Industry veterans, degenerate gamblers & besties Chamath Palihapitiya, Jason Calacanis, David Sacks & David Friedberg cover all things economic, tech, political, social & poker.
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(0:00) Nate Silver joins the pod! (10:02) California's ballot counting problem: Raman's late-mail surge, ballot harvesting claims, and why the US counts slower than India (25:18) Democrats' three-way civil war: The left, the abundance libs, and Newsom's "resistance lib" base (34:48) The winning 2028 playbook: Anti-oligarch messaging, why young men want control, and immigrants fleeing the Dems (45:48) How algorithmic social media entrenches polarization: Elon's X, filter bubbles, and the death of...
(0:00) Gavin Baker and Travis Kalanick join the show! (1:05) Mamdani-endorsed socialists sweep congressional primaries in NYC (22:51) Future of the Democratic Party, the Israel issue, social media bans (45:12) China's open-source AI catch up, distillation, OpenAI's new chip (1:01:46) Micron smashes earnings, AI's memory crunch hitting Apple and consumer hardware (1:10:17) The math behind distributed compute and datacenters in space (1:27:22) IPO update: Anthropic at $3T, SpaceX float, Cerebras d...
(0:00) David Friedberg intros GameStop CEO Ryan Cohen! (1:56) Building and selling Chewy for $3.35B, how to compete with Amazon in e-commerce (11:58) Post-Chewy life, activist investing, the road to GameStop CEO, expanding into collectibles (26:39) Why he wants to buy eBay for $56B: Massive potential, poor execution (slow growth, rising expenses, seller relationship failure) (43:58) Ryan's three-part vision for eBay: Cut costs, expand live commerce, create digital in-game collectible marketplace...
The Besties debate the concept of a new "Politburo" eroding individual liberties and fostering learned helplessness through government handouts, contrasting it with the economic mobility offered by capitalism, exemplified by SpaceX's successful IPO. They delve into the controversy surrounding Anthropic's Fable model ban, its national security implications, and the industry's role in self-regulation versus government gatekeeping, including an AI's analysis of Anthropic's CEO. Finally, the discussion covers President Trump's announced Iran peace deal, analyzing its terms and the ongoing debate over foreign policy approaches.
(0:00) Chamath explains the Best Ideas format (2:31) Suvretta Capital Management's Aaron Cowen pitches MGM Resorts (13:07) Bornite Capital's Dan Dreyfus pitches Talen Energy (27:19) EcoR1 Capital's Oleg Nodelman pitches Aktis Oncology (40:20) Multicoin Capital's Kyle Samani pitches GEODNET (54:50) The Besties recap the pitches and announce winners Thanks to our partners for making this possible! EY - EY helps private equity firms turn market insight into action, navigating complexity and unlocki...
(0:00) PA Senators Fetterman and McCormick join the Besties (0:33) Bipartisanship in 2026, rejecting extremism (6:37) All-time unpopularity in the Senate, the filibuster question, tribalism (13:33) Fixing wealth concentration in the US (19:51) Graham Platner, why extremism wins primaries, and what it means for the future (28:12) How AI and energy are playing a part in PA's blue collar boom, dark money funding misinformation (41:05) Insane level of money in politics, fixing the broken system Foll...
(0:00) Dan Dreyfus Presents: The Future of Critical Minerals (0:33) America's "Capital Light Era" is over, rapid supply/demand shocks (5:40) Impact of China cutting off the US from critical minerals (8:18) Copper's Rise: The next 18 years need as much as the last 10,000 (12:00) Dollar Debasement: $140T in debt and why hard assets win (13:50) The Grid is Dying: Blackouts, bottlenecks, and the craft labor crisis (19:10) How to invest in the commodity supercycle Follow Dan: https://x.com/dreyfd Tha...
Bill Maris, founder of Google Ventures and Section 32, shares four critical lessons from his career, emphasizing the power of computer science and why smaller venture funds consistently outperform larger ones. He warns of an impending AI price war where tech giants like Google could crush competitors by cutting token costs, and expresses concern about venture's broken incentive structures. Maris also likens AI's current state to the "Atari stage," highlighting opportunities in underlying AI infrastructure and computational biology.
(0:00) Palo Alto Networks CEO Nikesh Arora joins the Besties! (0:47) Claude Mythos found years of vulnerabilities in Palo Alto's code in weeks (5:15) Are cyber defenders losing the race against AI attackers? (6:50) Analytical SaaS is dead, so what survives the AI wave? (14:06) If models become a utility, where will the money be made? (20:35) Armchair CEO: Nikesh rates Waymo, Google, and OpenAI (28:22) Palo Alto's M&A playbook and the path to $1 trillion Thanks to our partners for making this...
