POD UP!🚨 Fifth Bestie @altcap Joins the Show! Brad fills in for @chamath and the Besties discuss: -- Google's AI Shakeup: Brain Drain or Strategy? $GOOG -- SpaceX's Massive Quarter: Terafab, Capex, EWS, $1T Projection $SPCX -- Airtable Sells for a 90% Discount, Signs of SaaSpocalypse? $BSP -- US Data is Fueling Chinese AI (0:00) Bestie intros! Brad Gerstner fills in for Chamath (2:16) Major shakeups at Google: AI brain drain or better strategy? (20:39) SpaceX's big quarter: Terafab, AI Capex, $1T revenue projection? (45:44) All-In Summit Speaker Announcements! (48:01) Airtable sells for a 90% discount: SaaSpocalypse? (1:05:56) Chinese AI labs are buying US training data to catch up

David Sacks: Everything Kathy Hochul Said About Datacenters Was a False Accusation @DavidSacks: “These data centers become the scapegoat for all of the angst that people have about AI. Everything she's saying there is a false accusation on datacenters. So let's just go one by one.” POWER: So she's saying that they eat up all of the power. Well, yeah, if you connect to the grid without producing more power and you force datacenters to compete with residential ratepayers, then yeah, you could drive up utility prices. However, if you do what Chamath said and let them build behind the meter, then they bring their own power. And that's what the president has advocated for since the beginning of his administration, is let the AI companies become power companies. So that is the way to solve the energy problem or the utility problem. LAND: Then, she's talking about eating up land. The reality is these datacenters are a model of land use efficiency. We have a ton of land in this country, obviously. NOISE POLLUTION: The supposed noise pollution, that's largely made up. That can be dealt with. You obviously don't want to put these things right next to a residential area, but create a little bit of distance, and it's fine. WATER CONSUMPTION: The whole water consumption thing is largely a hoax. Modern datacenters recirculate the water. AIR POLLUTION: One final thing just on the point that Hochul is making. She said it created a lot of pollution. Natural gas, which is how most of these data centers are powered, is one of the most clean burning sources of power that we have. “When you compare economic impact to all these different things, datacenters are honestly one of the best things we could be building as a nation.”

Friedberg: New study shows enzyme reverses skin age from 70+ years to 31 Chamath: That’s a $2T market. Did Scientists Just Discover How to Reverse Skin Aging!? “CML is kind of the predominant molecule that gets formed in this extracellular matrix that's driving aging, and nothing breaks it down. So these scientists set out to try and create an enzyme, an enzyme is a protein that breaks something down, that can break down CML. And so these guys kind of went out and they took the target, which is CML, and tried to figure out, ‘Okay, how do we actually degrade CML, clear that extracellular matrix, and reverse aging?’ They started to test it on the proteins that we would find in our body, casein, collagen, retinal proteins, which are in your eye, hemoglobin, and they were able to get rid of 52 to 97% of the CML, just degrade it away. And then they found several sites where they were able to degrade over 90%. And then they took actual human skin from elderly patients that had donated their skin, and they put this enzyme onto that skin, and they were able to eliminate 55% of the CML on the skin, basically reverse the skin's age down to the age of a 31-year-old, this is from greater than 70-year-old patients, just by putting this enzyme on the skin. And so it's kind of a groundbreaking demonstration of combination of AlphaFold, what's called directed evolution, where you change the order of the DNA that changes the structure of the protein to test different proteins, do high throughput screening, and ultimately make a novel protein that doesn't exist in nature today that can do something pretty profound for human health.” Chamath: “It will be a trillion-dollar market. If you can create a cream…” Friedberg: “I mean, dude, if you could put this enzyme literally on your skin and have it absorb in…” Chamath: “Game over. That alone is $2 trillion.”

🚨 POD UP! The Core Four is BACK The Besties discuss: -- Can the AI Industry Regulate Itself? -- Stripe Bids $53B for PayPal w/ Block and Advent ($PYPL) -- The Death of Tokenmaxxing? -- Apple Sues OpenAI ($AAPL) -- Grok Build Data Leak ($SPCX) -- The Datacenter Psyop, NY's Ban -- Science Corner: Aging Reversal Breakthrough? (0:00) Bestie intros! (1:32) New AI regulatory proposal: DeepMind's Demis Hassabis proposes FINRA-type body (20:01) Stripe, Block, and Advent offer $53B to acquire PayPal (37:51) Apple sues OpenAI, alleging stolen trade secrets (42:49) Grok Build data leak, AI data privacy, Tokenmaxxing update, Mira Murati's new model (59:53) NY bans datacenters, China catches up (1:22:57) Science Corner: New data on reversing aging!

