David Sacks

David Sacks × Marc Andreessen × Ben Horowitz × Erik Torenberg

Sacks and Andreessen argue that US AI leadership requires permissionless innovation, infrastructure, energy, and exports, while fragmented state rules and model licensing could make incumbency the moat.Their near-term thesis rests on specialized models, broad consumer adoption, open-source freedom, and grid flexibility, but China’s lead in open source and the unresolved power bottleneck remain material risks.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Joe Lonsdale

The panel frames tariffs as a border lever, industrial-policy experiment, and attempt to rebase dollar dependence, with predictable rates favoring commodities and sectors that have domestic substitutes.CoreWeave shows the other side of the AI infrastructure trade: $1.9 billion of 2024 revenue and 250,000 Nvidia GPUs alongside almost $8 billion of debt, nearly $1 billion of losses, and roughly 60% Microsoft concentration.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Antonio Gracias

Crypto’s policy path is stablecoin legislation followed by a FIT21-style market-structure bill, with Sacks citing alignment among all four relevant committee chairs and passage within several months as plausible.Google’s $75B 2025 capex plan looks like a utilization and ROIC test: a 20% return plus six-year amortization requires roughly $27B in incremental annual operating profit.A US sovereign wealth fund remains divided between strategic reinvestment and disciplined asset sales, while GLP-1 benefits and muscle and bone-density loss remain unresolved.