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All In Podcast Episode 270 Recap and Notes April 24 2026

April 24 2026

  • Sacks moved the pod back an hour due to POTUS meeting

  • SpaceX Cursor deal

    • xAI and Cursor collaborating on new AI coding model

    • $60B price for company OR will $10B for collaboration fee/break up fee

    • Cursor revenue $2B end of Feb 2026 - projected $6B eoy

    • SpaceX revenue $22-$26B rumored

    • SpaceX trying to IPO soon

    • Seems the way the acquisition is structured is to not slow down the IPO

    • Grok usage has plummeted

    • This is a complementary acquisition - xAI brings compute and a foundational model - so Cursor brings training data, enterprise clients, expertise and product

    • People are realizing that writing software is where all the value is

  • Thoma Bravo - might divest Medallia

    • Apparently too much debt
    • Maybe TB got their money out and are done with dealing with the company - so debtors are screwed and the equity is impaired
    • Rumors on X that sales team at Medallia missing their targets
    • Maybe AI and agents are hurting
    • There might also be a deflationary aspect to AI - it costs you less for SaaS now
    • Economy could grow as a result (since you can reinvest your saas savings to grow your business)
      • Sidebar: Kevin Warsh at the Fed said inflation might need to be recalculated
    • So SaaS companies’ debt could be a problem since they’re not growing anymore
    • On the flip side well run SaaS businesses could be a buying opportunity
    • Its all about predictable cash flows
    • Typical ratio in startup is 10:1 (value to price - if its $10 value, charge $1)
    • Maybe the index to buy in this era of AI is the index of founders - they can burn the boats and they are not afraid
    • Salesforce might be a bargain right now - see how Marc Benioff is reinventing Salesforce around headless, etc
    • This is where Venture Debt hurts the quality of the business
      • Banks will rug pull you - they can’t afford to lose their money - their alternative is 8% vs VCs who can lose money because they get the odd big win
    • Debt is a problem until the government socializes all the debt
    • Nick Shirley is being targeted by new CA law
    • Media defends government waste but attacks CEOs - they drove the guy (Elon) who tried to eliminate waste, fraud and abuse

  • AIS 2026 - Sep 13, 14, 15

  • Apple new CEO John Ternus

    • Hardware expert
    • Tim Cook had a great run for ~15 years

      • $100B/yr → $400B/yr

      • Lots of products released under him actually

      • Better revenue quality

      • Privacy emphasis was smart

      • Navigated times that could have been turbulent very gracefully

      • Invested well in R&D

      • Returned money well to shareholders

  • SPLC controversy

    • Indicted on 11 counts of wire fraud and money laundering
    • Apparently paid hate groups
    • Folk(s) they paid posted racist messages, etc
    • They opened bank accounts under fictitious entities and hoodwinked their donors
    • NGOs have run amok - they are playing overlords over our lives - donors should sue these folks
    • Vice tried to cancel Jason over a decade ago
    • NGOs never want to declare victory - they want to keep fund raising

  • Science Corner - Paper on trying to elucidate the underlying cause of colorectal cancer

    • Jump in young people getting colon cancer

    • People under 50

    • Picloram highlighted in the study

    • Study found higher correlation with use in particular US counties

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