue there is no AI bubble — the make-or-break question is whether AI revenue can cover the enormous capex the industry is deploying. The discussion centers on what Gerstner frames as AI's take-off problem: the physical build-out involving gigawatts of power, expanded TAM, token growth, and margin expansion, and whether it can keep pace with the technology. The closing segment runs through the risks that could break the thesis, including AI regulation, the nuclear regulatory precedent, power limits, and rising interest rates.

Dina Powell McCormick joins the All-In hosts to discuss Meta's major data center investment in Richland Parish, Louisiana, which has reportedly led to $50,000 teacher checks and community revitalization. The conversation covers how Meta is addressing local concerns about pollution, electricity, water, noise, and aesthetics, as well as countering misinformation campaigns targeting these projects. McCormick also highlights America's Workforce Academy and the broader job growth from re-industrializing America. The episode discusses Meta's recent social media settlement and new rules for teens, and touches on Meta's glasses and AI strategy.

Microsoft CEO Satya Nadella joins the All-In hosts for a discussion on the state of AI development and the growing debate over slowing the frontier. The conversation covers Dario Amodei's recent blog advocating for 'pacing the frontier' as common-sense AI safety, the failure of AI CEO messaging, and the economic incentives that may be driving doomerism narratives at frontier labs. Nadella then explains Microsoft's capital allocation strategy for AI, and the hosts close by examining China's slowdown and its implications for data centers and global AI competition.

Gwynne Shotwell, President and COO of SpaceX, joins the All-In crew to discuss her journey from sales to running day-to-day operations, the modern multi-faceted SpaceX (rockets, Starlink, AI, and ties to X), and plans for direct-to-cell satellite service while retiring older rockets. Elon Musk joins mid-show to explain his views on AI risks, the need for peer review of frontier models, and what he meant by 'Dario is right.' The conversation also covers Gwynne and Elon's working relationship, the future of Starship and Terafab, skepticism around flying cars, and the prospect of merging Tesla and SpaceX.

Vice President JD Vance joins the All-In hosts for a wide-ranging conversation on the administration's first-year record, touching border control, re-industrialization, inflation, Iran, government debt, and anti-fraud efforts. The discussion turns to AI policy, where Vance addresses doomerism, what the hosts call the 'Frankenstein' narrative, and broader negativity around the technology. He also discusses H-1B visa abuse, more than a trillion dollars in federal entitlement fraud, the U.S. relationship with Israel, and his message heading into the midterms.

Jensen Huang joins Chamath, Jason, Sacks, and Friedberg to discuss the state of AI, challenging the 'doomer' narrative as a hoax and advocating for sensible regulation over moratoriums. They cover the Hugging Face acquisition, open source AI, and the competitive dynamics with China. Midway through, President Trump calls in live to echo Huang's views on the doomer hoax. Huang also details Nvidia's capital allocation strategy and hints at its open source model ambitions, while commenting on Elon Musk's Terafab project.

The hosts debate whether AI existential risk is a genuine concern or overblown doomer rhetoric, with implications for Anthropic's upcoming IPO. They discuss OpenAI's claim to have solved a 200-year-old mathematical problem amid allegations of using user data without permission. The episode also analyzes Nike's dramatic market decline and its removal from the S&P 100 index. Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg offer contrasting views on technology, business, and regulation.

The All-In Podcast hosts discuss OpenAI's release of GPT-6 Astra and the claim it has achieved AGI. They cover the All-In Summit, a Hugging Face hack sparking calls for an AI ban, and the NYC public school ban on AI for K-8. The episode also touches on the US-Venezuela oil deal and broader tech euphoria.

The hosts open by recapping recent interviews and the state of American science, then move to China's robotics showcase, Tesla's Optimus update, and the Grok Bot. They analyze Nvidia's and Salesforce's earnings as a reversal of AI capex bubble and SaaS collapse narratives. The discussion turns to Stanley Druckenmiller's criticism of Treasury Secretary Scott Bessent over bond market interventions, followed by the controversy around Druckenmiller using AI to write a Wall Street Journal op-ed. The hosts also cover a CIA director's trip to Moscow and Meta's settlement and new teen rules, before closing with a science segment on Moderna's mRNA cancer vaccine.

