Episodes
Bill Maris: How Google Could Crush AI Competitors, Why Small Funds Win, and AI's Atari Stage
All-In Podcast
6/9/2026
In a comprehensive episode of the All-In Podcast, guest Bill Maris joins co-hosts David Friedberg and David Sacks to unpack his career and investment philosophies. Bill Maris shares how he started by running Data Centers from his apartment, a move that seemed unconventional but captured his vision of the future—a concept he illustrated using historical photos provided by Stewart Butterfield. Maris later collaborated with Rich Miner, co-founder of Android, to launch Google Ventures under the umbrella of Google. By relying heavily on data and Machine Learning—the approved corporate nomenclature for early AI—he developed a highly successful portfolio strategy, earning accolades in TechCrunch. He proved that applying Computer Science yields major results, evident in GV’s investment in Climate Corp, founded by David Friedberg, which achieved a massive exit to Monsanto. Transitioning to modern Venture Capital, Bill Maris explains his rationale for creating Section 32. He argues that giant entities like Andreessen Horowitz and Founders Fund distort the market. These mega-funds require colossal M&A and IPOs to generate meaningful DPI, ultimately pressuring the Startup Founder with inflated valuations. In contrast, Section 32 deliberately maintains smaller fund sizes, successfully backing companies like CrowdStrike, Cohere, and Coinbase. On the topic of artificial intelligence, Maris warns that Google could deploy Capital as a weapon by dramatically disco
Palo Alto Networks CEO: "AI Found 5 Years of Bugs in 6 Weeks"
All-In Podcast
6/8/2026
In this episode of the All-In Podcast, Palo Alto Networks CEO Nikesh Arora joins hosts David Friedberg, Jason Calacanis, and Chamath Palihapitiya to discuss the massive implications of AI on business. Arora, who previously held leadership roles at Google and SoftBank and sits on the board of Uber, shares how his company utilized the highly capable generative AI model Mythos to discover five to seven years' worth of code vulnerabilities in just six weeks. This breakthrough fundamentally redefines Cybersecurity in the AI era, turning the race between cyber defenders and attackers on its head. However, Arora notes that Hallucination rates (like a 30% false positive rate seen in testing) remain a major hurdle for fully automated digital defense. The discussion heavily focuses on the massive disruption coming to the traditional SaaS industry. Arora points out AI as a technology equalizer and predicts that Analytical SaaS is effectively dead. Instead, AI agents will handle data querying and backend tasks natively through Automation, rendering legacy visual Computing Interfaces obsolete. In contrast, Infrastructure Software such as Data Bricks, Snowflake, and MongoDB are highly undervalued because enterprises will need 10x the data storage to power AI Infrastructure. Consequently, foundational Systems of Record like Salesforce, Oracle, and SAP will have to be completely re-engineered for an AI-native world. The panel explores evolving software business models, observin
Why Secondary Markets Are Eating the IPO | All-In Liquidity Secondary Markets Panel
All-In Podcast
6/7/2026
The panel discusses how Secondary markets are booming and effectively replacing the traditional IPO process. Brad Gerstner, Gavin Baker of Atreides Management, and Kelly Rodriques, CEO of Forge, along with Jason Calacanis and Chamath Palihapitiya, analyze why companies like SpaceX, anthropic, Anduril, and OpenAI are staying private longer. A key theme is the Democratization of Finance. Kelly Rodriques highlights how Forge partnered with Charles Schwab to offer Retail Investors access to private equity, transitioning away from high-fee SPVs. New vehicles like the Interval Fund and Closed-End Funds provide access, though investors must avoid pure FOMO. Meanwhile, SEC rules and pressure from Lina Khan have chilled M&A, forcing venture capitalists to rely on secondaries to generate DPI. Once they sell, they report these moves via forms like the 13F. Institutional giants like Fidelity, Bailey Gifford, Capital Research, Wellington Management, and T. Rowe Price face regulatory caps on private allocations, creating massive demand for future public listings. The speakers discuss the pitfalls of private markets. Gavin Baker notes that Elon Musk runs disciplined liquidity programs at SpaceX, but many founders suffer in an echo chamber. He shares an anecdote about Mark Zuckerberg at Facebook, where private market sycophancy led to a costly detour into HTML5 instead of building native Mobile Apps, a mistake driven by early internal
