All-In

Adam Foroughi

AppLovin is extending a roughly $50B mobile-gaming ad market, with platform ad spend growing from $11B to about $20B, into e-commerce discovery.Its April 2023 deep-learning model improved advertiser performance and enabled scaling, while roughly $6B in buybacks retired 20–25% of shares after a 92% drawdown.Discovery may expand activity beyond Google Search, but stated 84% EBITDA margins depend on differentiated data, complexity and scale.

David Friedberg × Ryan Cohen

Ryan Cohen’s eBay thesis pairs $2 billion of cost reduction with live commerce and in-game-item trading, using eBay’s global marketplace and GameStop’s 1,600 stores as complementary infrastructure.The 50% cash, 50% stock bid makes execution and control central to the vote, while eBay’s board resistance, financing questions and the 20% meeting threshold remain key unresolved catalysts.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Anthropic's coding-first strategy has become an enterprise distribution engine, with Jason citing $6 billion of annual run rate added in February alone and Chamath calling its technical output “head and shoulders above anything else.”OpenAI remains the “overwhelming revenue generator” after normalization, but falling ChatGPT share, Google’s trust and cash-flow advantages, and Meta’s $375 million verdict leave monetization, market structure, and liability as key risks.

Tony Hinchcliffe × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Kill Tony has converted open-mic randomness into a scalable media and talent-discovery flywheel, backed by an “unprecedented” four-special Netflix deal, a No. 2 YouTube podcast ranking, and three sold-out Madison Square Garden shows.Dedrick Flynn’s two-year wait and 39-week streak before becoming a regular illustrate the democratic intake Hollywood monitors, while YouTube’s shifting rules, demonetization, and age gates remain a distribution risk.

Ari Emanuel

Ari Emanuel’s shift to scarce-asset ownership was validated by TKO: a broadcast deal cut UFC’s acquisition multiple from roughly 20-times to under 10, and TKO reached $200.His “opposite bet” on AI is live entertainment, with about $2 billion raised for a new events company due for completion in the first week of October; creator ownership and international distribution remain watchpoints.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

The panel argues Charlie Kirk’s direct “Prove me wrong” persuasion made his murder an attack on public debate, while disagreement persists over whether political violence reflects isolated online radicalization or institutional ideology.Jimmy Kimmel’s suspension highlights the collision of speech pressure and collapsing broadcast economics, as the Ellisons potentially combine Paramount, Warner Bros.Discovery, Free Press, Oracle and TikTok into a vertically integrated media challenger.