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All In Podcast Episode 297 Recap and Notes November 13 2026

November 13 2026

  • Slow news week 😛
  • Jensen out as Nvidia CEO ☹️
    • Colette Kress, CFO will serve as interim CEO
    • Stock down 15% in the last week
    • Starts Nov 6 - NYT report (right after midterms - interesting?)
    • But stuff happened earlier too - NYT reported similar stories before too - as far back as Oct 2025
    • Culper Research put a short on Nvidia 6 months ago
    • This is a tragedy for Jensen, his family and even America and AI industry
    • Sacks surmises 2 ops here
      • Whatever potentially Alice Huang did or is thought to have done with/without the CCP
      • Other op is memo leak to the NYT - (leaking classifying intelligence is a crime) - someone made the calculated decision to let the NYT know about this story - what was their motivation?
    • Why didn’t authorities warn Jensen about this if they suspected something?
    • There was no defensive briefing?
      • Eric Swalwell case is a an analog - he did not resign immediately after getting it
    • What exactly is the charge here?
      • What secrets did Jensen leak?
    • What is the proof Alice Huang is a spy?
      • Even Rep Jim Himes (D) came out of some hearing saying he’s not sure she’s a spy or a useful idiot
    • Everything happens at once - other affair stories
    • Seems there’s a tug here between power being concentrated in a few players vs more people
      • Jensen has been a strong advocate for open source and so that’s not aligned with the views of the folks who want to concentrate power
    • Jensen being ousted - what is the fiduciary duty of the board?
    • If he broke the law sure fire him but then he didn’t get arrested so its probably off the table
    • Such a tragedy that the Board would ruin this
      • He started this company in 1993
      • From 2006-2016 its flat
      • Then it becomes the biggest company
      • All of a sudden he gets taken out
    • Hard to say China benefits because they were already not really getting the chips and they’re still not going to get the chips
    • Only folks who win is those who want centralized government controlled chip capacity
      • At the very least they have an opening to push for more regulation
    • Is the Board doing this as CYA or doing it for shareholders?
    • This may also just be about slowing down US AI economy - Jensen is central to that - providing chips, financing, technology, etc
    • Jensen is the beating heart of the AI economy and now he’s out ☹️
    • The US advantage is not that we have a special chip - its the momentum on going from one chip to the next - keep iterating
      • Is Nvidia going to lose tempo? Absolutely
    • This will slow down US economy
    • Moolenaar’s statement clearly implies the politicians are coming for the Chips and adding regulation
    • Dems trying to retcon the story by implying the Trump admin trying to be soft on China - under Biden regulation allowed unlimited and unlicensed chips (older chips) to go to China
    • China hawks policy is same as CCP policy
    • China already banned Nvidia’s chips - they don’t want the chips so they can grow local chip manufacturing
    • Just like US is trying to get their own rare earth supply going, China is trying to get their own chips going
      • Latest DeepSeek model has been trained on Huawei chips
    • Who should be the next CEO?
      • External candidates - Rene Haas (ARM) and Nikesh Arora (PANW)
      • Internal - Ian Buck
      • You don’t want a steward
      • It is a war time company and you need a war time CEO
    • Difference between breaking the law and breaking company code of conduct
    • Let Jensen be treated as well as Eric Swalwell
    • We don’t have all the facts - lets wait for it all to come out
    • There will be some kind of civil lawsuits because stock value has dropped a lot regardless of laws were broken or not
      • This damage has been done
  • Anthropic IPO

    • 825M shares - ~$78/share

    • Looking to raise $90B total

    • Revenue is soaring

    • Amazing numbers

    • Anthropic is going to kill Microsoft Office, Google Docs, all SaaS products by bundling

    • They are marketing RSI and AGI in their IPO materials

    • They think they can solve cancer, alzheimer’s, heart diseases, mental illness, etc

    • (Chamath thinks there will be a recession in 2028)

    • Hilarious that Anthropic is pitching AI safety and yet they are doing contradictory things like creating their AI with almost like a soul and its own intelligence, etc

    • Interesting how no one in Congress is going after Anthropic (because they are offering them power)

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