All-In with Chamath, Jason, Sacks & Friedberg

(0:00) The Besties welcome Gavin Baker back on the show! (1:20) Nvidia balance sheet questions, CoreWeave IPO, M&A/IPO bounce back (16:22) US vs China in AI: Manus, China building its own Nvidia, and more (28:37) The Administration's endgame for tariffs (53:05) Signalgate: context and fallout (1:09:42) El Salvador deportations Follow Gavin: https://x.com/GavinSBaker [https://x.com/GavinSBaker] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: https://www.reuters.com/technology/coreweave-planning-cut-us-ipo-size-price-below-range-source-says-2025-03-27 [https://www.reuters.com/technology/coreweave-planning-cut-us-ipo-size-price-below-range-source-says-2025-03-27] https://www.reuters.com/world/us/us-adds-dozens-entities-export-restriction-list-2025-03-25 [https://www.reuters.com/world/us/us-adds-dozens-entities-export-restriction-list-2025-03-25] https://modelcontextprotocol.io/introduction [https://modelcontextprotocol.io/introduction] https://www.theinformation.com/articles/openai-plots-charging-20-000-a-month-for-phd-level-agents?rc=pxkrxo [https://www.theinformation.com/articles/openai-plots-charging-20-000-a-month-for-phd-level-agents?rc=pxkrxo] https://www.youtube.com/watch?v=A8wJc7vHcTs [https://www.youtube.com/watch?v=A8wJc7vHcTs] https://x.com/JohnArnoldFndtn/status/1905296181208416744 [https://x.com/JohnArnoldFndtn/status/1905296181208416744] https://x.com/chamath/status/1904547884877701610 [https://x.com/chamath/status/1904547884877701610] https://www.theatlantic.com/politics/archive/2025/03/trump-administration-accidentally-texted-me-its-war-plans/682151 [https://www.theatlantic.com/politics/archive/2025/03/trump-administration-accidentally-texted-me-its-war-plans/682151] https://www.whitehouse.gov/presidential-actions/2025/03/invocation-of-the-alien-enemies-act-regarding-the-invasion-of-the-united-states-by-tren-de-aragua [https://www.whitehouse.gov/presidential-actions/2025/03/invocation-of-the-alien-enemies-act-regarding-the-invasion-of-the-united-states-by-tren-de-aragua] https://www.statista.com/statistics/696152/homicide-rate-in-el-salvador [https://www.statista.com/statistics/696152/homicide-rate-in-el-salvador] https://x.com/Sec_Noem/status/1905034256826408982 [https://x.com/Sec_Noem/status/1905034256826408982]

(0:00) Welcoming Cyan Banister and David Sacks! (3:23) Behind the scenes of the Besties in DC: White House, cabinet interviews, and more (33:00) How M&A will be unleashed, Google buys Wiz for $32B, Tim Walz on Tesla (49:09) Deep dive on Google/Wiz: breakup fee, impact on VC, ROIC, cloud advantage (1:00:28) Treasury vs Fed tension, Bond markets, consumers, deregulation (1:12:57) Space rescue, SpaceX vs China, lunar landing Thanks to our partners for making this happen: Hims: https://www.hims.com | https://www.forhers.com [https://www.forhers.com] Gemini: https://www.gemini.com/allin [https://www.gemini.com/allin] iTrustCapital (use code allin): https://www.itrustcapital.com/allin [https://www.itrustcapital.com/allin] Follow Cyan: https://x.com/cyantist [https://x.com/cyantist] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: Bessent interview: https://youtu.be/lSma9suyp24 [https://youtu.be/lSma9suyp24] Lutnick interview: https://youtu.be/182ckTL2KBA [https://youtu.be/182ckTL2KBA] https://www.cnbc.com/2025/03/18/google-to-acquire-cloud-security-startup-wiz-for-32-billion.html [https://www.cnbc.com/2025/03/18/google-to-acquire-cloud-security-startup-wiz-for-32-billion.html] https://x.com/Tim_Walz/status/1902197581586833643 [https://x.com/Tim_Walz/status/1902197581586833643] https://www.nbcnews.com/politics/politics-news/democratic-party-hits-new-polling-lowvoters-want-fight-trump-harder-rcna196161 [https://www.nbcnews.com/politics/politics-news/democratic-party-hits-new-polling-lowvoters-want-fight-trump-harder-rcna196161] https://x.com/elonmusk/status/1519735033950470144 [https://x.com/elonmusk/status/1519735033950470144] https://www.ft.com/content/e6f516e8-2262-44d2-a030-7071b62b0be7 [https://www.ft.com/content/e6f516e8-2262-44d2-a030-7071b62b0be7] https://x.com/thesamparr/status/1902385138308104685 [https://x.com/thesamparr/status/1902385138308104685] https://www.wsj.com/economy/central-banking/interest-rates-decision-federal-reserve-ed172223 [https://www.wsj.com/economy/central-banking/interest-rates-decision-federal-reserve-ed172223] https://www.cnbc.com/quotes/US10Y [https://www.cnbc.com/quotes/US10Y] https://www.nytimes.com/2025/03/10/technology/eric-schmidt-relativity-space.html [https://www.nytimes.com/2025/03/10/technology/eric-schmidt-relativity-space.html] https://arstechnica.com/space/2024/11/chinas-long-term-lunar-plans-now-depend-on-developing-its-own-starship [https://arstechnica.com/space/2024/11/chinas-long-term-lunar-plans-now-depend-on-developing-its-own-starship] https://www.nbcnews.com/politics/elections/steve-kornacki-white-men-white-women-gap-gender-gap-rcna196791 [https://www.nbcnews.com/politics/elections/steve-kornacki-white-men-white-women-gap-gender-gap-rcna196791]

