The All-In Podcast

The All-In Podcast is LIVE on all platforms! 🚨

Banger this week 🔥

-- The birth of a new religion?: Claude, the Pope, and the alignment fight

-- OpenAI's 700+ papers, math community freakout

-- France riots as bond vigilantes put the West on notice

-- Grok Bot goes headless, OpenAI launches Dots

The All-In Podcast is LIVE! 🚨

-- The birth of a new religion?: Claude, the Pope, and the alignment fight

-- OpenAI's 700+ papers, math community freakout

-- France riots as bond vigilantes put the West on notice

-- Grok Bot goes headless, OpenAI launches Dots

(0:00) Bestie intros!

(2:53) Anthropic believes Claude might be conscious: a new religion? Lobbying the Pope, alignment risks, model welfare

(38:28) OpenAI's math breakthroughs and community backlash

(1:02:03) Riots in France, Friedberg's socialism metric, bond market

(1:21:41) Grok Bot goes headless, OpenAI launches Dots, is IP worthless?

David Sacks: The Economy Is Stronger Than You Think

“There's been a tremendous amount of economic data in just the last week or two showing that the economy is much stronger than people are giving it credit for.

So first of all, Q2 GDP was revised up to 2.2% from 1.5%, so that's basically a 50% increase. Economists had expected no revision. Q1 was also revised up to 2.5% from 2.1%. And if you look at the Q3 growth, it's tracking well above that. The Atlanta Fed GDPNow is showing around 3.7% as of late last week.

And then there was also some good news on inflation, we saw that core PCE just came in at 3.0% versus 3.3% expected. So inflation is still a bit too high, but actually it is cooling and beating expectations.

And then finally, you look at manufacturing. We're seeing a huge wave of re-industrialization in this country. A couple of the measures are the Chicago PMI and then ISM Manufacturing. They both are well into expansion territory and beating forecasts.

Just one last point, let's talk about poverty for a second, because I want to address the idea that this is just a K-shaped recovery.

So if you look at US household income, it's now at record high. The median household income is almost $90,000, and after-tax household income is growing again in the second Trump term, it's averaged 3.1% a year. In Trump 47, it was 3.9%, in Trump 45, and it was -1.2% in Biden's term as a four-year average. So we're seeing that after-tax household incomes have risen by 3.1%, and the poverty rate in the US has fallen to its lowest level in history, 10.2%.

So the poverty rate, the child poverty rate, these are all at historic lows. The average household's real income after inflation, after taxes, is increasing for the first time in years.

And you've got this SI boom that the Wall Street Journal said is bigger than the railroads, the canals, and the electric grid combined, and all these things are basically fueling strong growth in the economy.

And again, I would just dispute the K-shaped narrative because the poor are benefiting and the average household are benefiting as well.”

Jason Calacanis: Everyday Americans Need to Benefit From the AI Boom

@Jason on the Super Intelligence Summit at the White House:

“Awesome to see the power of all these American industries together.

I think the next piece of this puzzle is to start to include Americans in this, the bottom half of the K-shaped recovery.

Where's the teacher? Where’s the teenager going into college in all of this? Where's the American tool belt worker, the plumber?

It looks from the outside, I think, to a lot of Americans that this is still a bit scary, so there's more work to do there.

I was on a flight on Delta, and the flight attendants asked me what I did, and I was talking to them and they said, ‘I'm so scared of this AI stuff. I'm so glad I'm retiring because I don't want to lose my job.’

Americans are still petrified of this technology. They still think they're losing their jobs. They still think it's dangerous.

So I thought this was a great first step, but there's more work to do to pull Americans back off that ledge.

And we need to, and I think this is where the president or the next president could have a really major impact, is to start forcing American companies to not just think about how they make more money, how they get more green lights for their data centers, how they get less regulation and more free markets, but how does this lower the cost of education? How does this build more homes? How does this help healthcare? How do people get more healthcare at a lower price? None of that was addressed.”

