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    E104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more

    enNovember 12, 2022

    Podcast Summary

    • The Significance of Open Diplomacy and Negotiation in Preventing Escalation of ConflictsIt is crucial to prioritize diplomacy and negotiation in order to avoid total defeat for any party, prevent nuclear war risks, and achieve lasting peace.

      Open diplomacy and negotiation are crucial in preventing the escalation of conflicts, even in the face of a potential defeat for one party. David Sacks emphasizes the need for the United States to consider diplomatic solutions and avoid total defeat for Russia, as it could lead to a higher risk of nuclear war. Jason Calacanis highlights the importance of recognizing when to engage in diplomacy rather than protracting the conflict. Both individuals stress the dangers of refusing to negotiate, citing historical examples like World War One. This conversation underscores the significance of pursuing peaceful resolutions in order to prevent further human suffering and achieve long-lasting peace.

    • Unforeseen Factors and Lessons Learned: Assessing the Republican Party's Performance in the 2022 Midterm ElectionsThe Republican Party's miscalculations on polling data, the impact of Trump's presidential run, and the influence of the Dobbs case highlight the need for the party to reassess its strategy and adapt to unforeseen circumstances.

      The 2022 midterm elections did not go as expected for the Republican Party. Many Trump-backed candidates lost, while others who distanced themselves from Trump performed comparatively better. Jason admits that his prediction was wrong, pointing out two key factors. Firstly, the polling data and projections were inaccurate, failing to account for the correction made by pollsters based on the previous election cycle. Secondly, Trump's announcement of his potential presidential run shifted the focus from a referendum on Biden to a choice between Biden and Trump, where both candidates had low popularity ratings. Additionally, the significance of the Dobbs case, which dealt with abortion restrictions, was underestimated. Understanding these factors will be crucial for the Republican Party in the long term.

    • The Importance of Finding a Middle Ground in Controversial Issues and PoliticsCompromise and a moderate approach are key to gaining public support, and maintaining a balance of power and implementing certain restrictions can lead to effective solutions.

      Finding a middle ground is crucial when it comes to issues such as abortion and political strategies. Both extremes, whether it be the extreme right or the extreme left, have shown to be unsuccessful in gaining public support. It is evident that most of the country prefers a moderate approach, with a focus on making abortion safe, legal, rare, and early, while also implementing certain restrictions after the first 15 weeks. The Republican party can rectify their position by embracing compromise instead of pushing for a total ban, as demonstrated by politicians like DeSantis and young kin. Additionally, maintaining a balance of power through a good legislative debate and check and balance system is crucial for the well-being of the country.

    • The Importance of Disciplined Candidates and Strong Messaging in Republican Party's Electoral SuccessNominating disciplined candidates who focus on policy fixes and having a strong messenger are crucial for the Republican Party to win elections and avoid negative consequences of divisive behavior and distractions.

      For the Republican Party to start winning elections, they need to nominate candidates who are disciplined, media savvy, and focused on fixing policy. The conversation highlights the negative impact of Trump's extended hissy fit and denial after the 2020 loss, which resulted in losing the Georgia runoff and potentially future elections. It is emphasized that while 40% of the country passionately loves Trump, he is capped at that support and cannot win a national election with only 40% of the vote. The importance of having a strong messenger in politics is also stressed, with examples of successful candidates like DeSantis and Duncan. Additionally, the conversation points out the need for Biden to fix his approach and not get distracted or influenced by the left wing of his party, as it results in unpopular policies.

    • Prioritizing Ethics and Regulatory Compliance in the Crypto IndustryEstablishing transparent and regulated practices is essential to ensure the stability and trustworthiness of cryptocurrency exchanges, protect customers, and prevent unethical and potentially illegal activities in the industry.

      Stakeholders in the crypto industry need to prioritize ethical practices and regulatory compliance to ensure the stability and trustworthiness of exchanges. The conversation highlights the downfall of FTX., an exchange that engaged in unethical and potentially illegal activities. Brian Armstrong, the CEO of Coinbase, stresses the importance of transparency and customer protection in their operations. He emphasizes that Coinbase has been following a different strategy for the past decade, focusing on regulations, financial audits, and customer fund segregation. However, the conversation also raises the issue of regulatory clarity in the crypto industry, with a lack of defined regulations causing some businesses to operate offshore in less regulated environments. Moving forward, it is crucial for the industry to establish clear and comprehensive regulations to prevent further incidents and maintain the credibility of reputable crypto platforms.

    • The Contagion Risk in Cryptocurrency TradingProperly matching customer accounts and exchange holdings is important to avoid solvency issues, fraud, and potential risks for other firms and individuals involved in cryptocurrency trading.