Eric Weinstein joins the All-In Podcast to diagnose what he sees as a systemic crisis in American science. He argues that institutions—from peer review to the National Science Foundation—have become careerist machines that suppress disruptive breakthroughs, creating a 'scientific precariat' of brilliant researchers frozen out of the establishment. The conversation covers Weinstein's provocative fix (fund people not projects, bypass peer review entirely), Ed Witten's dominance over theoretical physics and its alleged role in the field's stagnation, the 'Boom Vroom Zoom' hypothesis that stalled physics may have been humanity's saving grace by preventing premature destructive technologies, and the ongoing mystery of UAPs, which Weinstein frames as evidence of a multi-temporal adversary or some deeper failure in our physical paradigms.

Michael Kratsios, former U.S. CTO and architect of the Trump science agenda, defends the administration's reallocation of research funding, argues that pulling the RCP 8.5 climate scenario ends a false emergency, and diagnoses a productivity crisis in American science despite a $47 billion NIH budget. He lays out an ambitious timeline for quantum computing, fusion, and returning to the Moon, while warning that China's research spending has surged twenty‑fold and most STEM PhDs are now non‑American. The conversation closes with a stark assessment of Anthony Fauci's legacy and a critique of an aging scientific workforce.

The All-In besties dissect Dario Amodei's two-part essay on regulatory capture and AI doomerism, debate competing models for AI oversight (FINRA vs. MPAA vs. DMV), explore the possibility of an open-source AI ban and its implications, and break down the 2026 midterm polling landscape, including a surge in support for democratic socialism and a CATO study on the cost of the DSA platform.

Garrett Langley, CEO of Flock Safety, joins the All-In Podcast to address the intense controversy surrounding the company's license plate reader cameras. The conversation covers the core privacy debate, with Langley arguing that rapid deletion of non-hit data and rigid audit tools differentiate Flock from a surveillance state. He shares stark examples including the exposure of corrupt cops in Georgia and the practical reality that under-resourced communities most actively seek out the technology for protection.

The All-In Podcast hosts (Chamath, Jason, David Sacks, and Friedberg) are joined by guest Gavin Baker to discuss several major AI industry developments. Topics include Anthropic's reported IPO plans at a $2T valuation, Zuck's AI manifesto for Meta, Nvidia's $500 billion financing strategy, and Grok 4.6's launch. They also cover an antitrust lawsuit by New Jersey and a New York City mayoral candidate against Amazon's contractor practices, and Workday's potential acquisition by Silver Lake.

Rahm Emanuel joins Jason Calacanis and David Friedberg to discuss American foreign policy, China, Europe's decline, immigration, fiscal health, and education. The conversation moves from his time in the Clinton and Obama administrations to present-day strategic questions about Taiwan and the global economy. Domestic policy debates cover immigration models, college subsidies, and the government's role in markets. The episode closes with a discussion of the DSA and the coalition inside the Democratic Party.

Brad Gerstner joins Jason Calacanis, David Sacks, and David Friedberg to debate whether Google's AI talent exodus is a brain drain or a strategic shift. The besties then analyze SpaceX's massive quarter, touching on Terafab manufacturing and a potential trillion-dollar revenue projection driven by AI capex. Later they unpack Airtable's 90% valuation collapse as a symptom of the SaaS bubble and discuss the revelation that Chinese AI labs are purchasing US training data.

The All‑In crew interviews the founders of Saronic, a defense startup building autonomous warships. They break down the US Navy’s first autonomous rescue in the Strait of Hormuz, the staggering 230‑to‑1 shipbuilding advantage that China holds, and why the Pentagon’s addiction to cost‑plus contracts leaves only 1% of the budget for autonomy. The conversation explores whether swarms of thousands of inexpensive robot ships could lock down a contested strait and what China’s armed robot dogs mean for a future Taiwan conflict, before closing with the surprise announcement of Port Alpha, a 4,000‑acre defense manufacturing hub in Brownsville, Texas.

