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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Senator John Fetterman offers a candid perspective on the current state of American politics, explaining why his "progressive" identity has shifted to simply "Democrat" as his party has changed. He outlines his independent positions on critical issues, including unwavering support for Israel and the destruction of the Iranian regime, securing the border (criticizing Biden's policy), and endorsing voter ID. Fetterman also expresses concern over national debt and political polarization, advocating for bipartisan solutions over partisan gridlock.
Travis Kalanick discusses his new venture, Atoms, focusing on digitizing the physical world through automation in food, mining, and transportation. He contrasts California's decline with Austin's growth and delves into the future of physical AI hardware. Michael Dell then shares insights into Dell's $50B AI infrastructure bet, the rapid pace of AI adoption, and the re-architecture of businesses. The episode concludes with a detailed discussion of the "Invest America" initiative, Michael Dell's $6.25B philanthropic gift to create 401k accounts for 25 million children, aiming to foster an ownership society.
The Besties welcome Brad Gerstner to discuss the profound economic fallout of the Iran War, analyzing oil market volatility, inflation forecasts, and geopolitical off-ramp strategies, with a focus on China's leverage. The conversation then shifts to the astonishing revenue growth of AI companies like Anthropic and OpenAI, juxtaposed with the industry's significant PR problems, regulatory capture efforts, and the debate over experimental versus production use of AI. Finally, they delve into the controversial millionaire and wealth taxes, their economic consequences, and the potential for AI and entrepreneurship to address core societal needs through regulatory reform.
SEC Chair Paul Atkins and CFTC Chair Michael Selig delve into critical issues shaping capital markets, from addressing the IPO drought and the rise of private capital to navigating crypto regulation and the challenges posed by AI trading bots. They emphasize harmonizing regulatory approaches, debate investor accreditation rules, and discuss global market competitiveness, ultimately focusing on balancing innovation with investor protection and addressing emerging risks like market manipulation and the Gen Z gambling crisis.
Harvard Professor Graham Allison offers his insights on critical global issues, starting with the unpredictable Iran conflict, its potential endgames, and Israel's internal political struggles. He then analyzes China's strategic ambitions concerning Taiwan, the broader US-China economic rivalry, and the geopolitical significance of Greenland. Allison also explains his 80-80-9 framework on nuclear proliferation and concludes with a discussion on the destabilizing effects of wealth inequality and emerging socialist movements within the United States.
Prince Reza Pahlavi outlines his vision for a democratic, secular Iran, detailing a transition plan focused on rebuilding and economic opportunity. He stresses the Iranian people's right to self-determination and expresses hope for a stable, unified future. Shervin Pishevar highlights the current regime's brutality, praises President Trump's intervention, and discusses the historical ties and immense economic potential a free Iran holds for the region and the world.
Under Secretary of War Emil Michael provides an insider's view on the US-Iran conflict, detailing its objectives, duration, and the evolving nature of warfare with a focus on drones and AI. The discussion covers the Trump administration's new approach, the economic implications of the conflict, and a groundbreaking dispute between the Pentagon and AI firm Anthropic regarding control over advanced models. Furthermore, the episode delves into the state of the US defense industrial base, DARPA's innovations, and the competitive landscape with China's military advancements.
Ray Dalio returns to analyze the US's worsening debt crisis, exacerbated by fiscal policy, wealth disparities, and global power shifts. He explores why government reform efforts struggle and contrasts gold's safe-haven appeal with Bitcoin's limitations. Dalio also delves into the misunderstood economics of tariffs and warns that the nation's system is in jeopardy, requiring fundamental changes in education, civility, and leadership to avoid potential collapse, while also considering the unique competitive landscape presented by AI development in China.
This episode delves into how AI is disrupting software-as-a-service companies, prompting a market shift from "when" to "if" regarding business durability. The besties examine popular "doomer" AI narratives against the potential for new high-value jobs and economic growth through increased productivity. The conversation also covers political opposition to data center construction, the Rate Payer Protection Pledge, and a detailed reaction to the State of the Union, including the Supreme Court's tariff ruling and the broader issue of political polarization.
This episode delves into the Jeffrey Epstein scandal, featuring diverse perspectives from Saagar Enjeti, Michael Tracey, and Kevin Bass. Discussions include the Prince Andrew arrest, Epstein's alleged money laundering, the media's portrayal, and the financial incentives behind victim claims. The panel also examines Reid Hoffman's controversial association with Epstein, scrutinizing his public statements against newly released files. Michael Tracey presents his "Epstein Mythology" thesis, drawing parallels to historical moral panics and criticizing sensationalized narratives.
