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    E117: Did Stripe miss its window? Plus: VC market update, AI comes for SaaS, Trump's savvy move

    enFebruary 24, 2023

    Podcast Summary

    • The Tax Implications and Challenges of Staying Private: Lessons from Stripe and FoursquareStartups should carefully consider the timing of going public and assess the potential effects on profitability and valuation, as delaying an IPO can lead to tax issues and challenges with employee stock options.

      There are significant tax implications and challenges associated with companies staying private for an extended period of time. In the case of Stripe, they are facing a $4 billion tax bill due to expiring employee RSUs, while Foursquare is letting stock option grants expire for former employees. This dilemma arises because granting RSUs and stock options with expiration dates necessitates a company going public to provide value exchange. However, delaying an IPO and modifying expiration dates can lead to withholding tax issues. These situations highlight the importance of carefully considering the timing of going public and the potential effects on profitability and valuation. The conversation emphasizes the need for startups to reevaluate the strategy of staying private for as long as possible and consider the advantages and disadvantages of going public earlier.

    • Contrasting Approaches to Profitability and Growth in the Payment Processing IndustryAdyen focuses on serving large customers, maintaining profitability, while Stripe caters to small and medium-sized businesses, leading to potential challenges in achieving the same level of profitability.

      Stripe and Adyen, two prominent players in the payment processing industry, have taken different approaches to profitability and growth. Adyen has focused on maintaining incredible profitability by servicing large head customers and having pricing power. On the other hand, Stripe has added a significant number of employees to cater to a long tail of small and medium-sized businesses, which has led to higher costs and potentially lower profitability. It is interesting to note that Adyen has found operating leverage and maintained strong profit projections, while Stripe may be facing challenges in achieving the same level of profitability. Going public earlier could have potentially benefitted Stripe in terms of raising maximum value and acquiring a substantial cash balance.

    • Choosing between serving enterprises or SMBs: a strategic dilemma for companiesUnderstanding the founder market fit and long-term goals helps companies decide whether to target enterprises or serve SMBs, considering factors like budgets, sales cycles, product development, and competitive landscape.

      Companies can pursue either a strategy of targeting enterprises or serving SMBs, depending on their founder market fit and long-term goals. While enterprise customers may offer larger budgets and higher ROI on sales efforts, SMBs are more open to adopting new technologies and have quicker sales cycles. Starting with SMBs allows a company to gradually move up market as they develop more sophisticated products and execution capabilities. On the other hand, starting with enterprises can make it difficult to transition to lower-end markets and strip complexity from products. The choice between these strategies ultimately depends on a company's ability to satisfy the specific needs of their target customers and navigate the competitive landscape in their industry.

    • Evaluating Business Performance and Growth through LTV to CAC RatioMonitoring the LTV to CAC ratio is crucial for understanding a business's performance and growth potential. A higher ratio indicates expansion opportunities, while a lower ratio may require changes or swift action.

      The scalability and return on invested capital (ROIC) of a business are crucial factors in its valuation and success. The LTV (lifetime value) to CAC (cost to acquire a customer) ratio is often used to measure a business's performance and growth. If this ratio increases as the business expands, it indicates a hyperbolic moment where platforms can be built, products added, and risks taken. However, if the ratio decreases, it can lead to a shrinking valuation and a need for change or quick action. This conversation also highlights the importance of considering the cost structure in business models and understanding the dynamics of different market segments. Ultimately, businesses must carefully define and track these metrics to make informed decisions and maintain their value in the market.

    • Stripe's Developer-Friendly Approach and Long Tail Users Drive Pricing Power and Prevent Fee NegotiationsStripe's simplified payment processing and accessibility to developers has attracted a large user base, allowing them to maintain pricing power and minimize fee negotiations.

      Businesses like Stripe have revolutionized the payment processing industry by simplifying transactions and making it accessible to developers. Stripe's developer-friendly approach, with just a snippet of code, has allowed smaller entities and individuals to easily integrate their services. This has led to a large long tail of users, such as those on platforms like sub stack or Patreon, who can simply drop in their Stripe account. The long tail gives Stripe pricing power and prevents any one entity from exerting enough leverage to negotiate lower fees. However, it is important for founders and investors to assess businesses based on factors like growth, burn, and margins, as these become crucial during downturns or regime changes. Additionally, keeping an eye on customer acquisition cost (CAC) and payback period is essential to gauge the effectiveness of acquiring new customers.