The besties discuss the sharp selloff in chip stocks and the margin call on Leopold Aschenbrenner's massive AI-focused hedge fund. They examine China's progress in domestic chipmaking tools and green shoots for the US economy. The conversation turns to frontier AI labs signaling a slowdown as compute costs skyrocket and scaling yields diminishing returns. A segment on socialist grocery stores illustrates the failure of price controls, and the science corner touches on efforts to map the brain.

The All-In Podcast hosts a panel of four robotics CEOs exploring the rapid commercialization of humanoid and quadruped robots. ANYbotics' Dr. Péter Fankhauser explains why his company bet on dog-like quadrupeds over humanoids for industrial use and slams the idea of armed robot dogs. Neo's Bernt Børnich announces plans to ship the Neo humanoid in 2026 as an open developer platform and predicts robots will build other robots within three years. Boston Dynamics' Amanda McMaster reveals Spot as the most deployed robot on earth while Atlas pushes the frontier, and she voices concerns about Chinese robotics security risks. Agility Robotics' Jonathan Hurst argues that advances in AI, sensors, and batteries finally make humanoid robots commercially viable after a century of false starts, and discusses the timeline for robots outnumbering humans on factory floors.

The All-In crew covers the latest AI arms race, from the Kimi K3 panic and the push to regulate open-source models, to the extraordinary growth of Anthropic and OpenAI and the $1.5 billion copyright settlement. They also react to the market punishing Google and Tesla for aggressive AI capex, and close with a 'Socialism Corner' on the claim that evictions are violence.

Mark Cuban dissects the current AI market, comparing it to the dot-com bubble and exploring which companies and workers face real extinction risk. The conversation spans enterprise AI adoption challenges, workspace transformation, healthcare applications, and the political economy of AI — ultimately arguing that AI acts as a truth-seeking force that exposes weak business models rather than replacing competence.

The besties debate whether the AI industry can self-regulate after DeepMind's Demis Hassabis proposes a FINRA-style regulatory body. They discuss Stripe and Block's $53B bid to acquire PayPal, Apple's lawsuit against OpenAI over alleged trade secret theft, a Grok data leak highlighting AI privacy risks, New York's moratorium on new datacenters, and new science on reversing aging. The episode balances policy concerns with entrepreneurial optimism about AI's trajectory.

Jason Calacanis sits down with former Intel CEO Pat Gelsinger to unpack what went wrong at Intel and why a Taiwan blockade would devastate the US economy. Later, Lovable CEO Anton Osika introduces the concept of 'vibe coding' — building apps by describing them in natural language — and reveals that the platform is already generating one million new apps a week, dramatically slashing builder costs.

The hosts sit down with ElevenLabs CEO Mati Staniszewski and Legora CEO Max Junestrand to explore how AI is rapidly reshaping two trillion-dollar industries. ElevenLabs has raced to $600M in annual recurring revenue with a flat, 600-person organization—and no product managers—while competing head‑on with OpenAI and Anthropic in voice synthesis, celebrity voice deals, and deepfake defense. Legora’s narrow AI models are upending the legal sector, challenging the billable hour and pressuring incumbents like LexisNexis with specialized, high‑performance tools. The conversation maps the new competitive dynamics, data moats, and business models that AI is bringing to voice and law.

The besties debate the timing and strategic implications of AI company IPOs (OpenAI vs. Anthropic), Meta's aggressive pricing strategy and open-source shift, China's potential export controls on AI models, and the launch of Trump Accounts as a mechanism to engage young Americans in capitalism. Brad Gerstner fills in for Friedberg to discuss whether unlimited TAM in AI justifies trillion-dollar valuations and whether open-source AI is ending globally.

Andrew Feldman (Cerebras) and Robin Rombach (Black Forest Labs) join the All-In hosts to discuss the rapidly scaling AI infrastructure, including data centers rivaling cities, the shift from training to inference, open source dominance, AI sovereignty, and the road to AGI. Rombach explains the generative video breakthroughs behind Black Forest Labs, and the conversation covers Hollywood's adoption of AI tools from Scorsese to robots and IP concerns.