This episode delves into the accelerating influence of AI on the workforce and enterprise data privacy, alongside the emerging challenges and regulatory questions surrounding prediction markets. The Besties then tackle the latest CBO report, debating whether US federal debt signals an impending crisis or if strong economic growth could usher in a new golden age, while also exploring the current job market, minimum wage debates, and the economic benefits of shifting government employment to the private sector. Finally, they discuss Ferrari's polarizing new electric car and contemplate the broader future of driving in an autonomous world.
CZ recounts his humble beginnings as an immigrant in Canada, his early career in fintech, and the pivotal decision to go all-in on Bitcoin, leading to the creation of Binance. He details the exchange's rapid growth, the complexities of US regulatory challenges, his experience in federal prison, and his current focus on free education through Giggle Academy and the future of AI in crypto.
The Besties discuss the newly released Epstein files, examining J. Cal's minor involvement and critiquing media bias in covering high-profile figures. They then pivot to the "Claude Crash," analyzing how AI is profoundly impacting SaaS valuations, consolidating job functions, and transforming the nature of work, with Jason introducing his "Ultron" agent project. Further topics include Trump's nomination of Kevin Warsh for Fed Chair and his economic views, Elon Musk's ambitious SpaceX and xAI merger with data centers in space, and Brad Gerstner's "Trump Accounts" initiative, aiming to expand capitalism to all Americans.
This episode features a heated debate on the Minneapolis ICE deaths, examining local government non-cooperation, federal agent tactics, and the broader political implications of immigration policies, including their ties to the census and electoral votes. The discussion then shifts to the groundbreaking OpenClawd AI, exploring its potential for personal assistants and super workers, the rise of open-source models like Kimi K2.5, and the policy challenges of AI regulation. Finally, the besties delve into de-dollarization, the fiscal crisis, and the California gubernatorial race, highlighting interconnected issues of populism and wealth distribution.
(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 the state of eVTOLs in 2026 and when to expect them (1:42:27) Crusoe CEO Chase Lochmiller on powering the trillion-dollar AI buildout On Public, you can invest in stocks, options, bonds, and crypto. ...
Dr. Mehmet Oz, now at CMS, details efforts to revolutionize American healthcare. He highlights President Trump's approach to drastically lowering drug prices, leveraging AI for democratized and self-directed care, and investing in rural health. A significant focus is placed on combating pervasive healthcare fraud, particularly in states like California, and addressing the financial incentives driving illegal immigration and the addiction crisis through common-sense policies.
At Davos, Coinbase CEO Brian Armstrong shares insights on crypto regulation, stablecoin innovation, and market tokenization, while also discussing California's economic issues. Cerebras CEO Andrew Feldman highlights the critical demand for extreme AI compute, the role of speed in user experience, and the geopolitics of the AI race. Finally, Gecko Robotics CEO Jake Loosararian details how specialized robots are transforming industrial infrastructure, defense, and energy sectors by providing crucial data for AI models.
The discussion delves into the United States' comprehensive AI strategy, emphasizing the massive infrastructure build-out driven by insatiable demand for AI services and the ongoing efforts to establish a sensible national regulatory framework amidst state-level over-regulation. It contrasts the US approach of permissionless innovation with Europe's precautionary principle and examines the fierce global competition with China in AI chips, models, and adoption. The episode also explores AI's diverse applications from scientific discovery to personal assistants, addresses the 'AI optimism' gap, and discusses the critical risks of politically biased AI and its potential impact on future jobs.
Under Secretary Sarah B. Rogers explores the growing tension between American free speech principles and European digital regulations like the DSA and OSA, which often lead to fines and arrests for speech that would be protected in the US. She details how the "Censorship Industrial Complex" uses NGOs and foreign governments to bypass the First Amendment and highlights the Biden administration's past pressures on social media. Rogers advocates for defending freedom of expression and adapting existing laws for new challenges like AI deepfakes, rather than imposing new censorship.
Microsoft CEO Satya Nadella discusses how AI is reshaping knowledge work, from coding assistants to autonomous agents and digital employees, and Microsoft's strategy to adapt with structural organizational changes and new workflows. He delves into the global AI competition, the crucial role of technology diffusion, and building platforms that foster vast ecosystems. Nadella also shares his perspective on the OpenAI deal, the future of open-source models, and how AI will fundamentally change hiring, skilling, and the productivity of the future workforce.
