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All In Podcast Episode 232 Recap and Notes June 21 2025

June 21 2025


  • Thomas Laffont joins the show

  • Friedberg has 4th baby

  • LA is behind national average of recovery in food and beverage industry (going out to eat, etc)

    • Filmings in LA are down 50% from the peak
    • Other places are giving better movie deals
    • 30% more expensive to shoot in LA/CA
    • Levered to 1 industry that has secular decline
    • AI is helping SF
      • OpenEvidence is a company helping doctors
        • Example of AI accelerating a health care provider

  • Zuckerberg AI offers

    • Scale AI almost acquisition
      • Alexandr Wang joining Meta
    • Crazy $100M offers to OpenAI engineers and other researchers
    • Trying to hire Nat Friedman and Daniel Gross
    • Meta has $70B in cash
    • Scale acquisition seems like the Onava deal from a while ago
    • Similar to HTML5 vs native app discussion at Facebook
      • HTML5 decision one but was wrong - and Zuck admitted it
    • Facebook generically trains on Nvidia and open sources- whereas everyone else is optimizing their models to the hardware (Google with Gemini + TPU, OpenAI with Azure, presumably xAI with whatever they’re using, etc)
    • Need to have dedicated infrastructure and compute architecture so you can get best model performance
    • Does his (Zuck’s) activity encourage other companies to be aggressive too?

  • Mag7 has diverged a little - not so correlated anymore

    • MSFT is up ~13% apparently (terminal can’t display more for Thomas Laffont)
    • Could also be policy choices leading to differences in performance here (tariffs, etc)
    • Important to understand which of these countries control their destiny in AI
      • Thomas → Nvidia (established players), Tesla (dark horse)
      • Chamath → Tesla (full integration), Google (best models)
      • Jason → Tesla/Elon, Google
      • Friedberg → Google (varied portfolio), Tesla (thinks Nvidia could be hit by China semiconductor work)

  • Apple is struggling with AI

    • Decline like other successful companies like AOL, IBM, Lotus, etc
    • They are like the PC makers who don’t control the OS
    • Bets Apple could take
      • Thomas - buy OpenAI for $500B?
      • Jason - start a humanoid robot?
      • Friedberg - Ambient AI
      • Chamath - Apple is in trouble

  • IPOs and M&As

    • Chime, Circle and Coreweave all going IPO

    • Acquisitions - Google and Wiz, OpenAI bought some, Databricks bought, Salesforce bought, Doordash and Uber also bought some recently

    • Public SaaS growth rates are lower nowadays

    • Huge opportunities for investors picking the right companies in SP493 that will do AI right vs those that are laggards

    • Software SaaS cartel will be unwound - huge opportunity

      • Anthropic added 3/4 of net new revenue of the market its disrupting

    • SPAC

      • Chamath tweet got community note about his bad SPAC record
      • He is going to do a SPAC maybe
      • Direct listing vs IPOs

    • Jobs

      • Applovin and Microsoft operating with fewer people
      • Andy Jassy says they will have smaller corporate workforce in Amazon
      • Can Amazon/AWS be a kingmaker in the AI space for physical stuff too?
      • Will Microsoft have more employees 5 years from now or not?
      • It would be amazing to have an index of AWS, Azure and GCP over the next 5 years - then you won’t need to own anything else

    • Sacks joins

      • Genius Act
      • Stablecoin bill
      • Big change towards crypto in Trump administration
      • Gensler and Warren were hostile to crypto (as was Sherrod Brown who lost his seat in the last election to Bernie Moreno)
      • Crypto industry wanted regulation - this is something even Democrats should be able to get behind

    • Vinny Lingham shoutout

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