Nate Silver Explains How The Democratic Party Has Split Into Three Warring Factions 1) “The Progressive Left” - Zohran, AOC, Bernie, the DSA, this group is the furthest left 2) “The Abundance Libs” - Ezra Klein, Derek Thompson, this group is the most centrist 3) “The Resistance Libs” - Newsom, Biden, Kamala, this group sits between progressives and abundance libs “One is ‘The Left.’ The avatars might be Zohran, AOC, Bernie Sanders. On the other side, there are ‘The Abundance Libs’ kind of named after Ezra Klein, right? They are more pro-free market. They sometimes deny that they're centrist. I think they are pretty centrist. They are the ones who are very concerned with California as a case study of poor governance. In the middle you have what I call ‘The Resistance Lib.’ They're the ones who say they are really fed up with the Democratic establishment, but are still often very partisan and often cheerleading for the blue team. They're the ones who thought that Joe Biden was railroaded out of the 2024 race, for example. They're really Gavin Newsom's constituency. Why is Gavin Newsom going out of his way to support and endorse the Bidens, when Biden, even among Democrats, is not all that popular anymore? Everyone else wants to move on. Well, it's because it's a signal to the resistance libs that, like, ‘I have your back. I'm a fighter. The reason why we didn't win in 2024 was because the media was unfair to Biden and/or because Kamala Harris was a Black woman. So pick a white guy who will fight for you and tweet in all caps.’” @NateSilver538 --------------------------------------- Thanks to our partners for making this possible! Starting a business? @northwestagent gives you everything you need to build a complete Business Identity including free tools and built-in privacy. Get more at If your work depends on conversations — meetings, deal flow, interviews, customer calls — @PLAUDAI helps you capture and organize everything with highly accurate AI-generated notes that are not just simple summaries, but also highlight pain points, key decisions, next steps, and customizable summary templates. Check out Plaud at and use code ALLIN for up to 20% off! Which is also available on Amazon: (Code: ALLIN20X)

The Besties All-In Tequila has won a GOLD MEDAL at the 2026 San Francisco World Spirits Competition, the world's most prestigious spirits competition. This is the best and rarest tequila we've ever had and we're truly honored that the judges agree. @tastingalliance @SFWSpiritsComp

POD UP! 🚨 Gavin Baker and Travis Kalanick fill in for Friedberg -- Mamdani's Socialists Sweep NYC -- China Catches Up in AI Coding -- Micron's Blowout Quarter, AI Memory Crunch -- IPO Update: Anthropic $3T!? ++ much more! (0:00) @GavinSBaker and @travisk 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 hits 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 drops after breaking deal price

Chamath’s Liquidity takeaways and reflections: The state of private and public markets is changing. In recent decades, companies have stayed private longer while competitive advantage deepens with scale. Now, some of the most valuable private companies in the world are preparing to go public at unprecedented valuations just a few years after being founded. A historic liquidity wave is arriving as SpaceX, OpenAI, and Anthropic prepare to go public and lockups expire. These three companies alone are projected to exceed the entire prior decade of venture exits combined. That capital will go somewhere, and right now the focus is on the physical substrate of AI. Power, memory, copper, and specialized silicon are the current key components. The AI model layer itself is competitive, and the frontier labs are searching for profit pools in application layers. Six themes carried across the room. 1/ The liquidity wave & the barbell 2/ AI is a power problem 3/ Models commoditize, compute doesn't 4/ Public vs. private trends are shifting 5/ Can the US build a moat China can't cross? 6/ One scarce edge is human judgment Full breakdown of each theme, along with Chamath's takeaways from each speaker, here:

POD UP! 🚨 Besties are back to discuss: -- SpaceX's record IPO, Cursor deal, and the first trillionaire -- The modern politburo and the new oligarchy (@friedberg cooks) -- Behind the scenes of the Anthropic Fable ban -- Iran War peace deal (0:00) Bestie intros! (2:41) The New Oligarchs, America's incoming politburo, and learned helplessness (14:18) SpaceX's record breaking IPO, $60B Cursor acquisition, and the trillionaire reactions (33:34) Behind the scenes of the Anthropic Fable ban (1:01:18) Claude psychoanalyzes its creator, Dario Amodei (1:14:31) Iran War MOU and the market impact

