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All In Podcast Episode 294 Recap and Notes October 23 2026

October 23 2026

  • AI Bubble?

    • Ken Griffin from Citadel says yes

    • 1% of companies are responsible for 90% of AI spending

    • Basically startups spending VC money on AI

    • So its almost circular - VCs give money to startups, that spend on AI

    • But this just needs to get diffused into the rest of the economy like AWS did in the past

    • Ramp gave Chamath some cool data

    • You might almost say this push on GPU compute models is traced back to Alex Karp talking about data sovereignty on CNBC

  • Cyber Panic

    • PHP problem
    • White Hat can always win because they have more compute?

  • France riots

    • Riots and burning

    • 143 year old city hall building burned down among many issues

    • Investors dumping French debt

      • Maybe US treasuries being bought more as a result?

    • These are domestic terrorists - not folks who are suffering

    • Seems the immigrants who came in are expecting the government to provide for them

    • France is spending more than peak Communist countries

    • The more the government spends the more things get worse

    • US

      • US public spending is 36% of GDP - so also really high
      • US is hanging on because we have some economic growth
      • Education, Housing, HealthCare and Retirement systems are problems
      • Maybe cancel student loans but also cancel student loan federal programs
      • Cancel defined benefit programs

    • Chinese immigrant stores also attacked by the rioters - its all rooted in the same principle that anyone successful is bad

      • Apparently they were avoiding Muslim stores - but hurting Jewish stores

    • Second Amendment in US vindicated - LA riots were mitigated by rooftop Koreans in K Town defending their businesses

    • Government is the worst place to provide services to the population

    • Bond vigilantes can break the back of the French government - and force action

    • Only defined benefit retirement accounts in the US are some government employees

      • Sad thing is they would have made more money if it had been invested in the market

    • Can’t provide social services to an immigrant population - it means they are not productive and you’re doing something wrong - you want productive immigrants to come in who can support themselves

    • Insane France Tax revenue

  • Trump second half strategy

    • He might be a good President on the economy but the public doesn’t agree with him
    • Should Jason be Trump’s Press Secretary? 🙂
    • Minimum wage

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