    • Analyzing Burn Multiple and Lifetime Value for Startup SuccessStartups should carefully assess their burn multiple, aiming for a ratio of 1.5 or under one, and accurately estimate customer lifetime value to ensure efficiency and stability. Evaluating long-term viability is crucial for sustainable growth.

      It is crucial for startups to carefully analyze their burn multiple and the ratio of money being burned in relation to revenue generated. Having a burn multiple greater than two can lead to negative consequences, especially if revenue forecasts are not met. Startups should aim for a burn multiple of 1.5 or under one, as it signifies efficiency and stability. Additionally, accurately estimating the lifetime value of customers is essential, considering factors like customer cancellations and reduced usage of SaaS products. It is important to assess the true return on invested capital (ROIC) and the net profit generated over time, instead of relying solely on revenue or gross profit numbers. Furthermore, amidst the grand hallucination of zero interest rates and the focus on growth, businesses must evaluate the long-term viability of their operations and whether they have a real, sustainable business model.

    • The importance of timing and diversification in venture capital investmentsTiming and diversification are crucial for predictable returns in venture capital. Despite current market challenges, long-term potential and power law dynamics can lead to significant returns in the future.

      The timing and diversification of investments are crucial factors in achieving predictable returns in venture capital. By leveraging time and spreading investments over a longer period, investors can have a more diversified stream of returns. However, the current market conditions, including high valuations and inflated entry prices, may pose challenges for venture capitalists in the short term. It is important to consider the long-term potential and power law dynamics of the portfolio, as the impact of price levels may be overshadowed by the success of groundbreaking companies in the future. While 2021 may not be a great vintage for VC, the outlook for power law years lies in the future, particularly in 2023 and beyond, as interest rates rise and create opportunities for significant returns.

    • The Importance of Discipline and Efficiency in the Business LandscapeEntrepreneurs are adapting to challenges and leveraging AI technology to drive value, focusing on efficiency and productivity to optimize operations.

      In the current business landscape, discipline and focus are crucial for all stakeholders involved, including boards, management teams, investors, and employees. The challenges faced by entrepreneurs in raising capital have led to the development of resilience and grit among founders. They have become determined and efficient in running their businesses, cutting out non-essential projects and optimizing their operations. While the previous cohort of entrepreneurs may struggle to achieve significant returns, the next group shows promise. These new founders are realistic about the difficulties they face and are leveraging AI technology to drive real value in their businesses. AI is being applied in areas such as auto summaries, in-app customer service, and auto complete, enhancing efficiency and productivity across various aspects of operations.

    • The AI revolution and its impact on SaaS companiesSaaS companies must embrace AI to stay competitive and provide additional value, but must also consider the challenges of changing consumer expectations and the importance of hardware and cloud services.

      The AI revolution is expected to have a significant impact on SaaS (Software-as-a-Service) companies. It is predicted to be similar to the transformative effect that mobile had on web 1.0 companies. The incorporation of AI into SaaS products can turbocharge their capabilities, providing additional value and business benefits. However, companies that fail to adapt and integrate AI into their offerings may face disruption from competitors who can. The conversation also emphasizes the importance of hardware and cloud services in supporting AI advancements. While consumers may be willing to pay for AI-based products and services that offer substantial value, the conversation highlights the challenge of changing consumer expectations accustomed to receiving more for less. Overall, the AI revolution has the potential to reshape and enhance the SaaS industry, but companies need to quickly adapt to stay competitive.

    • The Power of AI in Revolutionizing Business Models and Driving Prices DownAI-powered automation offers the potential for technology companies to deliver more value to customers while achieving cost savings and higher profit margins, ultimately disrupting existing industries at a lower cost.

      AI-powered automation has the potential to revolutionize business models and drive prices down. While some argue that technology companies should capture one-third of the value they deliver to customers, others believe that AI's ability to do more with less time creates pricing power and allows for higher charges. Subscription services can still be built, but the prevailing business model in tech is more for less. Companies like Netflix and Disney are raising prices while providing more value, and AI can further enhance the value proposition by enabling individuals to accomplish the work of multiple employees. Technology commoditizes over time, but AI provides leverage and cost savings, resulting in high profit margins. Ultimately, the introduction of AI services and software has the potential to disrupt existing industries and offer new capabilities at a fraction of the cost.

    • The Potential of AI in Revolutionizing Business and Improving EfficiencyAI can optimize job functions, enhance productivity, and improve customer support by automating tasks, reducing errors in healthcare, and enabling businesses to provide personalized services.

