All-In with Chamath, Jason, Sacks & Friedberg

(0:00) Introducing Roelof Botha (1:08) Sequoia’s Scout program and its best-performing funds ever (3:38) State of Venture Capital: Why it’s broken, too much capital, not enough great companies (9:01) Why Sequoia separated from its China business, how they adapt to changing macro landscapes (13:05) Sequoia’s culture, picking partners, investment decision-making, The Sequoia Capital Fund and holding winners (20:18) What makes a great founder, what Roelof learned from Doug Leone and Michael Moritz (26:06) Investing in biotech, importance of expertise in VC Thanks to our partners for making this happen! Solana - Solana is the high performance network powering internet capital markets, payments, and crypto applications. Connect with investors, crypto founders, and entrepreneurs at Solana’s global flagship event during Abu Dhabi Finance Week & F1: https://solana.com/breakpoint [https://solana.com/breakpoint] OKX - The new way to build your crypto portfolio and use it in daily life. We call it the new money app. https://www.okx.com/ [https://www.okx.com/] Google Cloud - The next generation of unicorns is building on Google Cloud's industry-leading, fully integrated AI stack: infrastructure, platform, models, agents, and data. https://cloud.google.com/ [https://cloud.google.com/] IREN - IREN AI Cloud, powered by NVIDIA GPUs, provides the scale, performance, and reliability to accelerate your AI journey. https://iren.com/ [https://iren.com/] Oracle - Step into the future of enterprise productivity at Oracle AI Experience Live. https://www.oracle.com/artificial-intelligence/data-ai-events/ [https://www.oracle.com/artificial-intelligence/data-ai-events/] Circle - The America-based company behind USDC — a fully-reserved, enterprise-grade stablecoin at the core of the emerging internet financial system. https://www.circle.com/ [https://www.circle.com/] BVNK - Building stablecoin-powered financial infrastructure that helps businesses send, store, and spend value instantly, anywhere in the world. https://www.bvnk.com/ [https://www.bvnk.com/] Polymarket - The world’s largest prediction market. https://www.polymarket.com/ [https://www.polymarket.com/] Follow Roelof: https://x.com/roelofbotha [https://x.com/roelofbotha] 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]

(0:00) Introducing YouTube CEO Neal Mohan (1:08) YouTube’s revenue split with creators (7:30) How Neal thinks about enabling monoculture and connective threads at YouTube (11:23) Censorship on YouTube, demonetization decisions, dealing with different regimes and laws globally (19:58) YouTube TV, YouTube Premium, and channel subscriptions (24:00) Generative AI on YouTube: labeling AI, likeness concerns, possibilities Thanks to our partners for making this happen! Solana - Solana is the high performance network powering internet capital markets, payments, and crypto applications. Connect with investors, crypto founders, and entrepreneurs at Solana’s global flagship event during Abu Dhabi Finance Week & F1: https://solana.com/breakpoint [https://solana.com/breakpoint] OKX - The new way to build your crypto portfolio and use it in daily life. We call it the new money app. https://www.okx.com/ [https://www.okx.com/] Google Cloud - The next generation of unicorns is building on Google Cloud's industry-leading, fully integrated AI stack: infrastructure, platform, models, agents, and data. https://cloud.google.com/ [https://cloud.google.com/] IREN - IREN AI Cloud, powered by NVIDIA GPUs, provides the scale, performance, and reliability to accelerate your AI journey. https://iren.com/ [https://iren.com/] Oracle - Step into the future of enterprise productivity at Oracle AI Experience Live. https://www.oracle.com/artificial-intelligence/data-ai-events/ [https://www.oracle.com/artificial-intelligence/data-ai-events/] Circle - The America-based company behind USDC — a fully-reserved, enterprise-grade stablecoin at the core of the emerging internet financial system. https://www.circle.com/ [https://www.circle.com/] BVNK - Building stablecoin-powered financial infrastructure that helps businesses send, store, and spend value instantly, anywhere in the world. https://www.bvnk.com/ [https://www.bvnk.com/] Polymarket - https://www.polymarket.com/ [https://www.polymarket.com/] Follow Neal: https://x.com/nealmohan [https://x.com/nealmohan] 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]