      There is a contagion risk in the world of cryptocurrency trading. This risk arises when customer accounts and exchanges' holdings of coins are not properly matched. In regulated financial service businesses, customer assets should be held one to one, meaning if a customer claims to have one Bitcoin, the exchange should hold one Bitcoin. However, some companies, like Alameda and FDX, have co-mingled customer funds with their hedge funds, which leads to potential solvency issues and fraud. The contagion risk also extends to other firms that had money in these exchanges, as well as individuals who took margin or leverage on their portfolios. It is crucial for exchanges and investment funds to segregate customer funds to avoid such risks.

    • Legal and Financial Consequences of Misusing Customer DepositsProper governance, compliance, and separation between entities are crucial to avoid chaos and financial ruin caused by misuse of customer funds. Bankruptcy courts may be involved in resolving such situations.

      Using customer deposits to fund the operating expenses of a business is not legal. This was made clear to Chamath Palihapitiya when he was working on PayPal, and it still holds true today. The conversation also highlights the consequences of misusing customer funds, as seen in the case of Alameda and FTX. When the collateral for customer loans became insufficient, there was a run on the bank, causing chaos and potential financial ruin. Additionally, the conversation emphasizes the importance of proper governance and compliance within a business. The lack of separation between entities and the presence of individuals with dubious pasts raise further concerns. As for the aftermath of such a situation, the bankruptcy courts will likely play a role in unwinding the mess and determining how people can recover their money.

    • The Need for Clear Regulation in the Centralized Cryptocurrency IndustryClear regulations are necessary to prevent the offshore movement of crypto activity, protect investors, and foster innovation in both centralized and decentralized cryptocurrency platforms.

      There is a need for clear regulation in the centralized cryptocurrency industry. The lack of regulatory clarity and the negative rhetoric from regulators have pushed a significant amount of centralized crypto activity offshore. This has resulted in a chilling effect and a loss of trading volume in the United States. However, the conversation also highlights the potential of decentralized cryptocurrency platforms to provide a fair and transparent system. With self-custodial wallets and smart contracts, individuals can trust themselves rather than relying on intermediaries. Although decentralized platforms have their own challenges, such as the risk of losing passwords or phones, advancements like social recovery mechanisms and MPC wallets can address these issues. It is crucial for the United States to establish clear regulations and provide clarity in order to foster innovation and protect investors in the evolving cryptocurrency landscape.

    • The Need for Clarity and Regulation in the World of CryptocurrenciesClear regulations are needed to differentiate between crypto securities and commodities, as well as fundraising tokens and utility tokens, in order to create a balanced and secure environment for cryptocurrencies in the US.

      There is a need for clarity and regulation in the world of cryptocurrencies. Currently, there is confusion regarding the status of tokens and whether they are considered securities or commodities in the United States. The lack of a clear designation between crypto commodities and crypto securities is causing a turf battle between regulatory bodies like the SEC and CFTC. It is suggested that there should be a collaborative effort to create a list that clearly defines these distinctions. Additionally, it is important to differentiate between tokens created for fundraising purposes and those with other utility functions. Tokens used for fundraising should be regulated as securities, while utility tokens should have a different regulatory framework. Overall, there is a missed opportunity for the US to provide a regulated environment for cryptocurrencies, balancing security and innovation.

    • Ignoring Warning Signs: Unveiling Fraud in the Crypto IndustryThoroughly investigate and question the legitimacy of individuals and ventures in the crypto industry, while establishing strong regulatory frameworks to prevent fraudulent activities and protect investors.

      There were warning signs and red flags surrounding SPF's alleged lies and fraudulent activities, but they were largely overlooked or dismissed by those involved. While many believed SPF to be a credible and competent person, there were inconsistencies in his actions and financial sources that raised suspicions. The conversation highlights the importance of thoroughly investigating and questioning the legitimacy of individuals and their ventures, especially in the crypto industry. It also emphasizes the need for regulatory frameworks and oversight in order to prevent such fraudulent activities and protect investors. The conversation concludes with the urgency for the United States to establish a strong and effective regulatory framework for cryptocurrencies.

    • The Lack of Motivation from the SEC in Regulating the Cryptocurrency Market: A Political IssueRegulatory clarity and responsible behavior are necessary for growth and innovation in the cryptocurrency and investment sectors, but the SEC's hesitancy to take strong action poses a challenge.

      There is a lack of motivation from the SEC (Securities and Exchange Commission) in regulating the cryptocurrency market. Despite the growing popularity and potential of cryptocurrencies like Bitcoin, the SEC seems hesitant to take strong action. There is a hope that the SEC will use this moment to come together and provide clarity and support for companies in the US that are building in the crypto space. It is seen as a political issue, but there is an increasing need for regulatory clarity to foster growth and innovation in the industry. The conversation also highlights the lack of governance and diligence in the investment landscape of Silicon Valley, particularly in the private market. The influx of capital has allowed for irresponsible practices and insufficient oversight. Overall, there is a need for more regulation and responsible behavior in the cryptocurrency and investment sectors.