      AI has the potential to revolutionize various aspects of business and improve efficiency across industries. By integrating AI technology, businesses can optimize job functions, enhance productivity, and provide better customer support. AI-powered systems can reduce the need for large teams by automating tasks and augmenting human performance. In sectors like healthcare, AI can significantly reduce error rates and improve precision in surgeries, ultimately leading to better patient outcomes. Additionally, AI can enable businesses to leverage data and provide personalized services, such as advanced medical screenings, at a more affordable cost. Overall, AI presents opportunities to make processes more efficient, improve service quality, and enhance decision-making across a wide range of sectors.

    • The Importance of Customer Experience and Transcendent Product DesignBy focusing on the customer experience and transcendent product design, like Steve Jobs, businesses can create incredible benefits for customers and set themselves apart in the industry. Craftsmanship, teamwork, and a strategic approach are crucial in bringing great ideas to fruition. Additionally, big tech companies like Google may have the upper hand in ongoing legal cases.

      When it comes to product design and development, starting with the customer experience is crucial. It's important to focus on the incredible benefits that can be provided to the customer, rather than beginning with the technology and trying to find a market for it. This approach, exemplified by Steve Jobs, allows for a more transcendent understanding of product design. Jobs' calm demeanor and ability to see through the noise and distractions set him apart from others in the industry. Additionally, the conversation touches on the importance of craftsmanship and teamwork in bringing a great idea to fruition. Finally, the discussion briefly mentions the ongoing legal case regarding Section 230 and the skepticism towards the plaintiffs' arguments, indicating that Google and big tech companies may come out victorious.

    • Disconnect between Government Priorities and People's Concerns: A Call for Domestic AttentionLeaders must prioritize and address domestic issues before involving themselves in international conflicts, and media coverage should also focus on local issues.

      There is a divide between the priorities of the government and the concerns of the American people. While President Biden and Senator McConnell are focused on the war in Ukraine, there are pressing issues in the United States, such as the wellbeing of the people in East Palestine, Ohio. This disconnect frustrates individuals like Jason Calacanis, who believe that leaders should address domestic problems before involving themselves in international conflicts. Additionally, the conversation highlights the importance of media coverage and representation. Like the character in the movie "Boys in the Hood," there seems to be a lack of attention given to local issues by the media and politicians. The key takeaway is the need for leaders to be more in tune with the needs and concerns of their constituents.

    • The Ukraine Crisis: The Need for De-escalation and Clear ObjectivesFinding a peaceful resolution in the Ukraine crisis is crucial to prevent more suffering and potential nuclear escalation. Clear objectives and compromise are necessary for a way forward.

      The Ukraine crisis is a complex and precarious situation that requires de-escalation rather than saber-rattling. Both Chamath Palihapitiya and David Sacks express concerns about the potential consequences of escalating the conflict. They highlight the importance of restraint and clear objectives, drawing parallels to past conflicts like the Iraq war in 1991. Sacks emphasizes that Biden's approach lacks clarity, as he refuses to take NATO expansion off the table and recognize Russian interests in Crimea. This lack of compromise puts the United States in a difficult position without a clear way out. Additionally, the conversation points out the economic motivations of powerful nations like China, which raises questions about the true intentions behind their actions. Overall, the key takeaway is that finding a peaceful resolution in the Ukraine crisis is essential to prevent further suffering and potential nuclear escalation.

    • China's strategic interests and the global perspective on the conflict in UkraineChina is strategically involved in the conflict in Ukraine to maintain cheap oil access, while the rest of the world, including emerging countries and BRICS nations, has a different stance. Trump's anti-war stance positions him favorably in case of a war-induced recession.

      China has a strategic interest in prolonging the conflict in Ukraine to maintain access to cheap oil. They do not want Russia's markets to open up because it would lead to a normalization of market prices and they would lose their discount. However, China also aims for a slow resolution to the conflict as significant conflict and escalation would be detrimental to their economy. The rest of the world, particularly the emerging countries and BRICS nations, is not aligned with the West's stance on Ukraine. The article's discussion also brings attention to Trump's anti-war stance and his resistance to the deep state's influence on foreign policy. Trump's critique of the military-industrial complex resonates with his supporters and positions him to take advantage if the war leads to a recession.

    • The Complex Dynamics Behind Putin's Escalation Strategies and the Need for Addressing Conflict RootsUnderstanding Russia's escalatory dominance and the influence of individuals involved in backing insurrections is crucial for navigating conflicts and preventing prolonged military engagements.

