All-In with Chamath, Jason, Sacks & Friedberg

→ WHAT IT COVERS Dan Dreyfus of Borneight Capital outlines America's critical minerals crisis, explaining how simultaneous demand shocks across AI data centers, grid modernization, defense, and reshoring collide with decades of supply chain neglect and Chinese export dominance, creating a 15-year commodity supercycle already underway across copper, silver, and rare earth minerals.

→ WHAT IT COVERS Bill Maris, founder of Google Ventures and Section 32, shares four lessons from building a $150M fund, arguing that small funds under $750M structurally outperform large ones, AI remains at an early "Atari stage," and Google holds the power to crush competitors through aggressive token price cuts. → KEY INSIGHTS - **Small Fund Math:** Funds under $750M return an average 4.76x versus 2.42x for funds over $1B, and represent 95% of top decile performers.

→ WHAT IT COVERS Palo Alto Networks CEO Nikesh Arora analyzes how AI reshapes cybersecurity, enterprise software, and business operations. He covers Anthropic's Mythos model finding code vulnerabilities in weeks instead of years, the death of analytical SaaS, infrastructure software as undervalued, and Google's path to a $10 trillion market cap. → KEY INSIGHTS - **AI Vulnerability Detection Speed:** Anthropic's Mythos model identified code vulnerabilities in Palo Alto's own codebase within six...

→ WHAT IT COVERS Private secondary markets have reached record volume in 2025, with secondaries now representing 31% of all primary venture activity. Forge CEO Kelly Rodriguez, investor Gavin Baker, and Brad Gerstner examine how platforms like Forge-Schwab are opening SpaceX, Anthropic, and OpenAI equity to 46 million retail investors while managing valuation risk.

→ WHAT IT COVERS Cerebras CEO Andrew Feldman and Planet Labs CEO Will Marshall join Brad Gerstner at an All-In liquidity panel to discuss their IPO experiences, the convergence of AI and space infrastructure, next-generation silicon architecture, and why public market investors may capture more value than private ones in the current tech cycle. → KEY INSIGHTS - **IPO Reality Check:** Going public changes almost nothing operationally. Cerebras priced at $18.

→ WHAT IT COVERS Dan Loeb, CEO of Third Point managing nearly $30 billion AUM, covers his evolution from anonymous internet troll and early short seller to multi-strategy investor, explaining why short selling has returned as a viable strategy, how AI forces technological literacy on all investors, and his criminal justice reform work including the Ross Ulbricht pardon.

→ WHAT IT COVERS Coatue Management's Thomas Laffont presents data-driven analysis of the private unicorn economy at the All-In Summit, covering AI funding concentration, SpaceX's valuation framework, the $4 trillion "Magnificent Eight" private index, and why 2026 marks a structural turning point for venture liquidity and ecosystem health. → KEY INSIGHTS - **Power Law Concentration:** The top 10 private companies now capture a disproportionate share of all venture funding, with AI commanding an...

→ WHAT IT COVERS Pershing Square CEO Bill Ackman joins the All-In hosts to discuss his evolution from aggressive activist investor to long-term quality-focused shareholder, his AI disruption framework, why mega-cap tech is undervalued, and his plan to build a Berkshire Hathaway-style compounding machine through Howard Hughes Corporation. → KEY INSIGHTS - **AI Disruption Framework:** Evaluate every portfolio company through a disruption lens first — Ackman spends most research time assessing...

→ WHAT IT COVERS OpenAI CFO Sarah Friar discusses the company's $122B fundraise, compute scarcity strategy, IPO timing, and capital allocation model. She outlines how OpenAI positions itself as an AI infrastructure layer across consumer, enterprise, and agentic markets while managing multi-year compute procurement and building toward an advertising revenue model.

→ WHAT IT COVERS The All-In hosts — Chamath, Jason, Sacks, and guest Bill Gurley — debate Pope Leo XIV's 42,000-word AI encyclical, Anthropic's ideological motivations, the shifting AI job-loss narrative, open-source model regulation risks, and enterprise AI spending inefficiencies, using data from Goldman Sachs, GitHub, Yale Budget Lab, and multiple Fortune 500 case studies.