The All-In Summit 2026, from the inside.

Three days at The Shrine, Networking dinners where deals got done, a private night at Universal Studios, and an after party worth staying up for. The All-In Summit returns Sept. 12-14, 2027, with surprises already in the works.

Applications are under review. Be the first in the room: theallinsummit.com #AllInSummit

@Jason @DavidSacks @friedberg @chamath

Daniel Ek’s Vision for Healthcare: Preventative AI That Tracks Every Change

@eldsjal:

“The average person at @Neko today has 950 moles. It's pretty crazy.”

Friedberg:

“The average person has 950 moles? That's insane.”

Daniel Ek:

“So if you think about it across a normal doctor's visit, how likely is it that (your) doctor will check out all the 950 moles that you may have? It's not going to happen.

So normally what happens in a doctor visit would be, you may say, ‘Look, I have a mole,’ or the doctor sees, ‘Hey, let's take a look at that mole. It looks a little bit funky.’

And then they bring out their tool where they inspect it. They usually, these days, have a software that checks against whether this mole... they take a camera across many different frequencies to then discover both the size of this mole, but also the texture of the mole and so on and so forth.

We literally do that, and we first have an AI system that flags possible risk factors, and then we have a human clinician that then goes through and reviews those as well. And should we even at that point find something, we then have expert dermatologists on staff, multiple of them, that then also reviews that result.

So that's just one indicator of what happens in one visit. But let's now presume the scenario that we'd have multiple visits, and maybe one year it's actually we don't discover anything.

But because we've cataloged and indexed every single one, we can actually now in a longitudinal base look at them from one year to the next year.

So it may be growing abnormally. These are things that if you think about it, even the best doctors in the world can't possibly remember how your mole may have looked from one year to another.

This is a perfect application of AI, right? But we look at this as like, this is a perfect application of how healthcare should look like. It should seamlessly be both AI and amazing clinicians.”

------------------------------------

Thanks to our partners!

As wealth grows, complexity compounds. Between investments, tax strategy and estate planning, coordinating it all can feel like a full-time job. Creative Planning can help with the heavy lifting. @CPIWealth CreativePlanning.com/AllIn

Starting a business? Northwest Registered Agent gives you everything you need to build a complete Business Identity including free tools and built-in privacy. @northwestagent Get more at northwestregisteredagent.com/ALLINFREE

David Friedberg: The AI Wars Are Already Here, and America Can’t Hit Pause

“We always assumed in the sci-fi novels that we would be in an era of having robot wars, and I think we failed to recognize that the software came first, and we are actually having the AI wars.

I think we will see a massive rise in defense systems. What I heard in DC this week was some Fortune 50 CEOs are very worried about cyber defense.

That means they're going to start to make this their #1 priority to address at the board level. That means the budgets for cyber defense are going to go through the roof.

Now, let me ask you a question. When you have to do cyber defense in an era of AI, are you going to use old school software, or are you going to use AI?

You're going to use AI.

And because of that, because cyber defense is going to need to grow, the US is going to need to provide competitive AI for cyber defense. It is a classic arms race scenario.

And so the US cannot simply step back and pause and turn off AI. It is already everywhere in the world. Therefore, the risks are rising. Therefore, we need to increase our investment in AI to maintain our cyber defense capabilities, both at the enterprise level and at the government level, and potentially even at the civilian consumer level.

So I think that the cyber defense necessity actually mandates that we continue to build out data centers to support it.”

David Friedberg: Rising Rates Could Trigger a Banking Shock Right Before the Midterms

@friedberg:

“We've got a rate problem.

In the last 30 days or so, right, we've seen short-term rates on treasuries climb by 60 basis points.

And so this massive increase in rates is obviously going to impact people's ability to refinance their home, buy a new car, purchase things on credit, and the majority of Americans fall under that umbrella.