The All-In hosts debate four major stories: Palantir and Nvidia's open-source AI model deal as a sovereignty play to keep US AI capability independent, the ongoing AI jobs disruption debate, Anthropic's Fable 5 release after export restrictions lifted, SCOTUS upholding birthright citizenship and striking Trump's EO, and California's budget crisis threatening to fracture the Union. The episode centers on geopolitical AI competition and domestic fiscal collapse.

Nate Silver joins Chamath, Jason, Sacks, and Friedberg to discuss the state of American politics. He breaks down the ongoing Democratic civil war among the left, abundance liberals, and Newsom's resistance base. Silver predicts a 85-90% likelihood of Democrats taking the House in 2026, identifies the Senate as a toss-up with a wildcard in gas prices driven by Iran, and explains how algorithmic social media is deepening polarization. He also shares his early bet that AOC, not Newsom, will be the Democratic nominee in 2028.

Chamath, Jason, Sacks, and Friedberg welcome investors Gavin Baker and Travis Kalanick. They break down a wave of socialist primary wins in NYC and what it means for the Democratic Party's future. The conversation shifts to China's open-source AI catch-up via distillation, Micron's record earnings and the AI memory crunch hitting consumer hardware, the math behind space-based datacenters, and IPO updates for Anthropic, SpaceX, and Cerebras.

Ryan Cohen joins the All-In Podcast to discuss his journey from building Chewy to activist investing and becoming CEO of GameStop. He outlines his $56 billion proposal to acquire eBay, arguing that the platform is undermanaged and could be revitalized through cost cuts, live commerce, and digital collectibles. Despite eBay's rejection, Cohen emphasizes the media's bias against GameStop and his commitment to the turnaround. The conversation covers e-commerce strategy, competing with Amazon, and the potential to reshape online marketplaces.

The All-In besties dissect America's emerging oligarchy, SpaceX's record-breaking IPO and the path to the world's first trillionaire, the geopolitical fallout from Anthropic's Fable ban by the White House, and market implications of an Iran peace deal. Themes: concentrated wealth and political power, AI export controls as strategic competition, and how tech leaders navigate government pressure.

The besties discuss Anthropic's controversial Fable model nerfing and privacy concerns, regulatory capture in AI safety, proposals to nationalize AI infrastructure, inflation hitting 3+ year highs in CPI and PPI, and systemic failures in California's election integrity. Topics span AI governance, economic policy, and democratic institutions.

Four professional investors pitch their best investment ideas in real time: Aaron Cowen on MGM Resorts' turnaround potential, Dan Dreyfus on Talen Energy's nuclear power play, Oleg Nodelman on Aktis Oncology's R&D pipeline, and Kyle Samani on GEODNET's GPS infrastructure disruption. The format forces investors to defend their thesis under live scrutiny from Chamath, Jason, David, and David—a rare window into how serious money actually thinks about opportunities.

Dan Dreyfus joins the All-In Podcast to lay out a stark warning about the end of the Capital Light Era and a brewing critical minerals crisis. He explains how underinvestment in commodity production and China's export restrictions are creating severe supply-demand shocks. The conversation covers the staggering copper deficit—where the next 18 years may require as much metal as all of human history—and the fragility of the US electrical grid. Dreyfus also discusses the implications of $140 trillion in global debt, arguing that hard assets will outperform in an environment of currency debasement, and offers a framework for investing in the resulting commodity supercycle.

Pennsylvania Senators John Fetterman (D) and Dave McCormick (R) discuss the possibility of bipartisanship in 2026, rejecting extremism from both parties. They address tribalism in the Senate, the filibuster debate, wealth concentration, the role of extremism in primary elections, and how AI and energy are reshaping Pennsylvania's economy. The conversation also covers dark money's role in funding misinformation and the broken campaign finance system.