    • The Need for Regulation in the Cryptocurrency MarketRegulation is necessary in the cryptocurrency market to protect investors from fraudulent activities and to address the risks associated with centralized points of influence and control.

      The cryptocurrency market, particularly token sales and venture capital involvement, has been largely unregulated and susceptible to fraudulent activities. Silicon Valley venture firms have been heavily involved in engineering and promoting tokens, often leading to their value plummeting to zero. While the concept of decentralization is touted as a selling point for cryptocurrencies, the reality is that centralized points on the network still hold significant influence, power, and control. The recent incident with FT X highlights how exchanges can function as centralized wallets, putting investors' assets at risk. It raises the question of whether true decentralization is achievable, considering the network effects and the need for reliable applications. Regulators must not only address the issues with FT X but also address the broader cryptocurrency market to protect investors and recover their losses.

    • The Need for a Constructive Regulatory Framework for Crypto and DeFiEstablishing proper regulation, governance, and investor education is crucial for ensuring the security and stability of crypto investments. Balancing innovation and investor safeguards should be prioritized in creating a regulatory framework.

      There is a need for a constructive regulatory framework for crypto and DeFi. While crypto investing may have risks, the focus should not only be on speculation but also on protecting investors from fraudulent activities like theft. Proper governance, investor education, and accountability are essential in ensuring the security and stability of these investments. Additionally, there should be an effort to expand the pool of sophisticated investors by providing opportunities for education and qualification. The current lack of regulation in the crypto space has led to concerns about consumer protection and market manipulation. If crypto and DeFi are to be considered the future of finance, it is important for regulators to listen to industry experts and create a framework that balances innovation and investor safeguards.

    • Ensuring Inclusive and Educated Participation in Risk CapitalEducating individuals and implementing a test/license system can empower them to make informed investment decisions and safeguard against exploitation, promoting competitiveness in crypto and capital markets.

      There is a need for a framework that allows all Americans to participate in risk capital and get educated, while also preventing grifters from taking advantage of the system. The conversation highlights the importance of educating people about investments and providing a test or license to prove their knowledge and sophistication. By doing so, individuals can make informed decisions and avoid being taken advantage of. It is essential for America to be competitive in the crypto and capital markets, and to create a framework that promotes participation and educates people. Additionally, the conversation touches on positive news such as inflation ticking down and the potential impact of a split government.

    • Market Sentiment and Potential DevelopmentsWhile the recent market rally may be influenced by short covering, there is a potential for positive developments. Startups should plan for choppiness and have sufficient cash reserves until Q1 2025.

      There is a potential for positive developments in the market over the next six to nine months that may not have been fully priced in. However, the recent rally in the market is mostly due to short covering by pessimistic investors, rather than new buying. While there are macro level factors that can affect everyone, it is important to note that the market sentiment has shifted, indicating that there may be less pressure for the Fed to raise interest rates due to inflation coming under control faster than expected. However, there is still a counter narrative suggesting that there may be risks ahead. Overall, there is expected to be choppiness in the market for the next two to four quarters, and it is advisable for startups to plan and have enough cash reserves until the first quarter of 2025.

    • Mixed Market Conditions and the Importance of Strategic PlanningIn a market with both positive and negative factors, it is crucial to stay informed, prepare for potential downsides, and strategically plan for the future to minimize risks and maximize opportunities.

      There are both positive and negative factors influencing the market. While there is positive news and potential rebound in the market, there is still a significant risk of a double-dip recession and downside. The experts predict that inflation will come back and the Federal Reserve will continue to stimulate the market with interest rate hikes. As a result, it is crucial to prepare for a worst-case scenario and be aware of the potential impact on investments and portfolios. Additionally, companies should consider balancing and planning for the future, as venture investors will likely want to see improved data before changing their sentiment. It is also important to note that substantial amounts of capital have been lost and will continue to be destroyed, which may lead to consolidation of talent in the startup industry through aqua hires and layoffs. Overall, it is essential to stay informed and strategize accordingly in the face of these mixed market conditions.

    Recent Episodes from All-In with Chamath, Jason, Sacks & Friedberg

    Trump assassination attempt, Secret Service failure, Inside the RNC, VC liquidity problem

    Trump assassination attempt, Secret Service failure, Inside the RNC, VC liquidity problem

    (0:00) Bestie intros: Live from the RNC!