(0:00) Brad Gerstner, Gavin Baker, and Kelly Rodriques join the Besties! (0:47) Secondary Markets are Booming & Competing with IPOs (3:10) Why Companies are Staying Private So Long? (9:22) SPVs, the Forge-Schwab Deal, Democratizing Private Market Access (13:28) Secondary Markets as Exit Liquidity for VCs (27:00) The Private Market Bubble? (32:03) Hottest Secondary Companies Right Now Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. ...
(0:00) CEOs Andrew Feldman (Cerebras) and Will Marshall (Planet Labs) join the Besties! (2:05) Both CEOs on going public: Impact on employees, customers, and business operations (13:18) Timelines for datacenters in space (19:28) Cerebras business breakdown, AI's impact on the silicon market (24:45) How Founder/CEOs think about liquidity on the road to going public Thanks to our partners for making this possible! EY - Great tech starts with a big idea. From startup to scale, EY helps tech founder...
(0:00) Dan Loeb joins the Besties! (0:34) Investor journey: From message boards to a multibillion dollar hedge fund (3:15) Third Point's early days: mentors and market turmoil (8:47) Strategy shift: Event-driven to quality and AI (16:01) The art of short selling and a homebuilder trade (22:15) Criminal justice reform and the Ross Ulbricht pardon Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, E...
Coatue's Thomas Laffont details the resurgence of the "unicorn economy," driven by a $4 trillion AI IPO wave and the rapid scaling of companies like Anthropic and SpaceX. He explores the "10x paradox," the future of private market investments, and the potential for AI to transform every sector, emphasizing the increasing liquidity and the public market's role as the ultimate test for these high-growth businesses.
(0:00) Bill Ackman joins the show! (0:30) Evolving investment philosophy: What's changed over 20 years? (4:40) AI: Greatest time to build a business, and a major threat to portfolios (7:50) Predicting market moves, the "rubber band effect" (16:00) Owning founder-led companies (19:30) Building the next Berkshire Hathaway Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterp...
(0:00) OpenAI CFO Sarah Friar joins the show! (0:31) How OpenAI thinks about its IPO timeline (3:31) OpenAI, Anthropic, Google: The AI arms race (7:43) Navigating the compute crunch and AI bottlenecks, device preview! (15:53) OpenAI's economics (26:08) Push into chips, the cloud (29:32) OpenAI's ad business and strategy Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterp...
Bill Gurley joins the besties to delve into the implications of AI, from Pope Leo's recent encyclical warning against AI's misuse to Anthropic's controversial vision of creating a "digital god." The discussion intensely debates whether AI will lead to mass job displacement or a new era of job creation, with contrasting views on "AI washing" versus genuine automation. They also explore the critical role of open-source AI and the risks of centralized power in this rapidly evolving technological landscape.
Gavin Baker joins the besties to discuss Andrej Karpathy's move to Anthropic, highlighting the company's hypergrowth and the exciting future of recursive self-improvement in AI models. They delve into SpaceX's S-1 filing, making a case for a $2 trillion valuation driven by Starlink and the emerging Elon Web Services. The conversation also covers Nvidia's unprecedented financial performance amidst skepticism, the growing public backlash against AI's impact on jobs, and the intricate macroeconomic landscape, including inflation, rising yields, and US-China geopolitical dynamics.
The All-In hosts welcome Salesforce CEO Marc Benioff to discuss the Trump-Xi summit's economic implications, US-China trade relations, and the future of business in China. Benioff also shares his perspective on the "SaaSpocalypse" and how AI is transforming software, while Chamath breaks down the high-end SaaS market. The episode further explores OpenAI's potential lawsuit against Apple regarding their ChatGPT integration, the evolving landscape of multi-sensory AI models, and David Friedberg's "Science Corner" warning about the unprecedented global impacts of a historically strong El Niño. The discussion concludes with Anthropic's battle against "Dark SPVs" and Benioff's philosophy on corporate philanthropy.
(0:00) David Friedberg welcomes Charles & Chase Koch (1:04) Koch Inc. Overview: Scale, Business Lines & History (2:21) Building the Business: Early Days & Charles Koch Joins (1961) (11:31) Failures, Creative Destruction & Learning from Mistakes (19:22) Culture & Principle-Based Management (33:53) Georgia-Pacific Acquisition & Culture Transformation (56:17) Stand Together: Education Reform & Social Change (1:12:37) AI, Economic Challenges & the Future of Capitalism...
(0:00) Spencer Pratt vs. the Machine (3:01) Inside the Palisades Fire: Drained Reservoirs, No Sirens & Watching His House Burn on His Phone (14:03) Why He's Running for Mayor: FireAid's $100M Scandal & the NGO Corruption Nobody Talks About (28:10) Karen Bass at 20% & the Real State of Los Angeles: Crime, Homelessness & a City in Free Fall (38:23) Spencer's Plan to Fix LA: Enforcing Laws, Auditing Everyone & the Billionaires Ready to Rebuild (52:22) Hollywood, LAUSD & Smal...