Bill Maris, founder of Google Ventures, joins the All-In crew to share lessons from a career in technology, the data-driven approach he used at GV, why small VC funds outperform large ones, the AI price war's impact on OpenAI, and the 'Atari Stage' of AI leading to consolidation. He also critiques the VC industry's misaligned incentives.

Palo Alto Networks CEO Nikesh Arora discusses how Claude Mythos uncovered years of vulnerabilities in Palo Alto's code in weeks, signaling a fundamental shift in cybersecurity where AI attackers may be outpacing defenders. He argues that analytical SaaS is becoming commoditized by AI, forcing a reckoning in enterprise software business models. Arora explores where value will flow as AI models become utilities, rates major tech companies (Waymo, Google, OpenAI) as an armchair CEO, and outlines Palo Alto's M&A strategy for reaching $1 trillion in value.

Brad Gerstner (Altimeter Capital), Gavin Baker (Atreides Management), and Kelly Rodriques join the Besties to discuss the explosive growth of secondary markets in private equities. The conversation covers why top companies stay private longer, the role of SPVs and platforms like Forge/Schwab in democratizing access, how secondaries provide exit liquidity for early VCs, and whether the private market is approaching a bubble. The episode maps the current landscape of the hottest private companies and the structural forces reshaping how capital flows to innovation.

Andrew Feldman (Cerebras) and Will Marshall (Planet Labs) discuss their paths to going public, exploring how IPOs impact employees, customers, and business operations. The conversation covers AI's effect on silicon markets, datacenters in space timelines, and how founder-CEOs think about liquidity as they prepare for public markets.

Dan Loeb, founder of Third Point hedge fund, discusses his evolution from message board trader to multibillion-dollar investor. He covers Third Point's shift from event-driven strategies to quality and AI investing, the resurgence of short selling as a disciplined craft, a specific homebuilder trade thesis, and his views on criminal justice reform and the Ross Ulbricht pardon.

Thomas Laffont from Coatue Capital discusses the explosion of AI-driven public market activity in 2026, projecting a $4 trillion IPO wave as venture-backed companies scale into the public markets. The conversation covers the structural economics of AI scaling, SpaceX's compounding advantages in launch capability and Starlink, and the "10x Paradox"—how unprecedented scaling is creating winners at a scale never before seen. Laffont segments AI markets by revenue model and explores where the next generation of unicorns will emerge.

Bill Ackman discusses his evolving investment philosophy over two decades, the paradoxical nature of AI as both the greatest opportunity and greatest threat to portfolios, and why founder-led companies outperform. He explores market inefficiencies, predicts future market moves through the 'rubber band effect,' and reflects on building the next Berkshire Hathaway.

Sarah Friar, OpenAI's CFO, discusses the company's IPO timeline, competitive positioning against Anthropic and Google, the compute capacity bottleneck and hardware strategy, OpenAI's unit economics, and plans to build proprietary chips and expand into cloud services. The conversation reveals how OpenAI is navigating massive capital expenditure ($100B+) while preparing for public markets and defending its market position in the rapidly consolidating AI infrastructure space.

Bill Gurley joins to discuss AI's transformative impact on work and value creation. The hosts react to Pope Leo XIV's AI encyclical and debate whether Anthropic's framing reveals messianic beliefs about AI. The conversation shifts to AI sovereignty, open-source regulation, and a surprising reversal: Dario Amodei and Sam Altman have flipped their job-loss rhetoric, while Goldman Sachs CEO dismisses AI apocalypse predictions.

The All-In crew dissects the week's biggest tech and market moves: Andrej Karpathy's move to Anthropic signals a hypergrowth inflection point, Americans are souring on AI amid misplaced fears about job displacement and algorithmic bias, Trump pulled a key AI executive order just as China reassesses its AI strategy, SpaceX's S-1 filing makes the case for a $2T valuation across Starship, Starlink, and defense contracts, Nvidia beat earnings but the stock tanked as investors worry about chip oversupply and margin compression, and markets are flashing red with oil surging, inflation stickiness, and bond yields climbing in ways that signal deeper instability.