The besties delve into Iran's current breaking point, examining economic sanctions, youth aspirations, and the potential for regime change, alongside the complexities of foreign intervention. They then discuss Microsoft's pioneering commitment to offset data center energy costs, sparking a larger debate on energy policy, residential solar subsidies, and the future of utility grids. The conversation shifts to California's proposed wealth tax, analyzing its constitutional implications and the state's severe fiscal challenges driven by powerful government unions. Finally, they explore Trump's strategic interest in Greenland and reflect on the historical role of the "frontier" as an escape valve for societal pressures, contrasting it with modern issues of government waste and socialist trends.
FDA Commissioner Marty Makary details the agency's sweeping reforms aimed at accelerating drug approvals, combating global biotech competition, and modernizing clinical trials with AI. He critically addresses outdated nutrition advice, the obesity epidemic, and the need to rethink vaccine schedules, while also outlining strategies to drastically lower drug prices and curb misleading pharmaceutical advertising. Makary emphasizes a return to gold-standard science to rebuild trust and foster innovation.
Adam Carolla offers a sharp critique of California's governance, citing the Palisades Fire rebuilding failures as symptomatic of excessive regulation and a "safety-first" culture he terms "gyno-fascism." He also discusses how an "estrogen influx" in media and woke ideologies in Hollywood contribute to bias and diluted meritocracy. Carolla predicts a societal self-segregation into "safe spaces" and "octagons" due to differing values, and warns of California's impending fiscal crisis, advocating for pragmatic leadership and less government overreach.
In this episode, the besties delve into their 2026 predictions, covering everything from the potential California wealth tax and its impact on migration, to the future of political power with the "Trump boom" and rising socialism. They forecast business winners like Amazon and copper, and losers such as state governments and traditional SaaS, alongside major M&A trends. The discussion also touches on contrarian beliefs about AI, geopolitics, and anticipates a surge in IPOs and citizen journalism.
Commerce Secretary Howard Lutnick explains the Trump administration's aggressive economic policies, including using tariffs to rebalance the $26 trillion trade deficit and secure significant foreign investment in America. He reveals how "Most Favored Nations" pricing dramatically reduced pharmaceutical costs for Americans and outlines plans to combat widespread government fraud. Lutnick also discusses revamping the CHIPS Act and the NVIDIA deal, projecting an unprecedented 5-6% GDP growth by 2026.
(0:00) Guest intros: Jasons introduces Bob Sternfels (McKinsey) and Hemant Taneja (General Catalyst) (2:52) The pace of innovation and why VC's are buying hospitals (9:30) CFOs vs CIOs and unlocking growth (20:46) The job market and why graduates aren't getting hired (27:33) Why education is broken (40:03) Tech time capsule Follow Hemant Taneja: https://x.com/htaneja Follow Bob Sternfels: https://www.linkedin.com/in/bob-sternfels Follow the besties: https://x.com/chamath https://x.com/Jason http...
This episode delves into a massive alleged welfare fraud in Minnesota, reportedly involving billions of dollars, with investigative journalist Nick Shirley sharing his firsthand findings. The discussion extends to potential political corruption and wider implications for government spending across the U.S., including California's proposed wealth tax. The hosts also celebrate Chamath Palihapitiya's non-consensus investment in Groq, which recently secured a significant deal with NVIDIA, highlighting its innovative AI architecture.
In this holiday special, comedian Tony Hinchcliffe delivers a no-holds-barred roast of the All-In hosts and the city of San Francisco. He shares the inspiring origin story and unprecedented success of his "Kill Tony" show, navigating controversies like his Madison Square Garden appearance and broader concerns about free speech in comedy and digital content moderation. The episode culminates with Jason, Sacks, and Friedberg performing their own stand-up sets, followed by the annual Bestie Awards recognizing winners and losers across business, politics, and technology.
Secretary Scott Bessent discusses the Trump administration's economic policies, including the positive impact of tariffs on national security and trade balance. He addresses Main Street's concerns about affordability and criticizes the Federal Reserve's past actions for exacerbating inequality. Bessent outlines plans for 2026, focusing on regulatory relief for small banks, wage increases, tax cuts, and the transformative potential of "Trump accounts" for financial literacy and broad equity ownership.
The Besties intensely debate Bernie Sanders' call for an AI data center moratorium, discussing its implications for job displacement, national security, and the US-China AI race, along with the tech industry's public perception challenge. They also analyze mixed economic data, with contrasting views on whether the US is heading for a "golden age," and explore the impact of California's progressive policies driving an exodus. The episode touches on China's lithography advancements and Trump's marijuana reclassification.