      There are theories suggesting that Putin may be escalating conflicts in order to position Trump favorably during the election. However, it is essential to note that this war is existential for Putin, and he cannot back off easily. The conversation also highlights the importance of understanding Russia's escalatory dominance and their willingness to resort to extreme measures, including nuclear weapons, if necessary. Additionally, the conversation brings attention to the influence of individuals like Victoria Newland, who played a role in backing insurrections and creating conflicts. It emphasizes the need to address the roots of conflicts and avoid engaging in forever wars.

    • The Importance of Domestic Priorities and Realistic Foreign PolicyFocus on addressing domestic issues and maintaining fiscal responsibility, while approaching foreign policy with a realistic understanding of other countries' interests. Prioritize building positive relationships, such as with India, rather than risking alliances between China and Russia.

      American focus should be centered on domestic issues and fiscal responsibility. The discussion highlights the understanding that initiating and involving in foreign wars can divert attention from pressing matters within the country. People's priorities lie in having a president who prioritizes American problems and maintains a strong balance sheet. Additionally, foreign policy should be approached with a realistic understanding that other countries act in their own interests, and the expectation of conformity to a certain morality is unrealistic and can lead to unnecessary outrage. The conversation warns about the consequences of pushing China and Russia together, emphasizing the importance of building bridges with India. Ultimately, the discussion underscores the need to prioritize and address domestic concerns.

    • The Transformative Power of AI: Revolutionizing Industries and Enhancing Information SharingAI is rapidly changing industries globally, with the potential to improve accuracy and credibility, enhance information sharing, and build individual reputations on platforms like Quora.

      Technology, specifically AI, is rapidly evolving and transforming various industries. Jason Calacanis mentions his plans to meet with big LPs worldwide, indicating the global reach and impact of technology in the investment sector. Additionally, the discussion highlights the potential of AI to tell jokes and provide information, while also addressing concerns regarding bias. Jason also praises the use of embedded citations and sourcing in AI-generated content, showcasing how technology is improving accuracy and credibility. The conversation emphasizes the significance of incorporating AI advancements in platforms like Quora, which can enhance information sharing and build individual reputations. In summary, this conversation highlights the transformative power and potential of AI in diverse areas of society.

    • Quora's Potential in AI and the Power of Chatbot PoQuora's extensive data set can be utilized to create a powerful chatbot, demonstrating the significance of AI in driving disruption and progress, with the potential to replace certain roles in the future.

      Quora, along with platforms like Reddit and YouTube, has the potential to be a major player in the field of AI. Quora's extensive data set can be harnessed to create a powerful chatbot named Po, which uses Quora's data to provide answers to user queries. The conversation also highlights the importance of AI in driving disruption and progress in various industries. The participants express excitement about the possibilities that AI brings, including the ability for AI to replace certain roles in the future. Additionally, the conversation touches on the expertise of individuals like Jema D'Angelo, who has made significant contributions in the AI and social networking spaces. The conversation ends with a playful exchange and a farewell.

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    (1:22:21) Google launches AI summaries in search

    Follow the besties:

    https://twitter.com/chamath

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    https://twitter.com/friedberg

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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.pokernews.com/news/2024/05/phil-hellmuth-60th-birthday-bash-las-vegas-45984.htm

    https://x.com/OpenAI/status/1790130703721521305

    https://x.com/OpenAI/status/1790089513387143469

    https://crfm.stanford.edu/helm/mmlu/v1.3.0/#

    https://www.businessinsider.com/inflection-implosion-chatgpt-stall-ai-consumer-chatbot-problem-2024-3

    https://www.opencompute.org

    https://glue.ai

    https://ragie.ai

    https://ohalo.com

    https://www.cnbc.com/2024/05/07/cnbc-exclusive-cnbc-transcript-billionaire-investor-stanley-druckenmiller-speaks-with-cnbcs-squawk-box-today.html

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

    https://twitter.com/DavidSacks/status/1378034932006592512

    https://www.athenawow.com/jcal

    https://calacanis.substack.com/p/startup-productivity-in-the-age-of

    https://blog.google/products/search/generative-ai-google-search-may-2024

    https://www.youtube.com/watch?v=XEzRZ35urlk

    https://finance.yahoo.com/quote/GOOG

    https://startuptalky.com/apple-failed-products

    In conversation with Sam Altman

    In conversation with Sam Altman

    (0:00) Welcoming Sam Altman to the show!