Marc Benioff, CEO of Salesforce, discusses the Trump-Xi summit and its implications for US companies doing business in China, Taiwan's strategic importance in the chip and AI landscape, and how AI is reshaping which SaaS businesses thrive or fail. The hosts explore OpenAI's potential lawsuit against Apple over failed ChatGPT integration, Thinking Machines' new real-time AI model, and the climate impacts of a historically strong El Niño in 2026.

Charles and Chase Koch sit down with the All-In crew to detail the history, culture, and guiding principles behind Koch Industries' growth into a $150 billion enterprise. They cover early failures and the philosophy of creative destruction, the development of Market-Based Management, the transformative Georgia-Pacific acquisition, their philanthropic network Stand Together, and their outlook on AI and capitalism's future.

Spencer Pratt joins the All-In Podcast to discuss losing his home in the Palisades Fire, his decision to run for Mayor of Los Angeles, and his critique of city government failures. He details the $100 million FireAid scandal, the drained reservoirs and absent sirens during the disaster, and the low approval of Mayor Karen Bass. Pratt outlines his plan to fix LA by enforcing laws, auditing all departments, and using AI to overhaul the permitting process that strangles small businesses.

The All-In besties debate Elon's SpaceX-Anthropic compute partnership, whether Anthropic is becoming an AI monopoly, White House "FDA for AI" regulation talk, and opportunities in AI market trading. Discussion spans infrastructure economics, antitrust concerns, policy risks to AI innovation, and how AI is shifting from a negative perception problem to a positive impact play in healthcare and education.

The All-In crew discusses OpenAI's reported failure to meet internal targets amid the IPO race, Codex's competitive gains against Anthropic's Claude, the explosive growth of AI-driven cybersecurity, the trial pitting Elon Musk against Sam Altman, massive capex spending by hyperscalers, a cautionary tale of AI deleting a codebase, and the mainstream rise of peptide-based weight-loss drugs like retatrutide. Friedberg also recounts his experience at the Supreme Court.

Steve Hilton, a British Republican candidate for California governor, discusses his platform and diagnosis of California's decline across housing, education, crime, and fiscal policy. He proposes a zero tax threshold under $100K income and a 7.5% flat tax, and argues that California's problems stem not from insufficient regulation but from failure to enforce existing laws and misaligned incentives in public institutions.

The All-In besties discuss SpaceX's acquisition of Cursor for compute leverage, the emerging SaaS debt crisis with major firms like Medallia facing creditor pressure, Tim Cook's succession to John Ternus at Apple and what it means for the company's future, the SPLC indictment raising questions about NGO oversight, and new research linking a specific microbiome imbalance to the surge in colon cancer among young adults.

Why housing costs keep rising despite record construction. The besties debate: NIMBYism, permitting, institutional buyers, and whether the crisis is solvable within the current political system.

Is Silicon Valley going red? The besties discuss the tech-GOP realignment: crypto regulation, AI deregulation, and whether the new alliance is principled or transactional.

The besties on AI agents replacing SaaS. Chamath: every SaaS company is now a features company for AI agents. Sacks: the agent layer will be bigger than the app layer. Friedberg: biology is next.

AI data centers are consuming so much electricity that the US faces an energy shortage within 5 years. Friedberg models the gap. Sacks argues for nuclear. Chamath sees a business opportunity.

The besties debate the second round of Trump tariffs. Sacks argues tariffs are negotiating leverage. Friedberg models the inflationary impact. Chamath sees opportunity in reshoring. Calacanis worries about startup costs.

Sacks gives an insider perspective on the Department of Government Efficiency. What's working, what's failing, and why cutting government is harder than running a startup.

(0:00) Intro (0:50) Circle CEO Jeremy Allaire on stablecoins post-GENIUS Act, interest rate impact, growth in 2026, and the future of money in an AI world (52:33) CrowdStrike CEO George Kurtz on cybersecurity in the AI era, most capable hacker nations, and more (1:17:53) Archer CEO Adam Goldstein on

(0:00) The Besties introduce Dr. Oz (3:26) Trump's vision for healthcare in America (13:26) AI & self-directed healthcare (30:10) The future of GLP-1s and affordability (35:06) The Medical Fraud Crisis (44:02) California fraud and accountability (56:57) Immigration and addiction Follow Dr.

