Jason Calacanis

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Demis Hassabis’s FINRA-style SRO emerged as the least-bad AI oversight option, but startup and open-source representation, catastrophic-risk limits, voluntary proof and preemption remain essential.A reported $53 billion Stripe-led PayPal bid could combine 439 million consumer accounts with Stripe’s merchants, Braintree, Venmo, Cash App and stablecoin infrastructure to challenge Visa and Mastercard.Electricity is the binding constraint: a 7-8 GW PGM auction drew roughly 156 MW, while New York’s moratorium makes energizable sites scarcer and deployment a catalyst to monitor.

Brad Gerstner × Gavin Baker × Kelly Rodriques × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Private-company secondaries have become a third exit market, with 2025 volume roughly twice the 2021 peak and activity equal to 31% of primary venture activity.Forge’s Schwab partnership could distribute private equity to millions of investors through regulated products, while longer private lifecycles, double-fee SPVs and valuation compression make governance, pricing and liquidity worth monitoring.

Vlad Tenev × Jason Calacanis

Robinhood’s tokenization thesis prioritizes access to inaccessible, illiquid assets over 24/7 trading, using stablecoin-like reserves and one-to-one minting to offer exposure to assets including OpenAI and SpaceX across 31 countries.Public stocks provide the cleaner regulatory starting point, while private shares offer greater long-term significance but raise issuer-consent and disclosure issues; Robinhood is also expanding its integrated financial platform as Harmonic develops formally verified mathematical reasoning and software.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

“AI psychosis” may scale an older loneliness crisis by replacing fragile social ties with infinitely responsive synthetic companions, while marathon chats can reinforce errors through feedback loops and “context poisoning.”Falling marriage and homeownership among 30-year-olds, student debt and housing inflation create a connected social and balance-sheet problem, making education reform, housing supply and D.C.’s crime intervention important tests of policy execution.