(0:00) Chamath and Friedberg welcome Commerce Secretary Howard Lutnick! (1:10) Howard describes his 30+ year relationship with President Trump and his road from business to politics (14:44) Running Trump's transition team, DOGE origin story, what it's like working for Trump (38:01) Balancing the budget and fixing GDP (52:21) Tariff history and strategy, global trade (1:10:34) Trump Cards, building better government software, AI thoughts (1:22:49) Sovereign Wealth Fund strategy (1:37:16) How his family reacted to his new role Thanks to our partners for making this happen: Gemini: https://www.gemini.com/allin [https://www.gemini.com/allin] Hims: https://www.hims.com [https://www.hims.com] | https://www.forhers.com [https://www.forhers.com] iTrustCapital (use code allin): https://www.itrustcapital.com/allin [https://www.itrustcapital.com/allin] Follow Secretary Lutnick: https://x.com/howardlutnick [https://x.com/howardlutnick] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect]

(0:00) Chamath and Friedberg describe their adventures in DC and welcome Treasury Secretary Scott Bessent! (2:12) Scott's background, what drew him to equities, the role of macro investors (7:22) The legendary trade that broke the Bank of England in 1992, and how it relates to Main Street vs Wall Street today (21:30) Scott explains the Trump Administration's economic strategy (32:45) How this administration plans to de-regulate the economy, Fed relationship, re-financing debt (42:06) DOGE, DC grifts, shakeup at the IRS (50:51) Re-engineering social security through the US SWF, how energy factors in (1:00:02) Surprises, fixing affordability, thoughts on President Trump Thanks to our partners for making this happen: Gemini: https://www.gemini.com/allin [https://www.gemini.com/allin] Hims: https://www.hims.com [https://www.hims.com] | https://www.forhers.com [https://www.forhers.com] iTrustCapital (use code allin): https://www.itrustcapital.com/allin [https://www.itrustcapital.com/allin] Follow Secretary Bessent: https://x.com/SecScottBessent [https://x.com/SecScottBessent] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect]

(0:00) The Besties intro Andrew Schulz! (3:29) Friedberg hits a quick Science Corner on the future of fertility (9:35) Reacting to Gavin Newsom's new podcast: genius or pandering? (19:36) Tariff experiment so far: risks, communication issues, and more (30:44) Why the American Dream is broken and how to fix it: cracking the housing market, social security reform (55:45) Aligning upside via increased stock market participation (1:11:23) How Andrew blew up in comedy, going direct via YouTube, building a cancel-proof following (1:22:25) State of America, conspiracy obsession, thoughts on Trump and DOGE GET TICKETS for All-In Live: Miami https://allin.com/events [https://allin.com/events] Follow Andrew: https://x.com/andrewschulz [https://x.com/andrewschulz] Check out Andrew's new special LIFE: https://www.netflix.com/title/81741999 [https://www.netflix.com/title/81741999] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: https://x.com/chamath/status/1895948351516131515 [https://x.com/chamath/status/1895948351516131515] https://x.com/ChineseEmbinUS/status/1897132043362034153 [https://x.com/ChineseEmbinUS/status/1897132043362034153] https://electrek.co/2025/02/07/renewables-90-percent-new-us-capacity-2024-ferc [https://electrek.co/2025/02/07/renewables-90-percent-new-us-capacity-2024-ferc] https://www.wsj.com/opinion/bidens-mortgage-relief-fuels-higher-housing-prices-policy-loans-risk-cb0a1974 [https://www.wsj.com/opinion/bidens-mortgage-relief-fuels-higher-housing-prices-policy-loans-risk-cb0a1974]