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    https://summit.allinpodcast.co

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

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    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Sacks RNC speech:

    https://www.youtube.com/watch?v=rLArznk0Ns4

    Jason's links (16:34):

    https://pt.icct.nl/article/donald-trump-aggressive-rhetoric-and-political-violence

    https://www.nytimes.com/interactive/2019/08/11/business/media/el-paso-killer-conservative-media.html

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    Referenced in the show:

    https://www.foxnews.com/us/trumps-attempted-assassin-posted-message-before-shooting-july-13-my-premiere-watch-unfolds

    https://abcnews.go.com/US/trump-assassination-attempt-investigation-continues-new-details/story?id=112020474

    https://x.com/TeslaVee/status/1813785645472690479

    https://www.cnn.com/2024/02/08/politics/fact-check-trump-january-6/index.html

    https://x.com/DylanByers/status/1811855698566975936

    https://x.com/newrepublic/status/1810009748697448541

    https://pt.icct.nl/sites/default/files/import/pdf/nacos-et-al.pdf

    https://www.nytimes.com/interactive/2019/08/11/business/media/el-paso-killer-conservative-media.html

    https://www.vice.com/en/article/wx83v4/even-trumps-defense-secretary-during-the-capitol-riot-blames-him-for-inciting-it

    https://apnews.com/article/trump-rubio-vance-burgum-scott-stefanik-vp-11ec39b0da11152ad110ff987d4eaeee

    https://www.youtube.com/watch?v=pot7R0Affjs

    https://x.com/cb_doge/status/1813289249288134660

    https://x.com/mualphaxi/status/1812579998735491327

    https://x.com/DavidSacks/status/1813270784942494110

    https://theintercept.com/2022/07/14/jan-6-texts-deleted-secret-service

    https://x.com/yashar/status/1813757637584134615

    https://www.nytimes.com/2024/07/16/us/politics/trump-vance-vp-decision.html

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    https://www.axios.com/2024/07/18/president-biden-drop-out-election-democrats

    https://www.youtube.com/watch?v=XJP2zlH2nt8

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    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

    Follow on Instagram:

    https://www.instagram.com/theallinpod

    Follow on TikTok:

    https://www.tiktok.com/@all_in_tok

    Follow on LinkedIn:

    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://x.com/teddyschleifer/status/1811423421861113915

    https://www.cnbc.com/2024/07/11/cpi-inflation-report-june-2024.html

    https://www.barrons.com/livecoverage/stock-market-today-071124/card/odds-of-a-september-rate-cut-jump-as-inflation-cools-Du34tNx5OPXwQpXrKTT2

    https://fred.stlouisfed.org/series/UNRATE

    https://www.google.com/finance/quote/SPY:NYSEARCA

    https://ycharts.com/indicators/sp_500_pe_ratio

    https://www.cbsnews.com/news/cbs-news-poll-analysis-americans-rate-economy-partisan-lens

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    https://youtu.be/R6hJh-OwoZw

    https://www.sequoiacap.com/article/ais-600b-question

    https://www.goldmansachs.com/intelligence/pages/gs-research/gen-ai-too-much-spend-too-little-benefit/report.pdf

    https://www.theinformation.com/articles/andreessen-horowitz-is-building-a-stash-of-more-than-20-000-gpus-to-win-ai-deals

    https://x.com/natfriedman/status/1668650915505803266

    https://www.dailymail.co.uk/news/article-13594307/french-election-candidates-drop-rn-le-pen-victory.html

    https://x.com/CilComLFC/status/1810110921383010563

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    https://www.nbcnews.com/politics/2024-election/disastrous-biden-campaign-fundraising-takes-major-hit-rcna161214

    https://x.com/greenfield64/status/1811199262350532767

    https://x.com/Olivianuzzi/status/1808924240529535352

    https://x.com/peterjhasson/status/1811052411584164210

    https://youtu.be/kOeARghNIaY

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    Jonathan's website:

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    Buy The Anxious Generation:

    https://www.anxiousgeneration.com/book

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

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    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://www.anxiousgeneration.com/take-action

    https://www.azquotes.com/quote/1385350

    https://www.azquotes.com/quote/926752

    https://www.thecoddling.com/chapter-1-antifragility

    https://www.anxiousgeneration.com

    https://www.afterbabel.com

    https://letgrow.org

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    (47:06) SCOTUS overturns Chevron, limiting the power of federal agencies

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    Join/host a meetup: https://app.getriver.io/all-in

    Apply for All-In Summit: https://summit.allinpodcast.co

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

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    https://www.instagram.com/theallinpod

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    https://www.tiktok.com/@all_in_tok