(0:00) Introducing Joe Tsai (0:49) Owning the Nets and Liberty, Caitlin Clark’s impact on the WNBA, does the NBA need fixing? (6:07) Alibaba origins, China’s pullback on capitalism (10:10) US vs China rivalry: the AI race, are we destined for conflict, and what can the US learn from China? (19:46) AI application in large businesses (21:52) Managing corporate culture at Alibaba’s scale, Nets predictions (23:17) AI adoption, job anxiety, and AGI views in China Thanks to our partners for making this happen! Solana - Solana is the high performance network powering internet capital markets, payments, and crypto applications. Connect with investors, crypto founders, and entrepreneurs at Solana’s global flagship event during Abu Dhabi Finance Week & F1: https://solana.com/breakpoint [https://solana.com/breakpoint] OKX - The new way to build your crypto portfolio and use it in daily life. We call it the new money app. https://www.okx.com/ [https://www.okx.com/] Google Cloud - The next generation of unicorns is building on Google Cloud's industry-leading, fully integrated AI stack: infrastructure, platform, models, agents, and data. https://cloud.google.com/ [https://cloud.google.com/] IREN - IREN AI Cloud, powered by NVIDIA GPUs, provides the scale, performance, and reliability to accelerate your AI journey. https://iren.com/ [https://iren.com/] Oracle - Step into the future of enterprise productivity at Oracle AI Experience Live. https://www.oracle.com/artificial-intelligence/data-ai-events/ [https://www.oracle.com/artificial-intelligence/data-ai-events/] Circle - The America-based company behind USDC — a fully-reserved, enterprise-grade stablecoin at the core of the emerging internet financial system. https://www.circle.com/ [https://www.circle.com/] BVNK - Building stablecoin-powered financial infrastructure that helps businesses send, store, and spend value instantly, anywhere in the world. https://www.bvnk.com/ [https://www.bvnk.com/] Polymarket - https://www.polymarket.com/ [https://www.polymarket.com/] Follow Joe Tsai: https://x.com/joetsai1999 [https://x.com/joetsai1999] 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]

(0:00) Bestie intros! (1:53) EA acquired for $55B in biggest LBO ever, why PE is in trouble (17:42) IPO market, SPAC 2.0 (27:41) The AI rollup opportunity (36:01) Sacks joins the show! (38:27) OpenAI and Meta launch short-form video apps: "AI Slop" or the future of content? (45:04) Open source AI: DeepSeek's new model, pressure on US AI industry (1:05:11) State AI regulation frenzy: States' rights vs Federal control, overregulation 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://apnews.com/article/ea-electronic-arts-video-game-silver-lake-pif-d17dc7dd3412a990d2c0a6758aaa6900 [https://apnews.com/article/ea-electronic-arts-video-game-silver-lake-pif-d17dc7dd3412a990d2c0a6758aaa6900] https://www.ign.com/articles/xbox-game-pass-ultimate-price-rises-to-30-a-month-microsoft-adds-more-day-one-games-and-throws-in-fortnite-crew-and-ubisoft-classics-to-help-justify-the-cost [https://www.ign.com/articles/xbox-game-pass-ultimate-price-rises-to-30-a-month-microsoft-adds-more-day-one-games-and-throws-in-fortnite-crew-and-ubisoft-classics-to-help-justify-the-cost] https://x.com/Jason/status/1973461806585966655 [https://x.com/Jason/status/1973461806585966655] https://www.npr.org/2025/09/05/nx-s1-5529404/anthropic-settlement-authors-copyright-ai [https://www.npr.org/2025/09/05/nx-s1-5529404/anthropic-settlement-authors-copyright-ai] https://x.com/scaling01/status/1972650237266465214 [https://x.com/scaling01/status/1972650237266465214] https://www.insidetechlaw.com/blog/2025/09/californias-transparency-in-frontier-artificial-intelligence-act [https://www.insidetechlaw.com/blog/2025/09/californias-transparency-in-frontier-artificial-intelligence-act] https://www.datacenterdynamics.com/en/news/google-withdraws-rezoning-proposal-for-468-acre-data-center-project-in-franklin-township-indianapolis [https://www.datacenterdynamics.com/en/news/google-withdraws-rezoning-proposal-for-468-acre-data-center-project-in-franklin-township-indianapolis]

(0:00) Chamath and Jason welcome Rep. Ro Khanna! (1:10) H-1Bs and immigration (8:40) Giving Trump credit as a Progressive Democrat, why bipartisanship is broken, future Democratic leaders (15:08) Tech industry: Can Democrats win back tech?; Economic patriotism, protection vs proliferation of AI (24:25) Government shutdown, what actually happens? (30:25) Extreme rhetoric: Importance of dialing this down (36:29) Censorship and lawfare on both sides (40:32) Crime issues in major cities, why Democrats are losing on safety, common sense solutions (47:46) Mamdani's surge: is Zohran the future of the party? (51:15) Congressional stock trading ban Follow Ro Khanna: https://x.com/rokhanna [https://x.com/rokhanna] 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]