→ WHAT IT COVERS Chamath, Jason, Friedberg, and guest Gavin Baker from Atreides Management cover Andrej Karpathy joining Anthropic to lead recursive self-improvement research, SpaceX's $1.75T IPO filing revealing a $15B annual Anthropic compute deal, Nvidia's $81.6B quarter, AI's public relations crisis, rising global bond yields, and the geopolitical implications of the Trump-Xi summit.

→ WHAT IT COVERS Marc Benioff joins Chamath and Friedberg to cover the Trump-Xi summit in China, Salesforce's 37% stock decline amid SaaS sector repricing, OpenAI's strained Apple partnership, the shift toward multi-sensory AI models, Anthropic's crackdown on layered SPVs, and a data-driven El Niño forecast projecting record-breaking global temperatures and food supply disruptions.

→ WHAT IT COVERS Charles Koch (age 90) and his son Chase Koch detail how Koch Industries grew from 300 employees in 1961 to 130,000 across 60 countries, achieving a 9,000x increase in value. They outline the principle-based management framework driving that growth, covering capability-bounded strategy, experimental discovery, talent selection by values over credentials, and Stand Together's education and social change initiatives.

→ WHAT IT COVERS Spencer Pratt, LA mayoral candidate and Palisades Fire victim, details systemic failures behind the January 2025 wildfires — including drained reservoirs, absent leadership, and NGO corruption — while outlining a platform built on law enforcement, homeless policy reform, permitting overhaul, and restoring economic vitality to Los Angeles ahead of the June 2 election.

→ WHAT IT COVERS XAI leases Colossus 1 data center to Anthropic, adding 220,000 NVIDIA GPUs as Anthropic grows from $10B to $44B ARR in four months. The panel debates whether Anthropic is becoming a historic monopoly, analyzes a proposed FDA-style AI oversight regime, and assesses cloud hyperscaler growth driving broader market gains. → KEY INSIGHTS - **Elon Web Services Revenue Model:** XAI's lease of Colossus 1 to Anthropic generates an estimated $4–5B in incremental annual revenue,...

→ WHAT IT COVERS OpenAI misses its 1 billion weekly active user target and 2025 revenue goals while carrying $600 billion in compute spending commitments. Meanwhile, hyperscalers Amazon, Microsoft, Google, and Meta collectively announce $725 billion in 2026 CapEx, GPT-5.5 gains developer momentum over Claude Opus 4.7, and retinrutide phase three trial data shows 37-pound average weight loss in 40 weeks.

→ WHAT IT COVERS California gubernatorial candidate Steve Hilton, a naturalized American citizen and former UK Prime Minister adviser, outlines a Republican path to winning California's 2026 governor's race through a flat tax restructuring, CEQA reform, oil production expansion, education accountability tied to Mississippi's phonics model, and dismantling the homeless industrial complex.

→ WHAT IT COVERS Episode 270 covers SpaceX's $60B acquisition of AI coding startup Cursor, the collapse of Thoma Bravo's $6.4B Medallia investment as a warning about SaaS debt structures, Tim Cook's retirement and Apple's leadership transition to John Ternus, the SPLC's 11-count federal indictment for wire fraud and money laundering, and new research linking the pesticide picloram to rising colon cancer rates in adults under 50.

→ WHAT IT COVERS The All-In hosts, joined by Travis Kalanick, analyze OpenAI's strategic identity crisis against Anthropic's 10x annual growth rate, the accelerating data center permitting collapse across 30 states, New York City Mayor Mamdani's proposed 3.9% annual pied-à-terre tax on properties over $5M, Eric Swalwell's congressional resignation amid coordinated allegations, and market dynamics with the S&P hitting all-time highs despite ongoing Iran conflict. → KEY INSIGHTS - **Anthropic vs.

→ WHAT IT COVERS Anthropic's Claude "Mythos" model withheld over cybersecurity risks, the company's revenue run rate hitting $30B, OpenClaw access restrictions raising antitrust questions, a two-week Iran ceasefire brokered by the Trump administration, and debate over Israeli influence on U.S. foreign policy, with guest Brad Gerstner of Altimeter Capital providing investor perspective throughout.