E141: State of Series A's, VC dry powder, IPO window opens + more with Bill Gurley & Brad Gerstner

(0:00) The Besties welcome Sergey Brin! (0:40) Sergey on his return to Google, and how an OpenAI employee played a role! (5:58) AI's true superpower and the next jump (12:23) AI robotics: humanoids and other form factors (17:07) Future of foundational models and open-source (19:59) Human-computer interaction in the age of AI (31:09) Partner shoutouts: Thanks to OKX, Circle, Polymarket, Solana, BVNK, and Google Cloud! Check out OKX: https://www.okx.com Check out Circle: https://www.circle.com Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffec

20 Touko 33min

(0:00) The Besties welcome Ben Shapiro! (1:53) A Bestie apology to Phil Hellmuth, All-In Poker Tournament (7:58) Trump's majorly consequential Middle East trip: Saudi, Qatar, Iran, and his vision for a "New Middle East" (35:18) US-China deal: is the tide turning on tariffs? (46:33) GOP divided over "Big, Beautiful Bill" due to its impact on our debt spiral (1:18:48) Science Corner: Montana bans cell-based meat, joining Florida and others (1:24:31) Trump's EO on pharma prices: role of PBMs, is this too much government intervention? Follow Ben Shapiro: https://x.com/benshapiro Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-secures-historic-1-2-trillion-economic-commitment-in-qatar https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-secures-historic-600-billion-investment-commitment-in-saudi-arabia https://www.whitehouse.gov/articles/2025/05/in-riyadh-president-trump-charts-the-course-for-a-prosperous-future-in-the-middle-east https://www.semafor.com/article/05/16/2025/qatar-commits-more-than-200-billion-in-us-investment https://www.cnbc.com/2025/05/13/trump-saudi-investment-speech.html https://www.cnbc.com/2025/05/13/trump-says-us-will-remove-all-sanctions-on-syria.html https://www.reuters.com/world/what-have-china-united-states-agreed-geneva-2025-05-12 https://www.cnn.com/2019/07/02/politics/donald-trump-dictators-kim-jong-un-vladimir-putin https://newrepublic.com/post/185836/trump-brags-dictators-orban-debate-harris https://www.cnbc.com/quotes/US30Y https://www.politico.com/live-updates/2025/05/14/congress/the-titanic-johnson-predicts-houses-big-beautiful-reconciliation-bill-will-sink-in-the-senate-00348310 https://fred.stlouisfed.org/series/GFDEBTN https://fred.stlouisfed.org/series/GFDEGDQ188S https://www.nytimes.com/2025/05/12/opinion/josh-hawley-dont-cut-medicaid.html https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-announces-actions-to-put-american-patients-first-by-lowering-drug-prices-and-stopping-foreign-free-riding-on-american-pharmaceutical-innovation/

17 Touko 1h 37min

(0:00) David Friedberg welcomes Alphabet CEO Sundar Pichai (2:58) Will AI kill search?: Google disrupting itself, evolving search to follow the user (15:32) Infrastructure advantage, foundational model differentiation (25:08) Future of human-computer interaction, hardware, competitive landscape in AI (35:29) Energy constraints in AI (41:20) Google's progress in quantum computing and robotics (47:56) Culture, coddling, and talent recruitment in the age of AI (56:50) Does he consider Alphabet a holding company searching for Google's next $100B business? Follow Sundar: https://x.com/sundarpichai Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

16 Touko 1h 2min

(0:00) The Besties intro Philippe Laffont! (2:12) Miami F1 Recap! (12:10) Fed holds rates steady on tariff uncertainty (32:47) Google drops after Apple sees fall in search queries on Safari (56:48) Creating a new Mag 7 (1:07:00) Private markets: Is traditional VC dead? Philippe details Coatue's new fund structure and what makes a great investor Follow Philippe Laffont: https://x.com/plaffont Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://polymarket.com/event/fed-decision-in-june/fed-decreases-interest-rates-by-50-bps-after-june-2025-meeting?tid=1746821096114 https://www.federalreserve.gov/newsevents/pressreleases/monetary20250507a.htm https://www.mlex.com/mlex/antitrust/articles/2337168/apple-exec-testimony-on-search-volume-drop-hurts-google-stock-price https://www.bloomberg.com/news/articles/2025-05-07/apple-working-to-move-to-ai-search-in-browser-amid-google-fallout https://blog.google/products/search/statement-press-reports-about-search-traffic https://x.com/EconomyApp/status/1915501252420784499 https://x.com/Similarweb/status/1920026287625658628 https://openai.com/index/leadership-expansion-with-fidji-simo https://files.pitchbook.com/website/files/pdf/Q1_2025_PitchBook-NVCA_Venture_Monitor_19001.pdf https://stockanalysis.com/ipos/statistics