    (2:28) What's next for OpenAI: GPT-5, open-source, reasoning, what an AI-powered iPhone competitor could look like, and more

    (21:56) How advanced agents will change the way we interface with apps

    (33:01) Fair use, creator rights, why OpenAI has stayed away from the music industry

    (42:02) AI regulation, UBI in a post-AI world

    (52:23) Sam breaks down how he was fired and re-hired, why he has no equity, dealmaking on behalf of OpenAI, and how he organizes the company

    (1:05:33) Post-interview recap

    (1:10:38) All-In Summit announcements, college protests

    (1:19:06) Signs of innovation dying at Apple: iPad ad, Buffett sells 100M+ shares, what's next?

    (1:29:41) Google unveils AlphaFold 3.0

    Follow Sam:

    https://twitter.com/sama

    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

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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://twitter.com/EconomyApp/status/1622029832099082241

    https://sacra.com/c/openai

    https://twitter.com/tim_cook/status/1787864325258162239

    https://openai.com/index/introducing-the-model-spec

    https://twitter.com/SabriSun_Miller/status/1788298123434938738

    https://www.archives.gov/founding-docs/bill-of-rights-transcript

    https://twitter.com/ClayTravis/status/1788312545754825091

    https://www.inc.com/bill-murphy-jr/warren-buffett-just-sold-more-than-100-million-shares-of-apple-reason-why-is-eye-opening.html

    https://www.youtube.com/watch?v=snbTCWL6rxo

    https://www.digitimes.com/news/a20240506PD216/apple-ev-startup-genai.html

    https://www.theonion.com/fuck-everything-were-doing-five-blades-1819584036

    https://blog.google/technology/ai/google-deepmind-isomorphic-alphafold-3-ai-model

    In conversation with Sheryl Sandberg, plus open-source AI gene editing explained

    In conversation with Sheryl Sandberg, plus open-source AI gene editing explained

    (0:00) Welcoming Sheryl Sandberg and remembering Dave Goldberg

    (11:10) What led Sheryl to get involved with "Screams Before Silence"; reaction to sexual violence on and after 10/7

    (28:18) Paths forward, documentary decisions, involvement of women in protests

    (53:03) Post-interview debrief

    (59:45) Science Corner: Open-source AI gene editing with OpenCRISPR-1

    Follow Sheryl:

    https://twitter.com/sherylsandberg

    Watch Screams Before Silence:

    https://www.youtube.com/watch?v=zAr9oGSXgak&rco=1

    Follow the besties:

    https://twitter.com/chamath

    https://twitter.com/Jason

    https://twitter.com/DavidSacks

    https://twitter.com/friedberg

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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://twitter.com/fakechamath

    https://www.youtube.com/watch?v=zAr9oGSXgak&rco=1

    https://www.cnn.com/2023/11/20/opinions/sheryl-sandberg-something-we-can-all-agree-on/index.html

    https://news.un.org/en/story/2024/03/1147477

    https://thegrayzone.com/2024/03/07/media-concocts-un-hamas-rape-report/amp/

    https://www.nytimes.com/2024/01/29/world/middleeast/israel-hamas-sexual-violence-un.html

    https://github.com/Profluent-AI/OpenCRISPR

    Meta's scorched earth approach to AI, Tesla's future, TikTok bill, FTC bans noncompetes, wealth tax

    Meta's scorched earth approach to AI, Tesla's future, TikTok bill, FTC bans noncompetes, wealth tax

    (0:00) Bestie Intros: Reservation Tips!

    (5:20) Meta goes scorched earth in AI, why the stock was down despite beating on earnings

    (22:20) Tesla's roadmap, ranking the company's highest-upside bets outside of cars for the next 10 years

    (47:25) FTC bans noncompetes: impact on startups and company formation

    (1:00:33) Besties reminisce on their encounters with Steve Jobs

    (1:10:25) TikTok "divest-or-ban" bill is signed into law: Will China comply? What's it worth without the algorithm? Will a deal get done?