And I think there's also kind of an economic challenge ahead with the rate problem, and I would argue, as I always do, that the rate problem is fundamentally rooted in the federal government and the insane spending.

And if you look at the impact that this rate is gonna have on banks, there's 4295 banks that have positive equity that report FDIC, their balance sheets every month.

Based on the actual reported balance sheet of these banks, about 95 banks are going to see an impairment of more than 20% of their equity in the last 30 days or so.

And those reports start to come out on October 30th. So the thing I worry a lot about is on October 30th, we're going to kind of see all these financial reports coming out from all the banks, all the lending institutions, and there's about 95 of them that are going to say, ‘Hey, we've got more than 20% impairment charge on our equity.’

That's going to be a massive shock, and then what are the implications of that?

And that's where we're going to start to wake up to the fact that the rate problem isn't just a purchasing problem for consumers, but it may actually have a bit of a rippling effect here in the economy, starting with the financial institutions.

So they publish their next monthly reports on the September 30th ending period on October 30th, and unfortunately, it coincides right with the election cycle.”

Chamath: 3 Things Every Company Needs in the Age of Super Intelligence

1) End-to-End Traceability

2) Policy-to-Risk Mapping

3) Auditable Evidence

@Chamath:

“There's really three things that you're going to need in an age of super intelligence so that boards are protected, CEOs have visibility, and all of the other compliance infrastructure and governance infrastructure of a company like D&O Insurance and all these other things are kept in place, which is end-to-end traceability, right?

Which is to say, when you deploy super intelligence, you need to know what's going on. You need to map it to the policies so that you understand what the risks are. All companies have standard operating procedures, but you need to know exactly when you're deploying super intelligence, how that builds on top of your standard operating procedure, so you need to map policies to risk.

And then the third is you need to have auditable evidence, which is your way of showing all of your downstream ecosystem, ‘Here's what I've done.’

So if anybody taps you on the shoulder, whether it's a lawyer, whether it's an auditor, whether it's a regulator, whether it's in a lawsuit, whether it's a customer, ‘Hey, how did this happen?’ You can present something. So these are, like, very practical, sane things, and you have this solution where the alternative was to hit the pause on trillions of dollars of GDP so that we could sort this out in a multinational body.

The alternative was crazy, so I think what happened was historic and important.”

POD UP! 🚨

-- Inside Trump’s Super Intelligence Summit

-- How the AI Safety Accord Happened

-- Data Center NatSec + Cybersecurity Arms Race

-- GDP Beats + Other Economic Data

-- Midterm Predictions

-- Media Coverage of Attempted Plane Hijacking

(0:00) Bestie intros!

(2:01) Trump’s Super Intelligence Summit: Behind the scenes and how the accord was created and signed

(17:57) Cybersecurity arms race, data center national security, America.gov, coordinated doomer messaging

(45:22) Recent economic data: GDP, jobs, diesel, inflation, rates, manufacturing, poverty, and more

(1:00:24) Midterm predictions, 2028 look ahead

(1:09:28) Media coverage of attempted terrorist hijacking

Daniel Ek: The US is spending 18% of its GDP on healthcare. It's the single largest line item in the budget right now. Preventable chronic disease is the biggest drive.

“The US is spending 18% of its GDP on healthcare. It's the single largest line item in the budget right now.

And if you take heart disease alone, it's in the hundreds of billions of dollars that are being spent on that disease group in the US alone. It's just insane. It's larger than Fortune 10 companies' revenues.

And so I started looking into everything from drugs, to can you make more efficient drugs? Is it about cancers? And basically started targeting like, what are the real reasons it looks that way?

The real conclusion ended up being there's lots of reasons, not one.

But the major one is really chronic disease, overall. And the crazy thing about chronic disease, when you read about it, is that if you discover these things early, they're totally preventable, and the cost of dealing with them is very small, and the suffering for the person and their family and community is very small, too.

So the key thing is if you discover things early, you're actually good.