The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel
All-In Podcast
6/6/2026
The 'All-In Liquidity IPO Panel' features a discussion on the rebounding IPO Market, moderated by Jason Calacanis. The panel includes Andrew Feldman, founder and CEO of Cerebras; Will Marshall, co-founder and CEO of Planet Labs; and Brad Gerstner, founder and CEO of Altimeter. The conversation starts with an anecdote about Davos, where Jason Calacanis covered an interview with Donald J. Trump after receiving a call from David Sacks. The core discussion centers on the transitions of Cerebras and Planet Labs from the Private Markets to the Public Markets. Planet Labs went public via SPACs, significantly rewarding its early Venture Capital backers like Founders Fund, founded by Peter Thiel, DST, founded by Yuri Milner, Capricorn, and Google. To manage newly public transitions safely, innovations like the Dribble lockup are being implemented to distribute shares thoughtfully, a concept Altimeter discusses and supports. Technologically, the panel explores breakthroughs in AI Chips and Artificial Intelligence (AI). Andrew Feldman notes that Cerebras intentionally avoided building a standard GPU like Nvidia or legacy processors like those from Intel, AMD, and Arm. He REFERENCES Moore's law and notes that true innovation requires Domain Specific Architectures that allow partners like OpenAI to run inference significantly faster, much like how networking transformed with Cisco, Juniper, and Arista. Similarly, Groq
Dan Loeb: The Lost Art of Short Selling, and Why Stock Picking is Back
All-In Podcast
6/5/2026
In a featured episode of the All-In Podcast, legendary investor Dan Loeb, CEO of Third Point, discusses his evolution from early internet message boards like Silicon Investor—where he exposed fraudulent companies like Act Trade—to navigating Wall Street. Loeb recounts vital lessons learned while working at Warburg Pincus and Jefferies, as well as observing financial heavyweights like David Tepper and Eric Mindich of Goldman Sachs. Over the decades, Third Point shifted its core focus from traditional Event-Driven Investing toward a quality-oriented approach driven by major technological shifts like AI. Today, the firm's operations have expanded to include Venture Capital and Private Credit, alongside its massive Hedge Funds. Loeb highlights the resurgent importance of Short Selling, detailing his successful short against Homebuilders, which were crippled by Inflation and poorly executed attempts to emulate the asset-light model of NVR. He also notes his partner Rob Schwarz's role in building tech capabilities, tracing back to early bets on entrepreneurs like Dave Fischer, whose company was acquired by Texas Instruments. Joined by co-hosts David Sacks, David Friedberg, and referencing Chamath Palihapitiya, the group explores the difficulty of holding onto massive winners. Sacks recounts his private investments in Palantir, Upstart, Enphase, Facebook, and Meta. The dialogue compares historically impenetrable moats of legacy companies like IBM and
Thomas Laffont: The $4T AI IPO Wave Is Coming… and We’ve Never Seen Anything Like It
All-In Podcast
6/4/2026
During the All-In Summit 2024, Thomas Laffont of Coatue presented a deep dive into the state of the Unicorn Economy, forecasting a massive $4T IPO Market explosion driven primarily by AI. He highlighted that while the traditional Magnificent 7 like Apple and Microsoft have driven public gains on the NASDAQ and the S&P 500, a new Magnificent 8 is emerging in the private markets. This elite group includes SpaceX, Stripe, anthropic, Data Bricks, Revolut, ByteDance, and Anduril. Laffont discussed how rapid AI adoption, spurred by ChatGPT, has enabled companies like OpenAI and anthropic to scale at unprecedented rates. They are entirely bypassing legacy software giants like Workday, Adobe, and Salesforce in historical revenue growth, positioning themselves to challenge hyperscalers like AWS, Azure, and Google Cloud. He also emphasized the hardware layer powering this explosive growth, noting a generational run for Semiconductors, exemplified by the recent IPO of Cerebras Systems and the industry's reliance on foundational fabs like TSMC to produce compute hardware and solve critical shortages in High-bandwidth memory (HBM) for massive Data Centers. Beyond pure tech, Laffont mapped AI's penetration into broader profit pools, noting that companies like Meta and Google are driving massive ad optimization, while models like the Codex model heavily transform Enterprise AI. Other sectors are facing severe technological disruption:
Bill Ackman: Here's What the Market is MISSING
All-In Podcast
6/3/2026
In this podcast episode featuring David Sacks and Chamath Palihapitiya, legendary investor Bill Ackman, founder of Pershing Square, discusses his evolving investment philosophy. Initially known for activist campaigns like pushing Wendy's to spin off Tim Hortons with help from Steve Schwarzman of Blackstone, he now focuses on durable growth. He considers tech giants like Microsoft, Meta, and Amazon as undervalued compared to the broader AI hype cycle. While Ackman acknowledges the massive venture-like valuations of private AI firms such as anthropic and Palantir, he specifically praises the leadership at OpenAI, including CFO Sarah Friar and Sam Altman. Prompted by Ron Baron, Ackman also holds a position in xAI, emphasizing how Elon Musk lowers the cost of capital for SpaceX, Starlink, and Tesla by cultivating a massive follower base—a phenomenon also observed with Ryan Cohen and GameStop. By contrast, legacy competitors like Blue Origin and Salesforce face unique challenges. Ackman draws a sharp distinction between Founder-led companies and those run by typical S&P 500 CEOs. He argues that founders, like Mark Zuckerberg who boldly acquired Instagram and WhatsApp for Meta, possess the authority to make difficult, long-term decisions. Drawing inspiration from Warren Buffett at Berkshire Hathaway and value investing pioneer Ben Graham (known for Geico), Ackman is transforming the Howard Hughes Corporation—a real estate spin-off
OpenAI CFO Sarah Friar: IPO, AI Rivalries, New Device, and Spending $100B+ on Compute
All-In Podcast
6/2/2026
In a recent podcast, Sarah Frier, CFO of OpenAI, provides an inside look at the company's massive $122 billion fundraising round and their strategy in the ongoing AI Arms Race. When asked about a potential IPO, she mentioned reading an article in The Wall Street Journal about the benefits of going public early. She compared their timeline to other giants like SpaceX and addressed competition from anthropic, which recently submitted confidential filings to the SEC, as well as from Google, which dominates traditional Search Engines. Friar emphasized that OpenAI is not just a consumer company—though they have massive reach through Consumer AI interfaces like ChatGPT and the video generation model Sora—but heavily focused on Enterprise AI. For instance, the Codex model has rapidly grown to 5 million users. With new revenue head Denise Dresser, they are working closely with major enterprises like Thermo Fisher (who uses AI to accelerate FDA approvals) and Travelers. Ultimately, their guiding mission remains achieving AGI (Artificial General Intelligence). A significant portion of the discussion revolved around AI Compute Power and infrastructure. To maintain flexibility and improve Gross Margins, Friar detailed OpenAI's rigorous Capital Allocation strategy, focusing on high Return on Invested Capital (ROIC). Leaders like Sam Altman and Greg Brockman foresaw these compute bottlenecks early. As a trustee at Stanford, Friar also values educational partnerships in this
Anthropic's Digital God, Pope vs AI, Job Loss Narrative Flips, Open Source Crackdown Coming?
All-In Podcast
5/29/2026
The All-In Podcast features host Jason Calacanis, David Sacks, Chamath Palihapitiya, and guest Bill Gurley discussing AI's impact on business, technology, and society. They begin by emphasizing the importance of Vibe Coding and using tools like Claude to enhance personal productivity. The conversation transitions to the Pope's AI Encyclical, where David Sacks warns against Regulatory Capture by big tech. Bill Gurley introduces his Dr. Frankenstein theory to describe the leadership at Anthropic, specifically CEO Dario Amodei, Chris Olah, and Amanda Askell. He references Amodei's essay Machines of Loving Grace and notes their apparent goal to midwife a digital god, combining AI Doomerism with advocacy for Universal Basic Income (UBI). This centralization is contrasted by historical concerns raised by Elon Musk to Larry Page regarding Google's acquisition of DeepMind, which ultimately led to the founding of OpenAI, currently led by Sam Altman. Today, the hosts champion Open-source AI and the concept of Intelligent Sovereignty, noting that companies like Apple are uniquely positioned to offer private, local AI capabilities on devices like the Mac Studio. They discuss Benchmark Saturation in frontier models, highlighted by a study from Rogo, which suggests that models are commoditizing. This drives the need for integration standards like the Model Context Protocol (MCP) governed by the Linux Foundation, and platforms like Abacus that allow enterpri