LATE NIGHT DROP! 🚨 Big show. Core four are back. -- Anthropic's Fable Backlash -- Nationalizing AI, and the "Capitalist Cucks" -- Inflation Heats Up -- California’s Broken Election System (0:00) Besties are back! (0:19) Anthropic gets massive backlash over secret Fable nerfing and privacy concerns (29:16) The AI regulatory capture trap, pragmatic safety solutions (37:59) Nationalizing AI: Trump/Sanders, justifications, and AI's "Capitalist Cucks" (59:22) Liquidity recap: Best moments and takeaways (1:05:39) Inflation heats up: CPI and PPI see 3+ year highs (1:12:27) California's loose election laws creating integrity doubts

LIQUIDITY: All-In's Inaugural Best Ideas Pitch Competition! 4 Investors Present Their Top Trades This is the FINAL Liquidity post. The Besties will be back tomorrow for the regular Friday pod. Thanks to Aaron Cowen, Dan Dreyfus, Oleg Nodelman, and Kyle Samani for the amazing pitches! (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 (@EYnews) - EY helps private equity firms turn market insight into action, navigating complexity and unlocking new paths to growth and long-term value. NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight.

Chamath: Taiwan Loses Its Strategic Importance in 18 Months @chamath: “ We're 18 months from Taiwan not being an important moment of conversation the way it is today. Why 18 months? Because we are at a point where we're probably 1-2 nanometers away from being able to do what we need Taiwan to strategically do for us. And so as we scale up our chip fabs, as we get more capacity, and interestingly, there are these orthogonal technologies being developed. I don't know if you guys saw, but Neuralink was showcasing a machine that is literally operating at the almost nanometer scale to do the brain operations for the implantation, all automatically. When you have the dexterity and the capability mechanically to make these things, the real reason then is a very different one than what it is today. Today, it's economic. And if you take that off the table, I think we'll have a very different attitude to Taiwan.”

Marc Benioff to SaaS CEOs upset about AI hurting their valuations: Grow up, wipe your tears, focus on the customer Chamath: “ Let's say you were running a software company that was before the AI wave and you're private. There's a bunch of these companies that were supposed to go public, (but) didn't go public. What should they do? What do those boards do?” Marc @Benioff: “Here's some Kleenex for them for all their tears. I mean, I talk to these CEOs, they're crying, "Look at my market cap, I'm not getting paid for my work." Guys, grow up. That's what I love about the public markets, they rationalize everything all the time. So great, be in the public markets. You want to be in a private market? Your valuation is fantasyland until somebody's actually going to pay you. So I just tell them, focus on your revenue, focus on your customers, focus on your cash flow, focus on your profitability, focus on your innovation. How are you going to add value to your customers? That's what's really, truly important.”

“I am going to probably use $300M of Anthropic this year at Salesforce.” - Marc Benioff “ These coding agents are awesome. Anthropic is awesome. Coding, everything's going to be cheaper to make, it's more efficient. I can do things that I just could not do before. I can go faster than ever before. I can implement my software and sell it at the same time. I've never been able to do that before. Today, I have humans, agents, and headless platforms all interoperating, never before. So the opportunity for my own company and the efficiency that I have in my own company, in service and support, in distribution and marketing, across the board, is unprecedented. What I can do for our customers, unprecedented. And, to that point, my gosh, have you seen Anthropic? It is a rocket ship that will not stop.”

There is no substitute for bestie @DavidSacks … showed up black-shirted, caffeinated, & fully armed with enough crazy. Besties talked future of enterprise, AI agents that actually work (not just hype), and @chamath has enough truth China bombs to trigger all the Besties. Zero filter. Brilliant El Niño insight from @friedberg. I wasn’t ready for @Jason and neither was the group chat. Buckle up. This one’s XX spicy. 🌶️ 🚀 Check out the full episode here →