And so then the question is, well, why don't we discover things early?

And it happens to be that we don't have enough data. So everyone in the entire healthcare industry is in agreement that we have to take healthcare from reactive to preventative health.

Our view is really that it all starts with having better data. If you have better data, you're going to be able to discover things much more easily, and that in itself will then lead to having a chance of discovering those things much earlier, which creates this virtuous flywheel of then changing healthcare.”

@eldsjal @Neko

------------------------------------

Thanks to our partners!

As wealth grows, complexity compounds. Between investments, tax strategy and estate planning, coordinating it all can feel like a full-time job. Creative Planning can help with the heavy lifting. @CPIWealth
CreativePlanning.com/AllIn

Starting a business? Northwest Registered Agent gives you everything you need to build a complete Business Identity including free tools and built-in privacy. Get more at northwestregisteredagent.com/ALLINFREE. @northwestagent

All-In Summit: Jake Paul & The Chainsmokers

-- Attention is the real asset. Capital is a commodity

-- Why one institution passed on "the Chainsmokers fund"

-- So much money in venture that companies get marked up on names alone

-- Paying 3x for a company that hasn't changed is bubble behavior

++ much more!

(0:00) @jakepaul joins the Chamath!

(6:41) Turning an audience into businesses, the boxing playbook & coming for the UFC

(11:54) Attention as capital, investing without the celebrity label & why politics is next

(20:46) @drewtaggart & @AlexPallNY join the Besties!

(30:35) From artists to investors: picking deals, playing the sixth man & what fame buys

(37:33) Advice for famous investors, whether fame helps or hurts & the non-obvious bets

(46:10) Riding winners, getting cash back to investors & spotting bubble behavior

The main stage, the hallways, the late nights. All from the POV of the people in the room. Be in the room next year when we return to Los Angeles: theallinsummit.com

#AllInSummit #Meta #MetaGlasses #MetaPOV #POV @Meta

Thank you to @CooleyLLP for hosting our Health and Wellness dinner at the All-In Summit! Cooley provides strategic legal counsel to innovative companies and investors as they build, finance, protect and scale market-defining businesses. #AllInSummit #Cooley #HealthandWellness

🚨 ALL-IN INTERVIEW: Daniel Ek

Thanks to our partners:
@CPIWealth & @northwestagent

- Fixing American Healthcare

- Catching Disease Before It's Too Late?

- Applying the Spotify Playbook to Healthcare

- AI's Upside & Open Source

++ much more!

(0:00) @eldsjal joins the Besties!

(1:14) Starting Spotify: Beating piracy and betting his own money on the record labels

(6:10) Neko Health: The Spotify playbook for healthcare, the $499 body scan, and why US healthcare waits until you're sick

(36:04) AI: Tech's failure to sell the upside, open vs. closed models, and regulating compute

(44:24) Back to Spotify: Podcasting's open standards and the Stardoll origin story

-----------------------------------------

Thanks to our partners for making this possible!

As wealth grows, complexity compounds. Between investments, tax strategy and estate planning, coordinating it all can feel like a full-time job. Creative Planning can help with the heavy lifting. ad.doubleclick.net/ddm/trackclk/N…

Starting a business? Northwest Registered Agent gives you everything you need to build a complete Business Identity including free tools and built-in privacy. Get more at northwestregisteredagent.com/ALLINFREE

Jason Calacanis: AI Is About to “Blow People’s Minds”

“Grok Bot comes out, and then Muse comes out from Meta, and I've been using both of these products, and it's the first time that a normie, a normal person in the world, it's not meant to be derogatory in any way, can get value from (agentic) AI.

If you look at how we all looked at this, running corporations, investing in them, we took a different approach to like, ‘Okay, maybe this is going to retire some positions. Maybe this is going to add some positions here or there.’

But now you can, with Muse, connect to everything instantly and actually get real work done in the world if you're a normal person who wants to get the benefit from AI.