9 Touko 1h 36min

(0:00) David Friedberg introduces Secretary Doug Burgum (2:11) Burgum's background and how it led to his role in the administration (10:56) The state of American energy and how we got here (22:32) America's energy emergency: AI, unlocking potential, China, increasing national risk tolerance (34:22) Burgum's National Balance Sheet idea: How it could help reduce national debt (42:25) Mining, overseeing the EPA, aligning agencies with outcomes Follow Secretary Burgum: https://x.com/SecretaryBurgum Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

6 Touko 51min

(0:00) David Friedberg welcomes Agriculture Secretary Brooke Rollins! (1:32) How she ended up in Trump's two administrations, history of the USDA (16:56) Trump's first 100 days, what needs to be reformed in the USDA (21:31) SNAP's massive impact on USDA budget: soda, obesity, health challenges; how being DC outsiders helps the Trump Administration (30:48) How she reconciles running a department with a lot of government intervention after coming from a free market background (34:33) State of US farming in 2025, labor costs, opening up new markets, and more (42:11) Working with DOGE, Farm Bill negotiation, stance on agricultural innovation Follow Secretary Rollins: https://x.com/SecRollins https://x.com/BrookeLRollins Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

4 Touko 50min

(0:00) The Besties welcome Box's Aaron Levie and Flexport's Ryan Petersen! (4:05) Is Sacks back? (8:19) Reflecting on Trump's first 100 days (28:16) Global trade disruption, how businesses are dealing with tariffs (49:14) Amazon flip-flops on its tariff pricing feature, national security issues (1:04:13) AI agents, 1,000,000X'ing AI, and more Follow Aaron Levie: https://x.com/levie Follow Ryan Petersen: https://x.com/typesfast Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://en.wikipedia.org/wiki/OODA_loop https://www.nbcnews.com/politics/joe-biden/biden-warns-risk-nuclear-armageddon-highest-cuban-missile-crisis-rcna51146 https://www.nytimes.com/2025/03/30/world/europe/us-ukraine-military-war-takeaways.html https://x.com/Molson_Hart/status/1915248938753392642 https://x.com/SecScottBessent/status/1917697018551754802 https://www.nytimes.com/2025/04/29/us/politics/trump-amazon-tariffs-prices.html https://x.com/chamath/status/1908239828283777393 https://www.theinformation.com/articles/openai-plots-charging-20-000-a-month-for-phd-level-agents?rc=pxkrxo https://manus.im https://www.theinformation.com/briefings/benchmark-invests-chinese-startup-behind-manus-ai-agent?rc=pxkrxo https://polymarket.com/event/which-company-has-best-ai-model-end-of-2025?tid=1746130417369

2 Touko 1h 35min

(0:00) The Besties intro Andrew Ross Sorkin (2:04) Market bump: Trump rally or a Bessent put? (18:04) Are tariffs damaging the American "brand"? Apple's investment in India (38:18) Balance of power politics, Ukraine/Russia ceasefire negotiation halted over Crimea (50:00) Alphabet earnings: Massive resiliency, Google's Gemini Problem (1:05:40) Tesla jumps on Elon's return, pulling back from DOGE (1:18:35) Science Corner: China's Thorium Breakthrough Follow Andrew: https://x.com/andrewrsorkin Follow the besties:  https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.google.com/finance/quote/.DJI:INDEXDJX?comparison=INDEXSP%3A.INX%2CINDEXNASDAQ%3A.IXIC&window=5D https://x.com/nic__carter/status/1909066161464959070 https://www.nytimes.com/2025/04/16/business/china-rare-earths-us.html https://x.com/TheTranscript_/status/1915116330534998440 https://www.ft.com/content/c2be45b8-cfad-4cbb-9a1a-bfd0626be372 https://truthsocial.com/@realDonaldTrump https://www.nytimes.com/2025/04/22/world/europe/ukraine-cease-fire-talks.html https://www.forbes.com/sites/kenrapoza/2015/03/20/one-year-after-russia-annexed-crimea-locals-prefer-moscow-to-kiev https://x.com/EconomyApp/status/1915501252420784499 https://www.artificialintelligence-news.com/news/chinese-firms-cloud-loophole-access-us-ai-tech https://polymarket.com/event/how-much-spending-will-elon-and-doge-cut-in-2025 https://doge.gov/savings https://www.scmp.com/news/china/science/article/3300360/chinas-thorium-survey-finds-endless-energy-source-right-under-our-feet https://www.spglobal.com/commodityinsights/es/market-insights/latest-news/energy-transition/020123-china-to-maintain-renewables-growth-pace-in-2023-despite-uncertainty https://www.reuters.com/world/china/images-show-china-building-huge-fusion-research-facility-analysts-say-2025-01-28

26 Huhti 1h 29min