    (1:27:22) Biden's proposed capital gains hikes and a 25% wealth tax for those with $100M+ in assets

    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://ai.meta.com/blog/meta-llama-3

    https://huggingface.co/meta-llama/Meta-Llama-3-8B

    https://about.fb.com/news/2024/04/introducing-our-open-mixed-reality-ecosystem

    https://about.fb.com/news/2024/04/meta-ai-assistant-built-with-llama-3

    https://www.cnn.com/2024/04/25/investing/meta-stock-plunges-ai-spending/index.html

    https://www.youtube.com/watch?v=kiMTRQXBol0

    https://twitter.com/AravSrinivas/status/1781099224169320500

    https://wow.groq.com/12-hours-later-groq-is-running-llama-3-instruct-8-70b-by-meta-ai-on-its-lpu-inference-enginge

    https://twitter.com/lauramaywendel/status/1782040453266710551

    https://twitter.com/naveengrao/status/1781491370114633816

    https://twitter.com/winglian/status/1783456379199484367

    https://www.meta.ai

    https://twitter.com/chamath/status/1780302197772952049

    https://electrek.co/2024/03/16/tesla-full-self-driving-beta-v12-finally-rolls-out

    https://www.reuters.com/business/autos-transportation/tesla-cuts-price-full-self-driving-software-by-third-8000-2024-04-21

    https://fortune.com/2024/04/15/elon-musk-tesla-cut-10-percent-global-workforce-14000-employees-slowing-ev-demand

    https://www.reuters.com/business/autos-transportation/tesla-take-shareholder-vote-shifting-incorporation-texas-musk-says-2024-02-01

    https://www.ft.com/content/46aac746-4a54-437f-a0b7-9b81b154c21d

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

    https://www.cnbc.com/2024/04/24/tesla-stock-up-after-elon-musk-says-new-affordable-ev-models-coming.html

    https://www.tesla.com/blog/master-plan-part-deux

    https://twitter.com/chamath/status/1776663647735218491

    https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q1-2024-Update.pdf

    https://www.cnbc.com/2024/04/25/gdp-q1-2024-increased-at-a-1point6percent-rate.html

    https://palmetto.com

    https://www.youtube.com/watch?v=pja_n8ThDsU

    https://www.fastcompany.com/90972171/cruise-suspends-driverless-vehicle-operations-in-san-francisco-after-dmv-revokes-permit

    https://twitter.com/DavidSacks/status/1777496946263134414

    https://www.nytimes.com/2023/11/03/technology/cruise-general-motors-self-driving-cars.html

    https://thehill.com/business/4615452-ftc-votes-to-ban-non-compete-agreements

    https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-announces-rule-banning-noncompetes

    https://www.techemails.com/p/steve-jobs-emails-adobes-ceo

    https://venturebeat.com/business/how-steve-jobs-felt-betrayed-by-eric-schmidt-over-googles-android

    https://www.youtube.com/watch?v=CWOt9Cjq2mw

    https://www.theverge.com/2024/4/24/24139036/biden-signs-tiktok-ban-bill-divest-foreign-aid-package

    https://abcnews.go.com/Politics/senate-returns-95b-foreign-aid-package-ukraine-israel/story?id=109506150

    https://www.cnbc.com/2023/12/06/tiktok-parent-bytedance-offers-share-buyback-at-268-billion-valuation.html

    https://www.theinformation.com/articles/bytedance-exploring-scenarios-for-selling-tiktok-without-algorithm?rc=pxkrxo

    https://www.aclu.org/press-releases/senate-reauthorizes-and-expands-section-702-surveillance

    https://twitter.com/DavidSacks/status/1783220583075111401

    https://www.wsj.com/tech/tiktok-ban-chinese-owners-bytedance-1a857a06

    https://x.com/MsMelChen/status/1783524423963697262

    https://x.com/Jason/status/1783556155924705388

    https://x.com/Jason/status/1783604248569360516

    https://www.atr.org/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922

    https://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf

    https://www.bloomberg.com/news/articles/2024-04-24/tax-on-rich-to-save-social-security-popular-with-swing-state-voters-poll

    https://balajis.com/p/all-it-takes-is-all-you-got

    https://twitter.com/maceskridge/status/1783290784311058788

    Google fires protestors, NPR chaos, Humane's AI Pin, Startup tax crisis, sports betting scandal

    Google fires protestors, NPR chaos, Humane's AI Pin, Startup tax crisis, sports betting scandal

    (0:00) Bestie Intros: Chamath recaps the Breakthrough Prize Ceremony, "High IQ foods"

    (9:49) All-In Summit update, Poker styles of Andrew Robl, Jason Koon, and Phil Hellmuth  

    (14:38) Google fires protestors

    (35:08) Chaos and culture wars at NPR

    (40:43) Humane's AI Pin: Marques Brownlee's review, the Ex-Apple issue, polarizing reactions