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    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://www.predictit.org/markets/detail/7057/Who-will-win-the-2024-Democratic-presidential-nomination

    https://www.nytimes.com/2024/07/03/us/politics/biden-withdraw-election-debate.html

    https://polymarket.com/event/will-biden-drop-out-of-presidential-race?tid=1720024531014

    https://www.newsweek.com/putin-houthis-cruise-missiles-russia-yemen-1919434

    https://www.ft.com/content/d431b97f-7431-4066-bd80-9dab3b215fea

    https://www.axios.com/2024/06/30/top-aides-shielded-biden-white-house-debate

    https://www.foxnews.com/media/stephanopoulos-snaps-nikki-haley-saying-biden-wont-finish-term-excuse-me-how-do-you-know

    https://x.com/TheKevinDalton/status/1806669560852218045

    https://x.com/0rf/status/1807620571934478683

    https://www.cbsnews.com/news/supreme-court-social-media-laws-florida-texas

    https://www.supremecourt.gov/opinions/23pdf/22-277_d18f.pdf

    https://www.nbcnews.com/politics/supreme-court/supreme-court-justice-voting-decisions-2024-rcna151268

    https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf

    https://www.scotusblog.com/2024/06/supreme-court-strikes-down-chevron-curtailing-power-of-federal-agencies

    https://www.reuters.com/legal/us-supreme-court-hear-challenge-texas-age-verification-online-porn-2024-07-02

    https://x.com/noalpha_allbeta/status/1808265251202167183

    https://x.com/ewarren/status/1808241509738631388

    https://www.axios.com/2019/06/01/supreme-court-justices-ideology

    https://www.politico.com/news/magazine/2024/06/02/supreme-court-justice-math-00152188

    https://www.supremecourt.gov/opinions/23pdf/23-939_e2pg.pdf

    https://www.scotusblog.com/2024/07/justices-rule-trump-has-some-immunity-from-prosecution

    https://www.nbcnews.com/news/us-news/qanon-shaman-sentenced-3-years-role-capitol-riot-rcna5825

    https://x.com/unusual_whales/status/1808558981457326368

    Presidential Debate Reaction, Biden Hot Swap?, Tech unemployment, OpenAI considers for-profit & more

    Presidential Debate Reaction, Biden Hot Swap?, Tech unemployment, OpenAI considers for-profit & more

    (0:00) Bestie intros!

    (1:54) Debate recap and analysis: Hot swap incoming?

    (16:53) Subverting democracy, power grab, Democratic party shakeup

    (36:43) Why tech job postings are down significantly from pre-COVID levels

    (42:43) OpenAI considering for-profit conversion

    (54:11) The problem with safety-focused AI startups

    (1:03:20) EU charges Microsoft with antitrust violations for bundling Teams into Office

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

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    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://www.predictit.org/markets/detail/7057/Who-will-win-the-2024-Democratic-presidential-nomination

    https://polymarket.com/event/will-biden-drop-out-of-presidential-race?tid=1719589320811

    https://youtu.be/R6hJh-OwoZw

    https://x.com/KellyO/status/1806505436457189594

    https://x.com/WesternLensman/status/1806660589315658003

    https://x.com/stoolpresidente/status/1806496453545586779

    https://fred.stlouisfed.org/series/IHLIDXUSTPSOFTDEVE

    https://www.theinformation.com/articles/openai-ceo-says-company-could-become-benefit-corporation-akin-to-rivals-anthropic-xai

    https://www.bloomberg.com/news/articles/2024-06-19/openai-co-founder-plans-new-ai-focused-research-lab

    https://www.youtube.com/watch?v=YMnkqY98Cyo

    https://x.com/benioff/status/1805664701298491623

    https://www.youtube.com/watch?v=CwQMMzoeH9s

    https://x.com/JoeBiden/status/1806739920255320347

    In conversation with President Trump

    In conversation with President Trump

    (0:00) Bestie intros: Big house talk!

    (1:37) Economy: Regulation, taxes, tariffs, taming inflation, de-dollarization

    (12:02) Federal debt: growth, spend control, where to cut, role of energy, nuclear

    (20:22) Foreign policy: Ukraine/Russia

    (25:05) Foreign policy: Israel/Palestine

    (28:13) Abortion: Stance on a national ban

    (31:09) Foreign policy: China

    (32:33) COVID: Origins, Fauci relationship, deep state, bad deals

    (39:39) Border: Wall, immigration, H-1Bs, recruiting global talent

    (46:07) JFK Files: Full release, importance of transparency

    (48:06) Debate prediction

    (50:15) Post-interview debrief

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

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    https://twitter.com/theallinpod

    Follow on Instagram:

    https://www.instagram.com/theallinpod

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    https://www.tiktok.com/@all_in_tok

    Follow on LinkedIn:

    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://x.com/tyler/status/1803872859938549920

    https://x.com/cameron/status/1803876953860247831

    https://x.com/LHSummers/status/1802097688269181436

    https://x.com/davidsacks/status/179888324567070746

    Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser

    Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser

    (0:00) Bestie intros: bringing up the energy!

    (8:48) Trump fundraiser recap

    (23:16) Elon's comp package approved by shareholders

    (40:12) Apple announces "Apple Intelligence" and ChatGPT deal at WWDC

    (50:17) OpenAI reportedly hits a $3.4B revenue run rate

    (1:05:26) Macro debate: State of the US economy?