Markets crash as Trump imposes sweeping tariffs. The besties debate whether tariffs are strategic negotiation (Sacks) or economic self-harm (Friedberg). Chamath analyzes the market selloff. Discussion of whether global trade is being permanently reorganized.

The besties discuss DOGE (Department of Government Efficiency) and its aggressive federal spending cuts. Sacks defends the initiative as overdue reform. Chamath worries about implementation chaos. Friedberg analyzes the economic impact of federal job losses.

China's DeepSeek releases an AI model comparable to GPT-4 at a fraction of the training cost. The besties debate whether this invalidates the US AI infrastructure investment thesis, whether China's AI strategy is working, and whether compute moats are real.

The hosts debate the Department of Government Efficiency (DOGE), Elon Musk's initiative to cut government spending. Can Silicon Valley's move-fast mentality work in bureaucracy?

Emergency episode after the 2024 presidential election. The hosts analyze Trump's victory, the role of tech billionaires in the campaign, and what the result means for AI policy, crypto regulation, and tech antitrust.

Highlights from the 2024 All-In Summit featuring Jensen Huang on AI infrastructure, Argentine President Javier Milei on libertarian economics, and Mark Zuckerberg on Meta's AI strategy. The besties compile their favorite moments.

The besties discuss the emerging era of AI agents — autonomous software that can browse the web, write code, and complete complex tasks. Friedberg argues agents will be more transformative than chatbots. Discussion of Google's antitrust loss.

Biden drops out of the 2024 race and endorses Kamala Harris. The besties discuss the unprecedented political moment, Silicon Valley's growing Republican lean, and whether the tech industry's political alignment is permanent or cyclical.

The besties react to the first Biden-Trump debate, Biden's visible decline, and the Supreme Court overturning Chevron deference. Sacks advocates for a new Democratic candidate. Major discussion on regulatory power shifting from agencies to courts.

NVIDIA reports revenue up 262% year-over-year. The besties debate whether AI spending is a bubble or the beginning of a genuine platform shift. Chamath compares AI capex to 1990s telecom spending — which produced the internet despite the bust.

Heated debate on AI regulation. Sacks argues for minimal regulation to preserve innovation. Friedberg argues for targeted safety requirements. Chamath and Calacanis stake out middle ground.

Friedberg leads a discussion on the deep tech revival — nuclear fusion, space, biotech, and defense tech companies attracting venture funding after a decade of software dominance. Sacks discusses Anduril and Palantir's defense tech success.

The hosts debate Silicon Valley's political shift rightward. Why tech founders who were reliably Democratic are now supporting Republican candidates, and what this means for technology policy.

Three major stories: the EU's AI Act, the US TikTok ban legislation, and the DOJ's antitrust suit against Apple. The besties debate whether regulation helps or hurts innovation, whether TikTok is a national security threat, and whether Apple's App Store is a monopoly.

The four besties make their annual predictions for 2024: AI progress, market performance, election outcomes, and geopolitics. Each host puts their reputation on the line with specific, falsifiable predictions.

The annual predictions episode. Each bestie makes bold calls for 2024: Chamath predicts interest rate cuts, Sacks predicts AI regulation battles, Friedberg predicts breakthroughs in protein engineering, Calacanis predicts a startup funding recovery.

Two major stories: the besties interview Tucker Carlson on media and politics, then break down the OpenAI boardroom coup where Sam Altman was fired and rehired within 5 days. Sacks provides insider perspective on the governance crisis.

Jared Kushner joins the besties to discuss the Abraham Accords, the Israel-Hamas war, and paths toward Middle East peace. Kushner argues that economic incentives — not ideology — are the path to stability. The besties push back on the role of US involvement.

The besties react to the October 7th Hamas attack and Israel's response. Sacks argues for restraint, Chamath focuses on market implications, Friedberg examines energy markets, and Calacanis discusses the startup funding crunch. Heated disagreements on proportionality and US involvement.