This episode delves into Elon Musk's strategic deal to provide compute to Anthropic, igniting a discussion on Anthropic's explosive growth and potential for unprecedented market dominance. The hosts debate the controversial 'FDA for AI' concept and the White House's stance on AI safety, contrasting concerns with AI's positive societal applications in healthcare and education. Finally, they analyze the current state of the AI market and its significant impact on economic growth and productivity.
This episode explores OpenAI's financial setbacks and product advancements, contrasting its GPT 5.5 with Anthropic's Claude 4.7, while highlighting the critical role of compute capacity in the AI race. It delves into the rapidly expanding AI cybersecurity market, discussing how AI can both discover and defend against vulnerabilities. The hosts also cover the ongoing Elon Musk vs. Sam Altman lawsuit, examining the ethical implications of OpenAI's transition to a for-profit entity. Additionally, the conversation touches upon the significant CapEx investments by major tech companies driven by AI, the potential and pitfalls of AI agents, and the emerging medical landscape of weight-loss peptides like Retatrutide, before concluding with a fascinating account of attending a Supreme Court hearing.
(0:00) Intro: Steve Hilton is a Republican Brit Running for CA Governor (8:34) Zero Tax Under $100K and a 7.5% Flat Rate: Is It Fiscally Possible? (27:52) Why CA Homes Cost 3x More to Build (Unions, CEQA, and Climate Dogma) (44:50) Why CA Schools Spend the Most but Get the Worst Results (50:02) Crime, Homelessness, and the Failure to Enforce Laws That Already Exist (1:01:34) Can a Republican Actually Win California? Follow Steve: https://x.com/SteveHiltonx Follow the besties: https://x.com/chama...
(0:00) Bestie intros! (4:55) SpaceX-Cursor deal, compute as leverage (18:33) SaaS bloodbath, debt bomb incoming, buy the dip? (46:20) New Apple CEO: John Ternus succeeds Tim Cook, what's next for Apple? (1:00:32) SPLC indictment, out of control NGOs (1:19:03) Science Corner: Potential cause discovered for colon cancer spike in young people Apply for Summit 2026: https://allin.com/events Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg...
The Besties discuss NYC's controversial pied-à-terre tax, its economic repercussions, and parallels in London and California. They analyze OpenAI's leaked memo, its strategic pivot to enterprise, and fierce competition with Anthropic for AI dominance. The conversation shifts to the critical compute constraint in AI, highlighted by Allbirds' unexpected AI pivot, and the growing public opposition to data center construction, dubbed "data center wars." The episode also covers Eric Swalwell's politically charged exit from the California governor's race, the market's perplexing resilience amid geopolitical events, and a debate on AI's current impact on business profitability versus agent limitations.
The Besties delve into Anthropic's Mythos AI, debating if its withheld release is genuine safety concern or a marketing tactic amidst its unprecedented revenue ramp to $30B. They explore the fierce competition in the AI agent market, particularly Anthropic's moves against OpenClaw, and the potential of open-source models. The discussion shifts to the Iran War ceasefire, assessing Israel's influence on US foreign policy, before highlighting X's transformative auto-translate feature for global understanding.
Governor Josh Shapiro outlines Pennsylvania's pro-growth economic strategies, emphasizing tax cuts, permitting reform, and combating fraud. He offers a critical assessment of the Democratic Party's internal challenges and Trump's economic policies, advocating for a focus on education, safety, economic opportunity, and freedom. Shapiro also addresses political corruption in Congress, the rise of antisemitism, and provides a nuanced critique of Netanyahu's leadership and Trump's handling of the Iran War, stressing the need to separate policy criticism from religious bigotry.
Palantir's Shyam Sankar and Anduril's Trae Stephens explore the evolving landscape of defense technology, emphasizing the critical role of AI and autonomous systems in modern warfare. They delve into the decline of America's industrial base, the challenges of competing with nations like China, and Anduril's modular manufacturing solutions. The discussion also addresses the ethical implications of AI in combat, Palantir's 'surveillance state' claims, and the historical and cultural origins of anti-defense sentiment in Silicon Valley, ultimately outlining a vision for US reindustrialization and national security.
(0:00) Bestie intros! (0:12) SpaceX IPO, the economic opportunity of space: a new industrial frontier (21:00) 2026 IPO explosion, OpenAI down round? (36:33) Iran War costs, fertilizer crisis, downstream impacts (49:58) Trump's Iran messaging problems, Bondi out, why the US is in Iran (1:04:18) Quantum Bitcoin hack possibilities, how crypto should react Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/thealli...