    (1:02:28) Startup tax crisis: How a recent provision upended R&D deductions

    (1:12:39) Sports betting scandal: NBA player Jontay Porter banned for life, explosion of sports betting in the US

    (1:23:33) How to get better at chess, childhood Bestie schemes

    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://twitter.com/NoTechApartheid/status/1780278895058518468

    https://www.cnbc.com/2024/04/17/google-workers-arrested-after-nine-hour-protest-in-google-cloud-ceos-office.html

    https://www.notechforapartheid.com

    https://www.theverge.com/2024/4/17/24133700/google-fires-28-employees-protest-israel-cloud-contract

    https://twitter.com/CollinRugg/status/1779914595156808045

    https://www.haaretz.com/israel-news/2024-04-11/ty-article-magazine/.premium/saying-what-cant-be-said-israel-has-been-defeated-a-total-defeat/0000018e-cdab-dba9-a78e-efef6ba10000

    https://www.wsj.com/world/middle-east/israel-wins-gaza-battles-but-risks-losing-the-war-c6a3823f

    https://www.cnn.com/2024/01/19/middleeast/eisenkot-netanyahu-israel-war-politics-gaza-intl/index.html

    https://www.youtube.com/watch?v=3-APSXZy9UI

    https://www.nytimes.com/2024/04/02/world/middleeast/israel-gaza-aid-workers-killed.html

    https://www.haaretz.com/israel-news/2024-03-31/ty-article-magazine/.premium/israel-created-kill-zones-in-gaza-anyone-who-crosses-into-them-is-shot/0000018e-946c-d4de-afee-f46da9ee0000

    https://www.haaretz.com/israel-news/2023-12-15/ty-article/.premium/israeli-army-says-killed-three-hostages-mistakenly-identified-as-threat-in-northern-gaza/0000018c-6edd-dbd5-a39c-ffff08470000

    https://www.nytimes.com/2024/02/06/world/middleeast/israel-idf-soldiers-war-social-media-video.html

    https://twitter.com/JustStop_Oil/status/1580883249228046336

    https://www.npr.org/2024/01/24/1226035539/npr-ceo-katherine-maher-wikimedia

    https://www.npr.org/about-npr/178659563/our-mission-and-vision

    https://www.thefp.com/p/npr-editor-how-npr-lost-americas-trust

    https://www.npr.org/sections/npr-extra/2024/04/12/1244456600/from-npr-president-and-ceo-katherine-maher-thoughts-on-our-mission-and-our-work

    https://twitter.com/realchrisrufo

    https://twitter.com/wokal_distance/status/1780695504210567335

    https://www.theinformation.com/articles/has-humane-created-the-next-iphone-or-the-next-google-glass

    https://humane.com

    https://www.youtube.com/watch?v=TitZV6k8zfA

    https://www.youtube.com/watch?v=6xWXRk3yaSw

    https://www.amazon.com/Anxious-Generation-Rewiring-Childhood-Epidemic/dp/0593655036

    https://www.amazon.com/Nexus-Trilogy-Book-1-ebook/dp/B00TOZI7FM

    https://www.amazon.com/Bad-Therapy-Kids-Arent-Growing/dp/0593542924

    https://www.wsj.com/sports/basketball/jontay-porter-banned-gambling-5dd9c1a8

    https://nypost.com/2024/04/17/sports/how-jontay-porter-orchestrated-failed-nba-gambling-scandal

    https://dknetwork.draftkings.com/2024/1/31/24054415/lebron-james-joins-draftkings-football-sports

    https://www.espn.com/espn/betting/story/_/id/39563784/sports-betting-industry-posts-record-11b-2023-revenue

    https://www.espn.com/nba/story/_/id/38386013/how-nba-new-rules-resting-stars-work

    https://www.youtube.com/watch?v=U2huVf1l4UE

    E174: Inflation stays hot, AI disclosure bill, Drone warfare, defense startups & more

    E174: Inflation stays hot, AI disclosure bill, Drone warfare, defense startups & more

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

    (0:00) Bestie Intros: J-Cal is out this week!

    (0:57) All-In Summit 2024 Announcement

    (3:10) Nvidia's market position, Collapse of Western cities, State of the cloud market

    (17:30) Inflation stays hotter than expected for the third straight month: chance of a HIKE instead of a cut?

    (45:41) AI disclosure bill: important step for creators or unnecessary?

