All-In with Chamath, Jason, Sacks & Friedberg

→ WHAT IT COVERS The All-In hosts debate whether banning Chinese open source AI models like Kimi K3 would harm American developers, analyze Anthropic's $1.5B copyright settlement, examine Google and Tesla's massive CapEx investments driving negative free cash flow, and critique New York City Mayor Mamdani's rent control policies that prohibit landlord credit checks and effectively restrict evictions.

→ WHAT IT COVERS Mark Cuban joins the All-In hosts to analyze the current AI investment landscape, distinguishing it from the dot-com bubble, explaining why enterprise AI adoption is harder than expected, and identifying where genuine entrepreneurial opportunity exists — particularly for founders using tools like Lovable to build software in days rather than months.

→ WHAT IT COVERS The All-In hosts debate Demis Hassabis's proposal for an AI self-regulatory organization modeled after FINRA, analyze Stripe's $53B bid for PayPal alongside Block and Advent, examine New York's data center moratorium, cover Apple's trade secret lawsuit against OpenAI, and discuss a breakthrough enzyme that reverses skin aging by 40 years.

→ WHAT IT COVERS Former Intel CEO Pat Gelsinger diagnoses Intel's decades-long decline — from ceding Apple's iPhone chip contract to missing TSMC's foundry model — then Lovable CEO Oscar Carlsson explains how his platform reached $500M ARR in 20 months by enabling non-technical users to build and operate production-grade software. → KEY INSIGHTS - **Technical Leadership Mandate:** When Intel transitioned from engineer-led to business-led management, it systematically deprioritized technical...

→ WHAT IT COVERS ElevenLabs CEO Mati Staniszewski and Legora CEO Max discuss how AI is reshaping voice technology and legal services. ElevenLabs reached $600M ARR in under four years with 600 employees, while Legora closes M&A deals in 12 days using its own AI tools, targeting the $1 trillion legal services market. → KEY INSIGHTS - **Voice AI Revenue Velocity:** ElevenLabs hit $100M ARR in 20 months, $200M in 10 more months, and $300M in 5 months after that, reaching $600M total.

→ WHAT IT COVERS Chamath, Jason, Sacks, and guest Brad Gerstner analyze the trillion-dollar IPO pipeline for Anthropic and OpenAI following SpaceX's $1.75T debut, debate whether enterprise AI token spend is generating measurable ROI, examine China's potential open-source model restrictions, and detail the launch of Trump Accounts — a new tax-advantaged investment vehicle for children backed by over $6B in philanthropic commitments.

→ WHAT IT COVERS Cerebras CEO Andrew Feldman and Black Forest Labs CEO Robin Rombach join the All-In podcast to discuss the unprecedented scale of AI infrastructure buildout, the closing gap between open-source and frontier models, AGI arrival, and how generative video tools are entering real film production with directors like Martin Scorsese. → KEY INSIGHTS - **AI Infrastructure Demand:** Cerebras carries a $25 billion backlog, and demand still outpaces supply.

→ WHAT IT COVERS Chamath, Sacks, and Friedberg analyze the Palantir-NVIDIA sovereign AI partnership and the enterprise data sovereignty crisis, where frontier labs like Anthropic systematically compete against their own customers. The episode also covers the Supreme Court's 6-3 birthright citizenship ruling, California's accounting-trick "balanced" budget masking $1.5–2 trillion in unfunded liabilities, and the AI job displacement debate.

→ WHAT IT COVERS Nate Silver joins the All-In podcast to analyze 2026 midterm forecasts, 2028 Democratic primary dynamics, California's election system credibility, partisan polarization trends, and the shifting political coalitions reshaping both parties. Silver assigns Democrats roughly 85-90% odds of retaking the House while calling the Senate a near toss-up favoring Republicans by a slim margin.

→ WHAT IT COVERS Chamath, Sacks, Travis Kalanick, and Gavin Baker analyze the DSA's sweep of three New York congressional primaries, China's GLM 5.2 open-source model matching Anthropic's Claude Opus 4.8 performance at 85% lower cost, Micron's revenue quadrupling to $42B annually, and the emerging modular data center hardware race shaping AI infrastructure economics.

→ WHAT IT COVERS Ryan Cohen, CEO of GameStop, details his $56B unsolicited bid to acquire eBay, outlining three core value-creation strategies: cutting $2B in operating costs, scaling eBay Live into a dominant live-commerce platform, and building the first marketplace for in-game digital items. Cohen also traces his path from founding Chewy to turning around GameStop's retail operations.

→ WHAT IT COVERS SpaceX completes history's largest IPO at $85B raised, valuing the company above $2T and making Elon Musk the world's first trillionaire. The hosts also cover Anthropic's Fable model being pulled over national security concerns, the Iran ceasefire MOU, and a broader debate about government control versus individual economic agency. → KEY INSIGHTS - **Wealth Creation Mechanics:** Paper wealth from an IPO does not equal liquid cash.

→ WHAT IT COVERS Anthropic's Claude Fable 5 release triggers developer backlash over mandatory 30-day prompt retention and undisclosed model degradation for AI researchers, prompting debate on regulatory capture, open-source AI viability, Bernie Sanders' proposed 50% equity seizure of AI companies, May CPI hitting 4.2% year-over-year, and statistical anomalies in the Los Angeles mayoral primary ballot counts.

→ WHAT IT COVERS Four fund managers pitch their top investment ideas at an All-In-hosted Ira Sohn-style competition. Pitches cover MGM Resorts (hidden casino assets in Japan and Dubai), Talon Energy (nuclear and gas power infrastructure), Actus Oncology (radiopharmaceutical cancer treatment), and GeoNet (decentralized RTK precision location network). Audience votes Talon first; besties rank MGM first.

→ WHAT IT COVERS Pennsylvania Senators John Fetterman (D) and Dave McCormick (R) discuss cross-party collaboration on AI infrastructure, data center opposition, wealth inequality in a K-shaped economy, the filibuster's role in governance, campaign finance excess, and combating foreign-funded misinformation targeting American energy and technology investment.

→ 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.