We're going to turn a corner, I think, at the end of this year, where moms, our uncles, people are going to start using Muse and Grok Bot, which are growing very quickly, to just solve real-world problems for that, and they're going go, ‘Wait a second. I could never afford a chief of staff. I could never afford a personal assistant, an executive assistant. Now I get a free executive assistant?’

It's going to blow people's minds in the next couple of months when they start using these products, and the bottom half of America in this K-shaped recovery experiences some benefits.”

The All-In Summit in real time. Exactly as it happened. Be the first in the room next year when the All-In Summit returns to Los Angeles: www.theallinsummit.

#AllInSummit #Meta #MetaGlasses #MetaPOV #POV @Meta

Jason Calacanis: Is Dario Sabotaging His Own IPO?

Via @Polymarket:

-- Anthropic's chances to IPO this year dropped 21 percentage points over the last three weeks

-- 96% (Sept 4th) ➡️ 75% (Sept 26th)

“They started a lab after telling us that there's a 10% chance of us all dying.

Is this a dereliction of duty as the CEO of Anthropic to sabotage your own IPO?

You're supposed to be acting on behalf of your shareholders.

This to me seems like if we were the board, if the four of us were somehow magically the board of Anthropic, we would replace the CEO.

We would put the CEO in the lab, and we'd find a CEO who knows how to run the company and not sabotage it.”

Chamath on Obama’s AI Warning: Follow the Money

President Obama last week:

“If we are thinking about AI just in terms of how do we cure cancer or get better energy, you can do that without having agentic AI.

That's a misalignment between what our society needs and the commercial imperatives that these companies are facing.”

@Chamath:

“This is a very important moment for a very simple reason, which is we, as in the world, are about to endow three, four, five, six companies with about $10T of wealth.

And what Obama knows very well is that most of those companies are overwhelmingly left-leaning. And what he also knows is that there is a huge portion of that money that will then get put into philanthropic and charitable causes that then he, and the people around him, will be beneficiaries of.

That is the truth. We already know this because we know that some of these frontier corporations actually ask you to stand up DAFs and have a portion of your stock that you're willing to pledge.

So this money is going to go to things other than consumption or savings. And so it's going to go into PACs, it's going to go into political movements, and (Democrats) stand to disproportionately benefit.

So this has nothing to do with prosperity. This is a very simple political calculus.

If you freeze frame the economy the way it is today, a handful of organizations that will disproportionately be able to affect the Democrats will win. They will capture the lion's share of the economic gains, and then they will help the Democrats win power.

That's all this is.”

David Friedberg: Obama Doesn’t Understand AI and He’s Making Prosperity Political

President Obama last week:

“If we are thinking about AI just in terms of how do we cure cancer or get better energy, you can do that without having agentic AI. That's a misalignment between what our society needs and the commercial imperatives that these companies are facing.”

@friedberg:

“These words honestly just, they made me, like, emotionally distressed that if he's a leader that people listen to and he doesn't really articulate accurately what's going on, it's sad that we've lost the plot.

I think it's sad that we aren't all kind of holding hands saying, ‘My God, the future is here, and we all get to leap forward, and we get to bring people up.’

For years, Obama orated beautifully about the importance of bringing people up, about giving people the opportunity to progress, about letting people advance themselves. And there's never been a more equalizing technology, a better economic opportunity for prosperity for everyone than these technologies, than these tools.

And to hand wave the word agentic and say we don't need agentic AI to solve cancer shows how little he actually understands how this technology works and how it's all become just a shorthand for a political fight to what?

What are you fighting for? What is the political battle that says, ‘I am going to leave half the population behind, and I'm going to make an argument against prosperity for all, in order to make my party look like a morally superior party, and to cast the other side as bad when the other side has literally discovered fire and the world now has fire, and we're going to go take water and throw it on the fire.’

No one gets fire because the other guys are saying that fire is good.”