    Follow Tim Naki:

    https://www.instagram.com/tim.naki

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

    Follow on Instagram:

    https://www.instagram.com/theallinpod

    Follow on TikTok:

    https://www.tiktok.com/@all_in_tok

    Follow on LinkedIn:

    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://www.instagram.com/tim.naki

    https://x.com/eoghan/status/1799161733766062545

    https://x.com/bennyjohnson/status/1800979079472288145

    https://x.com/bennyjohnson/status/1797086962626494840

    https://x.com/elonmusk/status/1801084780035154058

    https://x.com/jhall/status/1795794521604718814

    https://fortune.com/2024/06/10/elon-musk-pay-package-tesla-lawyers-delaware-chancery-payout-stock-award-56-billion

    https://companiesmarketcap.com

    https://www.youtube.com/watch?v=RXeOiIDNNek

    https://x.com/chiefaioffice/status/1801022115426009309

    https://trends.google.com/trends/explore?geo=US&q=%2Fg%2F11khcfz0y2&hl=en

    https://trends.google.com/trends/explore?q=%2Fg%2F11khcfz0y2&hl=en

    https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm

    https://fred.stlouisfed.org/series/FEDFUNDS

    https://www.jpmorgan.com/insights/outlook/economic-outlook/jobs-report-may-2024

    https://fred.stlouisfed.org/series/CES0500000003

    https://www.warren.senate.gov/imo/media/doc/2024.06.10%20Letter%20to%20Fed.%20re%20interest%20rates.pdf

    https://www.cnbc.com/2024/06/07/jobs-report-may-2024-us-job-gains-totaled-272000-in-may.html

    https://fred.stlouisfed.org/series/JTSJOL

    https://x.com/VinnyLingham/status/1801129023168454907

    https://www.reddit.com/r/wallstreetbets/comments/1aw5bbb/world_economy_on_nvidias_shoulders

    https://www.instagram.com/stocktradingmemes/p/C3qer-sSfb0/?img_index=1

    https://x.com/jameslavish/status/1801248976911634648

    https://x.com/peterfenton/status/1801300735520608529

    DOJ targets Nvidia, Meme stock comeback, Trump fundraiser in SF, Apple/OpenAI, Texas stock market

    DOJ targets Nvidia, Meme stock comeback, Trump fundraiser in SF, Apple/OpenAI, Texas stock market

    (0:00) Besties intros!

    (2:10) Responding to recent media coverage

    (17:58) DOJ/FTC strike deal to target Nvidia, OpenAI, and Microsoft

    (32:40) Meme stocks are back: Keith Gill aka Roaring Kitty resurfaces, disclosing nine figure position in GameStop

    (58:36) Citadel and BlackRock back TXSE to take on NYSE and Nasdaq

    (1:02:34) Apple to announce OpenAI iPhone deal at WWDC

    (1:09:07) Science Corner: Alarming ocean temps continue, what to expect for hurricane season

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

    Follow on Instagram:

    https://www.instagram.com/theallinpod

    Follow on TikTok:

    https://www.tiktok.com/@all_in_tok

    Follow on LinkedIn:

    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://www.youtube.com/watch?v=dQQhAg0mfF8

    https://x.com/vkhosla/status/1769529054955446533

    https://x.com/vkhosla/status/1796293773389127987

    https://x.com/shaunmmaguire/status/1796415146077954329

    https://x.com/DavidSacks/status/1798100723617698097

    https://x.com/SawyerMerritt/status/1798779830521000426

    https://www.nytimes.com/2024/06/05/technology/nvidia-microsoft-openai-antitrust-doj-ftc.html

    https://www.wsj.com/tech/ai/ftc-opens-antitrust-probe-of-microsoft-ai-deal-29b5169a

    https://companiesmarketcap.com

    https://www.youtube.com/watch?v=F9cO3-MLHOM

    https://www.politico.com/news/2024/05/29/newsom-california-artifical-intelligence-regulations-00160519

    https://www.reddit.com/user/DeepFuckingValue

    https://www.wsj.com/finance/regulation/e-trade-considers-kicking-meme-stock-leader-keith-gill-off-platform-f2003ec4

    https://x.com/TheRoaringKitty/status/1789807772542067105

    https://www.google.com/finance/quote/GME:NYSE

    https://www.youtube.com/watch?v=M-VO6dtFRes

    https://www.wsj.com/finance/regulation/keith-gills-gamestop-trades-pose-conundrum-for-market-cops-70cc5301

    https://www.macrotrends.net/stocks/charts/GME/gamestop/revenue

    https://www.wsj.com/finance/stocks/gamestop-burned-andrew-left-in-2021-hes-betting-against-the-stock-again-4377cecb