🚨 POD UP! HAPPY FRIDAY! Bestie Guestie Marc Benioff (@Benioff) fills in for Sacks A LOT covered on this one: -- Trump-Xi Summit: Trade, Taiwan, midterms impact -- AI's impact on software: What thrives and what dies? -- OpenAI could sue Apple over failed ChatGPT integration -- Thinking Machines drops new model, future of AI is multi-sensory -- BIG Science Corner on a potentially devastating El Nino (0:00) Salesforce CEO Marc Benioff joins the show! (1:14) Trump-Xi summit, doing business in China as a US company, impact on Americans and the midterms (18:46) Taiwan, chips, AI models, and peace through trade (31:41) AI's impact on software: What SaaS thrives, what SaaS dies? (47:26) OpenAI is considering suing Apple over failed ChatGPT integration (56:54) Thinking Machines releases real-time model, future of consumer AI, multi-sensory models (1:02:24) Science Corner: Impacts of a historically strong El Nino in 2026 (1:11:40) Anthropic goes after "Dark SPVs"

“I Walked Into My Boss's Office and Fired Myself” - Chase Koch on the Importance of Finding Your Power Alley “I was promoted to president of Koch Fertilizer at that time, and about nine months in, I realized that I was not the guy for the job. And I walked in my boss's office and fired myself. Humiliating, especially being the boss's son. Oh my God, I'm a failure. I couldn't make this work. The business was still doing fine, but I wasn't doing a good job as a leader. And I knew there was someone else that had the comparative advantage to be a great operator, CEO, president type role. And so I learned through all that, that I wasn't an operator, and I was a builder. Like, all I wanted to do was go build this stuff, you know, this whole idea of creative destruction, that would disrupt the core business that I was running. Understanding your comparative advantage, what you're good at and what you're not, relative to others that could be doing that job, was a huge deal. My hope was that that was a little bit of an example for other Koch leaders as well. If you're not in the right job, you don't have to, like, fire yourself, but figure out what your power alley really is and where you can contribute and add the most value.” --------------------------------------- Thanks to our partner for making this possible Most advertisers have never heard of the platform with an $11B annual run rate in ad spend. by AppLovin — 1B+ daily active users, full-screen video ads watched for a median of 35 seconds, and businesses are profitably spending hundreds of thousands of dollars a day on it. Advertiser access is in closed beta. The window is open at @AxonAdsManager

Charles Koch: When People Lose Meaning, Societies Lose Freedom “ Viktor Frankl, tremendous insight: He says, ‘The problem today is ever more people have the means to live and no meaning to live for.’ So, if you can't find a path to a life of meaning, which comes from finding your gift and using it to succeed by helping others succeed, then you have two choices. You can either choose to go for power or you can go for pleasure. The problem today is when you have a world that is based on power and pleasure, it's a slippery slope to totalitarianism, authoritarianism, and socialism. That's what we're seeing today.” --------------------------------------- Thanks to our partner for making this possible Most advertisers have never heard of the platform with an $11B annual run rate in ad spend. by AppLovin — 1B+ daily active users, full-screen video ads watched for a median of 35 seconds, and businesses are profitably spending hundreds of thousands of dollars a day on it. Advertiser access is in closed beta. The window is open at @AxonAdsManager

🚨 ALL-IN INTERVIEW! Friedberg sits down with Charles & Chase Koch: How they built a $150B private empire (0:00) David Friedberg welcomes Charles & Chase Koch (1:04) Koch Industries 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 -------------------------------------- Thanks to our partner for making this possible Most advertisers have never heard of the platform with an $11B annual run rate in ad spend. by AppLovin — 1B+ daily active users, full-screen video ads watched for a median of 35 seconds, and businesses are profitably spending hundreds of thousands of dollars a day on it. Advertiser access is in closed beta. The window is open at @AxonAdsManager

Spencer Pratt: I will empower architects and builders to make LA beautiful again. “ We're going have LA so beautiful. No more of these high-density, SB-79, prison-like structures. We need to bring Art Deco back. All the architects that moved out of here because it was so hard to build, takes eight years, they're going to be moving back, because we're going to speed up building. It's not going to take eight years. I talked to an architect today, one of the most famous architects in the world. He has a crew of 12 architects, they already did all these designs for these buildings and nobody listened to them. They met with Newsom, they met with Bass. Of course I'm like, “Let's do it, send me over the decks.” And then the YIMBY people, they can have all their bike lanes going through the sky, through tunnels. “We need LA to be the most beautiful architecture in the world.” @friedberg @spencerpratt --------------------------------------- Thanks to our partner for making this possible Most advertisers have never heard of the platform with an $11B annual run rate in ad spend. by AppLovin — 1B+ daily active users, full-screen video ads watched for a median of 35 seconds, and businesses are profitably spending hundreds of thousands of dollars a day on it. Advertiser access is in closed beta. The window is open at @AxonAdsManager