    (1:06:27) Drone warfare: The future of war, Silicon Valley's defense decision

    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://summit.allinpodcast.co

    https://youtu.be/FgUKIRnxrxw

    https://laist.com/news/kpcc-archive/election-2014-prop-47-reduces-drug-and-property-cr

    https://www.sfchronicle.com/sf/article/san-francisco-election-progressives-18699100.php

    https://www.cnbc.com/2024/04/10/cpi-inflation-march-2024-consumer-prices-rose-3point5percent-from-a-year-ago-in-march.html

    https://www.investing.com/economic-calendar/core-cpi-736

    https://www.investing.com/economic-calendar/cpi-733

    https://twitter.com/LHSummers/status/1778093870271664291

    https://www.wsj.com/economy/inflation-march-cpi-report-interest-rate-239b7e5e

    https://twitter.com/LHSummers/status/1762607548828360798

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

    https://twitter.com/chamath/status/1778098007625572487

    https://www.city-journal.org/article/lisa-d-cooks-careless-scholarship

    https://www.cnbc.com/2024/04/08/biden-will-announce-details-of-new-student-loan-forgiveness-plan.html

    https://www.livemint.com/news/world/bidens-4-5-trillion-spending-plan-faces-deficit-test-11619956141365.html

    https://twitter.com/unusual_whales/status/1778479545613439455

    https://www.cnbc.com/2024/03/01/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days.html

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

    https://twitter.com/chamath/status/1777017715846455470/photo/1

    https://schiff.house.gov/news/press-releases/rep-schiff-introduces-groundbreaking-bill-to-create-ai-transparency-between-creators-and-companies

    https://schiff.house.gov/imo/media/doc/the_generative_ai_copyright_disclosure_act.pdf

    https://www.cnbc.com/2024/04/05/billie-eilish-nicki-minaj-200-artists-sign-letter-against-ai-music.html

    https://www.theverge.com/2024/4/6/24122915/openai-youtube-transcripts-gpt-4-training-data-google

    https://abcnews.go.com/Entertainment/jury-reaches-verdict-ed-sheeran-copyright-infringement-case/story

    https://www.youtube.com/watch?v=xG1vOxwgqJw

    https://twitter.com/sambendett/status/1774074927437475862

    https://www.reuters.com/world/europe/ukraine-produce-one-million-drones-next-year-zelenskiy-says-2023-12-19

    https://www.businessinsider.com/russia-has-seven-drones-every-one-ukraine-has-army-official-2023-12

    https://www.nytimes.com/2024/03/12/world/europe/ukraine-drone-russia-jamming.html

    https://www.politico.com/news/2023/12/19/missile-drone-pentagon-houthi-attacks-iran-00132480

    https://www.saildrone.com

    https://govciomedia.com/dod-seeks-to-grow-partnerships-with-silicon-valley-startups

    https://www.statista.com/statistics/1249871/share-of-the-global-lithium-ion-battery-manufacturing-capacity-by-country

    https://www.militaryaerospace.com/power/article/14072339/emp-high-power-electromagnetic-weapons-railguns-microwaves

    https://www.allencontrolsystems.com

    https://www.allencontrolsystems.com/bullfrog

    E173: Google buying HubSpot? FTX depositors not made whole, AI job fears, Ukraine joining NATO

    E173: Google buying HubSpot? FTX depositors not made whole, AI job fears, Ukraine joining NATO

    (0:00) Meet All-In's new CEO: Jon Haile!

    (7:13) FTX Correction: Depositors are not getting "made whole"

    (19:26) Trump Media updates

    (27:12) Google considering bid to acquire HubSpot: Price, relevancy, feasible with regulators? Should Google investors be worried or excited?

    (49:20) AI job loss fears go mainstream, potential for autonomous domestic robots in next five years

    (1:11:17) Blinken says Ukraine will join NATO: WW3 risk, election implications

    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.cnbc.com/2024/03/27/sbf-team-argues-for-5-6-year-sentence-ftx-customers-to-get-money-back.html

    https://www.axios.com/2024/02/06/ftx-repay-customers-creditors-investors

    https://www.reuters.com/technology/ftx-gets-court-approval-sell-crypto-assets-2023-09-13

    https://www.reuters.com/technology/ftx-expects-us-reduce-bankruptcy-claim-3-billion-5-billion-2024-03-21

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

    https://www.barrons.com/articles/djt-truth-social-trump-media-stock-price-earnings-4ad7c458

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