    https://www.nytimes.com/2022/05/18/business/melvin-capital-gamestop-short.html

    https://www.instagram.com/tim.naki/reels

    https://www.wsj.com/finance/regulation/new-texas-stock-exchange-takes-aim-at-new-yorks-dominance-e3b4d9ba

    https://listingcenter.nasdaq.com/assets/Board%20Diversity%20Disclosure%20Five%20Things.pdf

    https://www.bloomberg.com/news/articles/2024-06-05/why-is-apple-aapl-teaming-up-with-openai-both-companies-need-each-other

    https://x.com/leonsimons8/status/1793319395080520036

    Trump verdict, COVID Cover-up, Crypto Corner, Salesforce drops 20%, AI correction?

    Trump verdict, COVID Cover-up, Crypto Corner, Salesforce drops 20%, AI correction?

    (0:00) Bestie Intros: Jason's first show for his new production company

    (2:15) Why Sacks and Chamath are hosting a Trump fundraiser

    (18:40) House COVID investigation: findings, cover-up, what's next?

    (41:36) The Deep State Problem: unelected bureaucrats running three letter agencies for decades

    (53:04) Crypto Corner with Chamath

    (1:04:15) State of SaaS: Salesforce drops 20%, market teetering

    (1:20:10) Trump verdict: guilty on 34 counts of falsifying business records

    (1:37:36) Are we seeing an AI correction?

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

    Follow on Instagram:

    https://www.instagram.com/theallinpod

    Follow on TikTok:

    https://www.tiktok.com/@all_in_tok

    Follow on LinkedIn:

    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://oversight.house.gov/release/new-select-subcommittee-report-recommends-ecohealth-alliance-president-debarred-and-criminally-investigated-exposes-failures-in-nih-grant-procedures

    https://oversight.house.gov/release/hearing-wrap-up-nih-repeatedly-refutes-ecohealth-alliance-president-dr-peter-daszaks-testimony-tabak-testimony-reveals-federal-grant-procedures-in-need-of-serious-reform

    https://www.axios.com/2021/07/20/fauci-rand-paul-wuhan-institute

    https://oversight.house.gov/release/breaking-hhs-suspends-funding-and-proposes-formal-debarment-of-ecohealth-alliance-cites-evidence-from-covid-select-report

    https://oversight.house.gov/release/breaking-hhs-to-debar-dr-peter-daszak-president-of-ecohealth-alliance

    https://x.com/emilyakopp/status/1795482121739354552

    https://x.com/R_H_Ebright/status/1795454118594568312

    https://www.youtube.com/watch?v=jGxSlW0NrB4

    https://www.cidrap.umn.edu/dual-use-research/feds-lift-gain-function-research-pause-offer-guidance

    https://www.washingtonpost.com/opinions/a-flu-virus-risk-worth-taking/2011/12/30/gIQAM9sNRP_story.html

    https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3484390

    https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30418-9/fulltext

    https://oversight.house.gov/release/new-covid-select-memo-details-allegations-of-wrongdoing-and-illegal-activity-by-dr-faucis-senior-scientific-advisor

    https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit

    https://x.com/KatherineEban

    https://x.com/emilyakopp

    https://www.semafor.com/article/05/28/2024/a-dying-empire-led-by-bad-people-poll-finds-young-voters-despairing-over-us-politics

    https://www.youtube.com/watch?v=nvQTXAgtA6s

    https://s23.q4cdn.com/574569502/files/doc_financials/2025/q1/CRM-Q1-FY25-Earnings-Press-Release-w-financials.pdf

    https://www.investors.com/news/economy/federal-reserve-core-pce-inflation-gdp-q1-jobless-claims-sp-500

    https://www.nytimes.com/live/2024/05/30/nyregion/trump-trial-verdict

    https://www.google.com/finance/quote/DELL:NYSE

    https://www.bloomberg.com/news/articles/2024-05-30/us-gdp-grew-at-softer-pace-as-spending-inflation-marked-down

    Scarlett Johansson vs OpenAI, Nvidia's trillion-dollar problem, the "vibecession," plastic in our balls

    Scarlett Johansson vs OpenAI, Nvidia's trillion-dollar problem, the "vibecession," plastic in our balls

    (0:00) Bestie intros: Recapping "General AI Hospital"

    (2:46) Scarlett Johansson vs. OpenAI

    (14:37) OpenAI's novel off-boarding agreements, ex-employee equity problem, and safety team resignations

    (25:35) Nvidia crushes earnings again, but it faces a trillion-dollar problem

    (40:05) Understanding why economic sentiment is so negative among US citizens despite positive data

    (1:02:36) New study shows plastics in testicles

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

    Follow on X:

    https://twitter.com/theallinpod

    Follow on Instagram:

    https://www.instagram.com/theallinpod

    Follow on TikTok:

    https://www.tiktok.com/@all_in_tok

    Follow on LinkedIn:

    https://www.linkedin.com/company/allinpod

    Intro Music Credit:

    https://rb.gy/tppkzl

    https://twitter.com/yung_spielburg

    Intro Video Credit:

    https://twitter.com/TheZachEffect

    Referenced in the show:

    https://x.com/BobbyAllyn/status/1792679435701014908

    https://x.com/sama/status/1790075827666796666

    https://openai.com/index/how-the-voices-for-chatgpt-were-chosen

    https://www.washingtonpost.com/technology/2024/05/22/openai-scarlett-johansson-chatgpt-ai-voice

    https://x.com/SydSteyerhart/status/1792981291266138531

    https://www.vox.com/future-perfect/351132/openai-vested-equity-nda-sam-altman-documents-employees

    https://x.com/sama/status/1791936857594581428

    https://x.com/ilyasut/status/1790517455628198322

    https://x.com/janleike/status/1790603862132596961

    https://x.com/janleike/status/1791498184671605209

    https://openai.com/index/openai-announces-leadership-transition

    https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-first-quarter-fiscal-2025

    https://www.google.com/finance/quote/INTC:NASDAQ

    https://www.morningstar.com/stocks/nvidia-2023-vs-cisco-1999-will-history-repeat

    https://www.fool.com/investing/2024/03/06/is-nvidia-doomed-to-be-the-next-cisco-what-investo

    https://www.elitetrader.com/et/threads/nvidia-and-the-cautionary-tale-of-cisco-systems.379022

    https://chamath.substack.com/p/2023-annual-letter

    https://www.forbes.com/sites/theapothecary/2024/03/23/summers-inflation-reached-18-in-2022-using-the-governments-previous-formula

    https://www.theguardian.com/us-news/article/2024/may/22/poll-economy-recession-biden

    https://fred.stlouisfed.org/series/CCLACBW027SBOG

    https://x.com/KariLake/status/1792986501820850333

    https://www.stlouisfed.org/on-the-economy/2024/apr/how-big-mac-index-relates-overall-consumer-inflation

    https://www.google.com/finance/quote/MCD:NYSE

    https://www.wsj.com/economy/gdp-and-the-dow-are-up-but-what-about-american-well-being-87f90e6d

    https://www.consumerreports.org/health/food-contaminants/the-plastic-chemicals-hiding-in-your-food-a7358224781

    https://onlinelibrary.wiley.com/doi/10.1111/j.1365-2605.2007.00837.x

    https://pubmed.ncbi.nlm.nih.gov/12708228

    https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7559247

    https://pubmed.ncbi.nlm.nih.gov/21524797

    https://academic.oup.com/toxsci/advance-article/doi/10.1093/toxsci/kfae060/7673133

    https://www.youtube.com/watch?v=o6yuYkfNh-k

    https://www.youtube.com/watch?v=EYQjShJxCtM

    https://www.youtube.com/watch?v=r_4jrMwvZ2A

    Related Episodes

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    Diplomatic Immunity - Season 3 - Trailer

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    Season 3 of Diplomatic Immunity begins September 1.

    Learn more about ISD's New Global Commons research.

    Read ISD's latest working group report.

    Diplomatic Immunity: Frank and candid conversations about diplomacy and foreign affairs

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    For more, visit our website, and follow us on Twitter @GUDiplomacy. Send any feedback to diplomacy@georgetown.edu.

    Quote by Matthew Rojansky, Director Kennan Institute

    Quote by Matthew Rojansky, Director Kennan Institute
    This relationship is deeply fraught. There are any number of risk factors—around Russian cyber intrusions in the United States, the conflict in Ukraine, the crisis in Belarus, and any number of post-Soviet countries, as well as, of course, the internal situation in Russia, the treatment of the Russian opposition the independent press, which we've covered extensively and a recent series of Kennan Institute events. I think any of those things could potentially metastasize within the next week into the kind of crisis that would that would effectively make the summit pointless.

    06/07/2021 - Challenges to Russia's Independent Media: A Conversation with Meduza's Galina Timchenko

    06/07/2021 - Challenges to Russia's Independent Media: A Conversation with Meduza's Galina Timchenko
    On April 23, the popular Russian-language media outlet Meduza was labeled a “foreign agent” by the Russian Ministry of Justice and suddenly faced all the risks and problems associated with this status, including the loss of advertising income. Three weeks later, Meduza, which is headquartered in Riga, Latvia, reported that nearly 80,000 people had joined the crowdfunding initiative to save it. Galina Timchenko, a prominent Russian journalist and CEO of Meduza, considered what new challenges to free speech the Russian media are currently up against, how government pressure affects today’s media development trends, and what motivates independent journalists to continue working.